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Registration number: 13583136

191 Automotive Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

image-name
 

191 Automotive Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

191 Automotive Ltd

Company Information

Director

Oliver Bolton

Registered office

Unit K New Barns Farm
Cock Lane
Chelmsford
Essex
CM1 3RB

Accountants

Viewpoint Accountants Ltd
Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

 

191 Automotive Ltd

(Registration number: 13583136)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

1,061

-

Tangible assets

6

11,088

14,718

 

12,149

14,718

Current assets

 

Stocks

7

12,325

-

Debtors

8

100

2,399

Cash at bank and in hand

 

2

55

 

12,427

2,454

Creditors: Amounts falling due within one year

9

(60,266)

(34,710)

Net current liabilities

 

(47,839)

(32,256)

Net liabilities

 

(35,690)

(17,538)

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

(35,691)

(17,539)

Shareholders' deficit

 

(35,690)

(17,538)

For the financial year ending 31 August 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the director on 10 October 2023
 

.........................................
Oliver Bolton
Director

 

191 Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
Unit K New Barns Farm
Cock Lane
Chelmsford
Essex
CM1 3RB

These financial statements were authorised for issue by the director on 10 October 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.

Going concern

The financial statements have been prepared on a going concern basis. The company began to trade late in 2022 and generated income at the start of the 2023 year. Income continued during 2023 and by Summer 2023 online sales of parts via the company website began. The director continues to support the business by way of a personal loan to the company.

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.

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.

 

191 Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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

Leasehold improvements

Over the length of lease

Plant and machinery

25% reducing balance

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

Website costs

3 years straight line

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.

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.

 

191 Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract
that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares
are issued, any component that creates a financial liability of the company is presented as a liability in the
balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in
the profit and loss account.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 0).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

5,230

-

Amortisation expense

531

-

 

191 Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

1,592

1,592

At 31 August 2023

1,592

1,592

Amortisation

Amortisation charge

531

531

At 31 August 2023

531

531

Carrying amount

At 31 August 2023

1,061

1,061

6

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

12,199

2,519

14,718

Additions

1,600

-

1,600

At 31 August 2023

13,799

2,519

16,318

Depreciation

Charge for the year

4,600

630

5,230

At 31 August 2023

4,600

630

5,230

Carrying amount

At 31 August 2023

9,199

1,889

11,088

At 31 August 2022

12,199

2,519

14,718

Included within the net book value of land and buildings above is £9,199 (2022 - £12,199) in respect of short leasehold land and buildings.
 

7

Stocks

2023
£

2022
£

Other inventories

12,325

-

 

191 Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Debtors

2023
£

2022
£

Trade debtors

100

-

Other debtors

-

2,399

100

2,399

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

58,857

34,122

Trade creditors

 

420

-

Taxation and social security

 

989

-

Accruals and deferred income

 

-

588

 

60,266

34,710

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

11

Related party transactions

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Director's loan account

(34,122)

23,754

(48,489)

(58,857)

         
       

 

 

191 Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2022

At 24 August 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Director's loan account

-

1

(34,123)

(34,122)