Company No:
Contents
DIRECTOR | Keith Squire |
SECRETARY | Helen Squire |
REGISTERED OFFICE | 120 High Street |
Portishead | |
BS20 6PR | |
United Kingdom | |
COMPANY NUMBER | 05007223(England and Wales) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
Goodwood House | |
Blackbrook Park Avenue | |
Taunton | |
Somerset | |
TA1 2PX |
2021 | 2020 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 4 |
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19,955 | 23,645 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand | 7 |
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582,313 | 620,798 | |||
Creditors | ||||
Amounts falling due within one year | 8 | (
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Net current assets | 328,379 | 244,810 | ||
Total assets less current liabilities | 348,334 | 268,455 | ||
Creditors | ||||
Amounts falling due after more than one year | 9 | (
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Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of AVS Direct Limited (registered number:
Keith Squire
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
AVS Direct Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 120 High Street, Portishead, BS20 6PR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of AVS Direct Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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.
Deferred tax assets and liabilities are not discounted.
Leasehold property improvements - 25% straight line
Plant and machinery - 20% straight line
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including director |
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2021 | 2020 | ||
£ | £ | ||
Current tax on profit | |||
UK corporation tax |
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Total current tax |
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Deferred tax | |||
Origination and reversal of timing differences | (
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Total deferred tax | (
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Total tax on profit |
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Land and buildings | Plant and machinery etc | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 February 2020 |
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Additions |
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At 31 January 2021 |
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Accumulated depreciation | |||||
At 01 February 2020 |
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Charge for the financial year |
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At 31 January 2021 |
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Net book value | |||||
At 31 January 2021 |
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At 31 January 2020 |
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2021 | 2020 | ||
£ | £ | ||
Stocks |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Cash at bank and in hand |
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2021 | 2020 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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2021 | 2020 | ||
£ | £ | ||
Other creditors |
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2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2021 | 2020 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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