Company Registration No. 07536127 (England and Wales)
AutoKeys (Midland) Ltd
Unaudited accounts
for the year ended 28 February 2023
AutoKeys (Midland) Ltd
Unaudited accounts
Contents
AutoKeys (Midland) Ltd
Company Information
for the year ended 28 February 2023
Company Number
07536127 (England and Wales)
Registered Office
Unit 4 Archers Business Centre
Mill Road
Rugby
Warwickshire
CV21 1QW
Accountants
Cube Accounting Limited
Suite 3B & 3C, Davy Court
Castle Mound Way
Rugby
Warwickshire
CV23 0UZ
AutoKeys (Midland) Ltd
Statement of financial position
as at 28 February 2023
Intangible assets
2,503
5,420
Tangible assets
42,817
18,524
Cash at bank and in hand
19,027
13,945
Creditors: amounts falling due within one year
(42,836)
(37,194)
Net current liabilities
(11,568)
(8,760)
Total assets less current liabilities
33,752
15,184
Creditors: amounts falling due after more than one year
(26,171)
(9,293)
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
4,987
5,791
Shareholders' funds
5,087
5,891
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 October 2023 and were signed on its behalf by
Ian Herrington
Director
Company Registration No. 07536127
AutoKeys (Midland) Ltd
Notes to the Accounts
for the year ended 28 February 2023
AutoKeys (Midland) Ltd is a private company, limited by shares, registered in England and Wales, registration number 07536127. The registered office is Unit 4 Archers Business Centre, Mill Road, Rugby, Warwickshire, CV21 1QW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The financial statements have been prepared under the going concern basis of accounting as the director concludes this is appropriate in accordance with FRS 102 1A.
The accounts have been prepared on the going concern basis due to improved trading and its continued support from its director.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. The goodwill and intangible fixed assets have been amortised over 5 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing balance
Motor vehicles
15% Reducing balance
Turnover is measured at the fair value of the consideration received or receivable net of VAT.
Government grants received in the period are credited to the profit and loss, this is on the basis the company has met the conditions attached to the grant.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
AutoKeys (Midland) Ltd
Notes to the Accounts
for the year ended 28 February 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
At 28 February 2023
14,587
At 28 February 2023
12,084
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 March 2022
32,789
27,666
60,455
Additions
4,406
27,452
31,858
Disposals
(3,083)
-
(3,083)
At 28 February 2023
34,112
55,118
89,230
At 1 March 2022
21,844
20,087
41,931
Charge for the year
3,494
3,502
6,996
On disposals
(2,514)
-
(2,514)
At 28 February 2023
22,824
23,589
46,413
At 28 February 2023
11,288
31,529
42,817
At 28 February 2022
10,945
7,579
18,524
Carrying values included above held under finance leases and hire purchase contracts:
£
£
AutoKeys (Midland) Ltd
Notes to the Accounts
for the year ended 28 February 2023
Amounts falling due within one year
Accrued income and prepayments
1,241
2,205
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
3,088
3,088
Obligations under finance leases and hire purchase contracts
4,964
-
Trade creditors
3,147
5,452
Taxes and social security
-
775
Loans from directors
26,112
23,786
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
19,676
-
9
Operating lease commitments
2023
2022
At 28 February 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
2,270
3,026
Later than one year and not later than five years
-
2,270
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).