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Registered number: 07710559
AEC Live Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
DEB Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07710559
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 44,283 36,829
44,283 36,829
CURRENT ASSETS
Stocks 5 12,000 12,000
Debtors 6 383,859 222,597
Cash at bank and in hand 55,209 18
451,068 234,615
Creditors: Amounts Falling Due Within One Year 7 (306,767 ) (163,535 )
NET CURRENT ASSETS (LIABILITIES) 144,301 71,080
TOTAL ASSETS LESS CURRENT LIABILITIES 188,584 107,909
Creditors: Amounts Falling Due After More Than One Year 8 (30,000 ) (68,167 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (16,240 ) (6,997 )
NET ASSETS 142,344 32,745
CAPITAL AND RESERVES
Called up share capital 11 40 40
Profit and Loss Account 142,304 32,705
SHAREHOLDERS' FUNDS 142,344 32,745
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Julian Roe
Director
29/04/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
AEC Live Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07710559 . The registered office is DEB House, 19 Middlewoods Way, Carlton, Barnsley, South Yorkshire, S71 3HR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Structural Improvements 25% reducing balance
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to the profit and loss account in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 6 2
Manufacturing 2 2
8 4
4. Tangible Assets
Land & Property
Structural Improvements Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 August 2023 43,143 26,543 25,600 2,375
Additions - 521 17,990 -
As at 31 July 2024 43,143 27,064 43,590 2,375
Depreciation
As at 1 August 2023 38,841 12,633 10,900 1,039
Provided during the period 1,076 3,608 8,173 334
As at 31 July 2024 39,917 16,241 19,073 1,373
Net Book Value
As at 31 July 2024 3,226 10,823 24,517 1,002
As at 1 August 2023 4,302 13,910 14,700 1,336
Computer Equipment Total
£ £
Cost
As at 1 August 2023 6,201 103,862
Additions 3,706 22,217
As at 31 July 2024 9,907 126,079
Depreciation
As at 1 August 2023 3,620 67,033
Provided during the period 1,572 14,763
As at 31 July 2024 5,192 81,796
Net Book Value
As at 31 July 2024 4,715 44,283
As at 1 August 2023 2,581 36,829
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Page 5
5. Stocks
2024 2023
£ £
Stock 12,000 12,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 283,903 121,139
Prepayments and accrued income 2,752 2,749
Employee Loans - 5
Other debtors - Rent deposit 9,900 9,900
Corporation tax recoverable assets 24,931 24,931
Wages Control - 1,500
Directors' loan accounts 62,373 62,373
383,859 222,597
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 137,227 53,071
Bank loans and overdrafts 43,195 45,258
Corporation tax 10,409 9,421
PAYE control 26,967 4,373
VAT 71,661 35,649
Wages Control 2,000 -
Credit card 9,835 13,122
Expenses Control - 603
Cash in Transit 1,500 -
Accruals and deferred income 3,973 2,038
306,767 163,535
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 30,000 68,167
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 16,240 6,997
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10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 August 2023 6,997 6,997
Additions 9,243 9,243
Balance at 31 July 2024 16,240 16,240
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 40 40
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Later than one year and not later than five years 60,500 93,500
60,500 93,500
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Ian Jones 29,005 - - - -
Mr Julian Roe 33,368 - - - -
The above loans are unsecured, interest free and repayable on demand.
14. Related Party Transactions
The company is controlled by Mr I Jones and Mr J Roe, directors and shareholders of the company.
Page 6