Company Registration No. 04589987 (England and Wales)
AA SHEET METAL LIMITED
Unaudited accounts
for the year ended 31 December 2022
AA SHEET METAL LIMITED
Unaudited accounts
Contents
AA SHEET METAL LIMITED
Company Information
for the year ended 31 December 2022
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 2022
Tangible assets
151,345
175,315
Cash at bank and in hand
162,442
150,251
Creditors: amounts falling due within one year
(228,169)
(218,015)
Net current assets
116,763
90,142
Total assets less current liabilities
268,108
265,457
Creditors: amounts falling due after more than one year
(31,370)
(55,549)
Provisions for liabilities
Deferred tax
(31,433)
(29,860)
Net assets
205,305
180,048
Called up share capital
200
200
Profit and loss account
205,105
179,848
Shareholders' funds
205,305
180,048
For the year ending 31 December 2022 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 27 September 2023 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 2022
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 2022
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 2022
60,000
At 31 December 2022
60,000
AA SHEET METAL LIMITED
Notes to the Accounts
for the year ended 31 December 2022
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 2022
11,431
541,822
39,260
15,888
15,741
624,142
Additions
-
20,227
-
-
2,532
22,759
Disposals
-
(6,790)
-
-
-
(6,790)
At 31 December 2022
11,431
555,259
39,260
15,888
18,273
640,111
At 1 January 2022
11,431
401,891
11,179
12,379
11,947
448,827
Charge for the year
-
37,718
7,019
525
1,252
46,514
On disposals
-
(6,575)
-
-
-
(6,575)
At 31 December 2022
11,431
433,034
18,198
12,904
13,199
488,766
At 31 December 2022
-
122,225
21,062
2,984
5,074
151,345
At 31 December 2021
-
139,931
28,081
3,509
3,794
175,315
Amounts falling due within one year
Trade debtors
137,364
94,315
Accrued income and prepayments
8,760
11,296
Other debtors
21,366
41,295
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
14,532
36,754
Trade creditors
96,575
75,675
Taxes and social security
46,494
40,800
Other creditors
6,523
4,765
8
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
6,557
21,089
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.
AA SHEET METAL LIMITED
Notes to the Accounts
for the year ended 31 December 2022
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200
200
10
Operating lease commitments
2022
2021
At 31 December 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
12,005
26,588
Later than one year and not later than five years
6,352
16,769
Later than five years
1,588
2,402
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's Loan Account
39,839
83,896
106,400
17,335
Director's Current Account
-
3,375
-
3,375
39,839
87,271
106,400
20,710
12
Average number of employees
During the year the average number of employees was 17 (2021: 15).
