Auto-Vent (Stoke-on-Trent) Limited
Registered number: 00469582
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 180,113 173,205
Current assets
Stocks 17,500 17,500
Debtors 4 828,590 844,906
Cash at bank and in hand 38,078 20,948
884,168 883,354
Creditors: amounts falling due within one year 5 (371,218) (386,872)
Net current assets 512,950 496,482
Total assets less current liabilities 693,063 669,687
Creditors: amounts falling due after more than one year 6 (158,374) (185,017)
Provisions for liabilities (29,305) (27,935)
Net assets 505,384 456,735
Capital and reserves
Called up share capital 4,840 4,840
Profit and loss account 500,544 451,895
Shareholders' funds 505,384 456,735
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L M Gray
Director
Approved by the board on 11 October 2023
Auto-Vent (Stoke-on-Trent) Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
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:
Motor vehicles and Computer Equipment 25% per annum
Plant and machinery 10% per annum
Fixtures, fittings, tools and equipment 10% per annum
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 20 21
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 2,334 268,041 201,916 472,291
Additions - 1,265 55,955 57,220
Disposals - - (21,550) (21,550)
At 31 December 2022 2,334 269,306 236,321 507,961
Depreciation
At 1 January 2022 - 185,234 113,852 299,086
Charge for the year - 8,884 35,183 44,067
On disposals - - (15,305) (15,305)
At 31 December 2022 - 194,118 133,730 327,848
Net book value
At 31 December 2022 2,334 75,188 102,591 180,113
At 31 December 2021 2,334 82,807 88,064 173,205
4 Debtors 2022 2021
£ £
Trade debtors 779,907 810,710
Other debtors 48,683 34,196
828,590 844,906
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 51,909 140,676
Obligations under finance lease and hire purchase contracts 28,203 20,117
Trade creditors 252,648 120,822
Corporation tax 11,982 -
Other taxes and social security costs 13,759 92,948
Other creditors 12,717 12,309
371,218 386,872
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 113,889 164,110
Obligations under finance lease and hire purchase contracts 44,485 20,907
158,374 185,017
7 Other information
Auto-Vent (Stoke-on-Trent) Limited is a private company limited by shares and incorporated in England. Its registered office is
Sandbach Road
Cobridge
Stoke on Trent
Staffordshire
ST6 2DG
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