AJS Shutters Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 10196925

AJS Shutters Ltd

Filleted Unaudited Financial Statements

For the year ended

31 March 2020

AJS Shutters Ltd

Financial Statements

Year ended 31 March 2020

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

AJS Shutters Ltd

Officers and Professional Advisers

The board of directors	Mr B Hughes
	Mr J Musgrove

Registered office	10 Trail View
	Farnsfield
	Newark
	NG22 8FP

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

AJS Shutters Ltd

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	3	2,333	4,333
Tangible assets	4	10,439	13,835
		--------	--------
		12,772	18,168

Current assets

Debtors	5	–	128
Cash at bank and in hand		11,009	17,424
		--------	--------
		11,009	17,552

Creditors: amounts falling due within one year	6	29,180		39,519
		--------		--------
Net current liabilities			18,171	21,967
			--------	--------
Total assets less current liabilities			( 5,399)	( 3,799)
			-------	-------
Net liabilities			( 5,399)	( 3,799)
			-------	-------

Capital and reserves

Called up share capital	7	4	4
Profit and loss account		( 5,403)	( 3,803)
		-------	-------
Shareholders deficit		( 5,399)	( 3,799)
		-------	-------

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 income statement has not been delivered.

For the year ending 31 March 2020 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 .

AJS Shutters Ltd

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 26 March 2021 , and are signed on behalf of the board by:

Mr J Musgrove

Director

Company registration number: 10196925

AJS Shutters Ltd

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Trail View, Farnsfield, Newark, NG22 8FP.

2. Accounting policies

Basis of preparation

At 31st March 2020 the company had net liabilities of £5,399. The company is reliant on the continued support of the director. The director has confirmed his intention to support the company for at least 12 months from the date of signing the accounts. On the above basis, the director considers that the accounts should be prepared on a going concern basis.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	20% reducing balance

3. Intangible assets

	Goodwill
	£
Cost
At 1 April 2019 and 31 March 2020	10,000
	--------
Amortisation
At 1 April 2019	5,667
Charge for the year	2,000
	--------
At 31 March 2020	7,667
	--------
Carrying amount
At 31 March 2020	2,333
	--------
At 31 March 2019	4,333
	--------

4. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2019 and 31 March 2020	1,000	16,250	17,250
	-------	--------	--------
Depreciation
At 1 April 2019	368	3,047	3,415
Charge for the year	95	3,301	3,396
	-------	--------	--------
At 31 March 2020	463	6,348	6,811
	-------	--------	--------
Carrying amount
At 31 March 2020	537	9,902	10,439
	-------	--------	--------
At 31 March 2019	632	13,203	13,835
	-------	--------	--------

5. Debtors

	2020	2019
	£	£
Other debtors	–	128
	----	----

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Corporation tax	942	–
Social security and other taxes	1,047	1,690
Other creditors	27,191	37,829
	--------	--------
	29,180	39,519
	--------	--------

7. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	4	4	4	4
	----	----	----	----

8. Directors' advances, credits and guarantees

At the statement of financial position date the amount owing to the directors was £6,331 (2019: £450). The directors loan is unsecured, interest free and repayable on demand.