Aon2 Ltd. - Period Ending 2023-02-28

Aon2 Ltd. - Period Ending 2023-02-28


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Registration number: 09436751

Aon2 Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Aon2 Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Aon2 Ltd.

Company Information

Director

Mr A V V Amarra

Registered office

Future Space Future Space
Uwe Frenchay Campus (North Entrance
Bristol
Bristol
BS34 8RB

Accountants

Balance Accounts Limited
Chartered Certified Accountants
4 Beau Street
Bath
BA1 1QY

 

Aon2 Ltd.

(Registration number: 09436751)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

167

2,167

Tangible assets

5

73,605

6,291

 

73,772

8,458

Current assets

 

Stocks

6

40,148

8,744

Debtors

7

38,391

21,184

Cash at bank and in hand

 

4,250

24,441

 

82,789

54,369

Creditors: Amounts falling due within one year

8

(130,534)

(57,331)

Net current liabilities

 

(47,745)

(2,962)

Total assets less current liabilities

 

26,027

5,496

Creditors: Amounts falling due after more than one year

8

(20,250)

(24,750)

Net assets/(liabilities)

 

5,777

(19,254)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

5,776

(19,255)

Shareholders' funds/(deficit)

 

5,777

(19,254)

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Aon2 Ltd.

(Registration number: 09436751)
Balance Sheet as at 28 February 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 November 2023
 

.........................................
Mr A V V Amarra
Director

 

Aon2 Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Future Space Future Space
Uwe Frenchay Campus (North Entrance
Bristol
Bristol
BS34 8RB
United Kingdom

These financial statements were authorised for issue by the director on 30 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Aon2 Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings, tools and equipment

20% / 33% Straight line dependent on expected useful life

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Web Site

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Aon2 Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Aon2 Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Web Site
 £

Total
£

Cost or valuation

At 1 March 2022

10,000

10,000

At 28 February 2023

10,000

10,000

Amortisation

At 1 March 2022

7,833

7,833

Amortisation charge

2,000

2,000

At 28 February 2023

9,833

9,833

Carrying amount

At 28 February 2023

167

167

At 28 February 2022

2,167

2,167

5

Tangible assets

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 March 2022

1,811

55,886

57,697

Additions

5,621

67,774

73,395

At 28 February 2023

7,432

123,660

131,092

Depreciation

At 1 March 2022

299

51,107

51,406

Charge for the year

1,163

4,918

6,081

At 28 February 2023

1,462

56,025

57,487

Carrying amount

At 28 February 2023

5,970

67,635

73,605

At 28 February 2022

1,512

4,779

6,291

6

Stocks

2023
£

2022
£

Raw materials and consumables

40,148

8,744

 

Aon2 Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Debtors

Note

2023
£

2022
£

Other debtors

 

20,425

2,383

Prepayments

 

514

549

Deferred tax assets

5,200

9,587

Income tax asset

12,252

8,665

 

38,391

21,184

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

4,500

4,500

Trade creditors

 

9,679

-

Amounts due to related parties

92,811

34,950

Social security and other taxes

 

182

182

Accruals

 

23,362

17,699

 

130,534

57,331

Due after one year

 

Loans and borrowings

20,250

24,750

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.001 each

1,000

1.00

1,000

1.00