Audus Carpentry Ltd. Filleted accounts for Companies House (small and micro)

AUDUS CARPENTRY LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 03331398

Audus Carpentry Ltd.

Unaudited financial statements

31 March 2022

Audus Carpentry Ltd.

Statement of financial position

31 March 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5		3,639		4,855

Current assets

Debtors	6	558,814	515,386
Cash at bank and in hand		151,786	199,800
		---------	---------
		710,600	715,186

Creditors: Amounts falling due within one year	7	( 64,044)		( 97,214)
		---------		---------
Net current assets			646,556		617,972
			---------		---------
Total assets less current liabilities			650,195		622,827

Provisions

Taxation including deferred tax	( 691)	( 922)
	---------	---------
Net assets	649,504	621,905
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	648,504	620,905
	---------	---------
Shareholders funds	649,504	621,905
	---------	---------

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 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 September 2022 , and are signed on behalf of the board by:

P Audus
Director

Company registration number: 03331398

Audus Carpentry Ltd.

Notes to the financial statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22d Chiefs Street, Ely, Cambridgeshire, CB6 1AT.

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 services rendered, net of discounts and Value Added Tax. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the conditions are satisified.

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.

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:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of employees during the year was 2 (2021: 2 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2021 and 31 March 2022	3,188	28,460	4,249	35,897
	------	-------	------	-------
Depreciation
At 1 April 2021	2,725	24,844	3,473	31,042
Charge for the year	116	904	196	1,216
	------	-------	------	-------
At 31 March 2022	2,841	25,748	3,669	32,258
	------	-------	------	-------
Carrying amount
At 31 March 2022	347	2,712	580	3,639
	------	-------	------	-------
At 31 March 2021	463	3,616	776	4,855
	------	-------	------	-------

6. Debtors

	2022	2021
	£	£
Trade debtors	23,335	81,956
Other debtors	535,479	433,430
	---------	---------
	558,814	515,386
	---------	---------

7. Creditors: Amounts falling due within one year

	2022	2021
	£	£
Trade creditors	219	17,307
Social security and other taxes	26,190	16,640
Other creditors	37,635	63,267
	-------	-------
	64,044	97,214
	-------	-------