Registered number
03242272
Auto Technics UK Limited
Unaudited Filleted Abridged Accounts
31 December 2022
Auto Technics UK Limited
Registered number: 03242272
Abridged Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 1,025,611 1,040,758
Current assets
Debtors 155,453 315,558
Cash at bank and in hand 735,357 536,940
890,810 852,498
Creditors: amounts falling due within one year (529,976) (639,343)
Net current assets 360,834 213,155
Net assets 1,386,445 1,253,913
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,385,445 1,252,913
Shareholders' funds 1,386,445 1,253,913
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 and delivered 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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Dilip Kalyani
Director
Approved by the board on 15 August 2023
Auto Technics UK Limited
Notes to the Abridged Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The abridged 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).
Turnover
Turnover represents the net value of goods and services provided, net of Value Added Tax.
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:
Freehold buildings 2% per annum
Improvements to premises 25% per annum reducing balance
Motor vehicles 25% per annum reducing balance
Plant and machinery 25% per annum reducing balance
No depreciation is provided on the freehold land.
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. The company's liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes.
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
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payments is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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 15 14
3 Tangible fixed assets
Total
£
Cost
At 1 January 2022 1,953,525
Additions 35,793
Disposals (20,259)
At 31 December 2022 1,969,059
Depreciation
At 1 January 2022 912,767
Charge for the year 45,891
On disposals (15,210)
At 31 December 2022 943,448
Net book value
At 31 December 2022 1,025,611
At 31 December 2021 1,040,758
4 Loans 2022 2021
£ £
Creditors include:
Secured bank loans - 62,217
The Bank Loan is secured over the company's freehold property.
5 Controlling party
The company is under the control of the directors, who jointly hold 100% of the issued share capital of the company.
6 Other information
Auto Technics UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
107 - 109 Windsor Road,
Bray,
Maidenhead,
Berkshire,
SL6 2DP
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