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Registered Number: 08895606
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 March 2023

for

360 AUTOMOTIVE GLOUCESTER LTD

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 11,192    14,331 
11,192    14,331 
Current assets      
Stocks 2,500    6,360 
Debtors: amounts falling due within one year 35,247    20,022 
Debtors: amounts falling due after one year 9,000    9,000 
Cash at bank and in hand 57,711    67,768 
104,458    103,150 
Creditors: amount falling due within one year (66,490)   (79,364)
Net current assets 37,968    23,786 
 
Total assets less current liabilities 49,160    38,117 
Creditors: amount falling due after more than one year (33,808)   (35,007)
Net assets 15,352    3,110 
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account 15,252    3,010 
Shareholder's funds 15,352    3,110 
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement 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).
The financial statements were approved by the board of directors on 31 October 2023 and were signed on its behalf by:


-------------------------------
James Savage
Director
-------------------------------
Michael Gait
Director
1
General Information
360 Automotive Gloucester Ltd is a private company, limited by shares, registered in England and Wales, registration number 08895606, registration address Unit 2B Riga Wharf, Bristol Road, Gloucester, Gloucestershire, GL2 5DH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
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.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 20% Straight Line
Fixtures and Fittings 20% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 5 (2022 : 6).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 April 2022 55,462    10,300    10,849    76,611 
Additions     297    297 
Disposals      
At 31 March 2023 55,462    10,300    11,146    76,908 
Depreciation
At 01 April 2022 45,960    9,573    6,747    62,280 
Charge for year 2,375    182    879    3,436 
On disposals      
At 31 March 2023 48,335    9,755    7,626    65,716 
Net book values
Closing balance as at 31 March 2023 7,127    545    3,520    11,192 
Opening balance as at 01 April 2022 9,502    727    4,102    14,331 


4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

2