Company Registration No. 04589987 (England and Wales)
AA SHEET METAL LIMITED
Unaudited accounts
for the year ended 31 December 2021
AA SHEET METAL LIMITED
Unaudited accounts
Contents
AA SHEET METAL LIMITED
Company Information
for the year ended 31 December 2021
Directors
Alan Smith
James Smith
Jane Smith
Company Number
04589987 (England and Wales)
Registered Office
Unit 1 Fletcher Way
Weston Road
Norwich
NR3 3ST
Accountants
Accounting Associates Norwich Ltd
19 Hartwell Road
Wroxham
Norwich
Norfolk
NR12 8TL
AA SHEET METAL LIMITED
Statement of financial position
as at 31 December 2021
Tangible assets
175,315
207,328
Cash at bank and in hand
150,251
157,771
Creditors: amounts falling due within one year
(218,015)
(199,472)
Net current assets
90,142
91,657
Total assets less current liabilities
265,457
298,985
Creditors: amounts falling due after more than one year
(55,549)
(102,010)
Provisions for liabilities
Deferred tax
(29,860)
(33,602)
Net assets
180,048
163,373
Called up share capital
200
200
Profit and loss account
179,848
163,173
Shareholders' funds
180,048
163,373
For the year ending 31 December 2021 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2022 and were signed on its behalf by
James Smith
Director
Company Registration No. 04589987
AA SHEET METAL LIMITED
Notes to the Accounts
for the year ended 31 December 2021
AA SHEET METAL LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04589987. The registered office is Unit 1 Fletcher Way, Weston Road, Norwich, NR3 3ST.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including provisions of Section 1A "Small Entities" and the Companies Act 2006. The accounts have been prepared under the historical cost convention.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Intangible fixed assets (including purchased goodwill) are included at cost less accumulated amortisation. The goodwill acquired has been fully amortised.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
15% on reducing balance
Computer equipment
15% on reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
AA SHEET METAL LIMITED
Notes to the Accounts
for the year ended 31 December 2021
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Unrelieved tax losses and other deferred tax assets are recognised only 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 assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
At 31 December 2021
60,000
At 31 December 2021
60,000
AA SHEET METAL LIMITED
Notes to the Accounts
for the year ended 31 December 2021
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2021
11,431
532,047
38,760
15,888
14,575
612,701
Additions
-
9,775
18,350
-
1,166
29,291
Disposals
-
-
(17,850)
-
-
(17,850)
At 31 December 2021
11,431
541,822
39,260
15,888
15,741
624,142
At 1 January 2021
11,431
355,287
15,542
11,760
11,353
405,373
Charge for the year
-
46,604
7,835
619
594
55,652
On disposals
-
-
(12,198)
-
-
(12,198)
At 31 December 2021
11,431
401,891
11,179
12,379
11,947
448,827
At 31 December 2021
-
139,931
28,081
3,509
3,794
175,315
At 31 December 2020
-
176,760
23,218
4,128
3,222
207,328
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Debtors: amounts falling due within one year
2021
2020
Trade debtors
94,315
76,394
Accrued income and prepayments
11,296
12,326
Other debtors
41,295
35,443
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
10,000
5,833
Obligations under finance leases and hire purchase contracts
36,754
36,754
Trade creditors
75,675
57,468
Taxes and social security
40,800
48,751
Other creditors
4,765
9,585
AA SHEET METAL LIMITED
Notes to the Accounts
for the year ended 31 December 2021
8
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
21,089
57,843
Aggregate of amounts that fall due for payment after five years
-
4,167
The amounts due after more than 5 years are repayable by instalments. The company has taken maximum advantage of the government backed Bounce Back Loan scheme following the coronavirus outbreak.
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200
200
10
Operating lease commitments
2021
2020
At 31 December 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
26,588
24,000
Within two to five years
16,769
34,000
More than five years
2,402
-
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's Loan Account
34,562
124,809
119,532
39,839
34,562
124,809
119,532
39,839
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Average number of employees
During the year the average number of employees was 15 (2020: 14).
