| Ad Factory Limited |
| Notes to the Accounts |
| for the year ended 28 February 2023 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
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Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
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| 3 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade debtors |
9,865 |
|
14,578 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade creditors |
10,974 |
|
11,494 |
|
Taxation and social security costs |
10,663 |
|
6,877 |
|
Other creditors |
12,886 |
|
24,433 |
|
|
|
|
|
|
34,523 |
|
42,804 |
|
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| 5 |
Other information |
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Ad Factory Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
26 Goodall Street |
|
Walsall |
|
West Midlands |
|
WS1 1QL |
