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COMPANY REGISTRATION NUMBER: 06020005
Azation Limited
Filleted Unaudited Financial Statements
31 December 2024
Azation Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Azation Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,803
1,910
Investments
7
163,418
141,918
---------
---------
165,221
143,828
Current assets
Debtors
8
27,507
42,658
Cash at bank and in hand
107,051
272,242
---------
---------
134,558
314,900
Creditors: amounts falling due within one year
9
78,444
160,555
---------
---------
Net current assets
56,114
154,345
---------
---------
Total assets less current liabilities
221,335
298,173
---------
---------
Net assets
221,335
298,173
---------
---------
Capital and reserves
Called up share capital
10
2,000
2,000
Profit and loss account
219,335
296,173
---------
---------
Shareholders funds
221,335
298,173
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Azation Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 8 May 2025 , and are signed on behalf of the board by:
P Middlebrook
M D Gibson
Director
Director
Company registration number: 06020005
Azation Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 39 Humber Road, Chelmsford, Essex, CM1 7PE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
35,791
117,124
--------
---------
Tax on profit
35,791
117,124
--------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 24 % (2023: 25 %).
2024
2023
£
£
Profit on ordinary activities before taxation
138,953
482,853
---------
---------
Profit on ordinary activities by rate of tax
33,294
113,570
Effect of expenses not deductible for tax purposes
2,436
3,305
Effect of capital allowances and depreciation
61
249
---------
---------
Tax on profit
35,791
117,124
---------
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2024
4,580
4,580
Additions
925
925
-------
-------
At 31 December 2024
5,505
5,505
-------
-------
Depreciation
At 1 January 2024
2,670
2,670
Charge for the year
1,032
1,032
-------
-------
At 31 December 2024
3,702
3,702
-------
-------
Carrying amount
At 31 December 2024
1,803
1,803
-------
-------
At 31 December 2023
1,910
1,910
-------
-------
7. Investments
Unlisted investments
£
Cost
At 1 January 2024
141,918
Additions
21,500
---------
At 31 December 2024
163,418
---------
Impairment
At 1 January 2024 and 31 December 2024
---------
Carrying amount
At 31 December 2024
163,418
---------
At 31 December 2023
141,918
---------
8. Debtors
2024
2023
£
£
Trade debtors
25,127
40,278
Prepayments and accrued income
2,380
2,380
--------
--------
27,507
42,658
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,760
2,650
Corporation tax
35,791
117,125
Social security and other taxes
15,451
27,715
Director loan accounts
24,442
13,065
--------
---------
78,444
160,555
--------
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary B shares of £ 1 each
200
200
200
200
Ordinary shares of £ 1 each
1,800
1,800
1,800
1,800
-------
-------
-------
-------
2,000
2,000
2,000
2,000
-------
-------
-------
-------
11. Related party transactions
At the year end the company owed the directors £24,442 (2022: £13,065) which is shown amongst creditors.