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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
Page
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AutoKeys (Midland) Ltd Company Information for the year ended 28 February 2023
Director
Ian Herrington
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
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AutoKeys (Midland) Ltd Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
2,503 
5,420 
Tangible assets
42,817 
18,524 
45,320 
23,944 
Current assets
Inventories
11,000 
11,250 
Debtors
1,241 
3,239 
Cash at bank and in hand
19,027 
13,945 
31,268 
28,434 
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
Deferred tax
(2,494)
- 
Net assets
5,087 
5,891 
Capital and reserves
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
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AutoKeys (Midland) Ltd Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
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
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
Turnover is measured at the fair value of the consideration received or receivable net of VAT.
Government grants
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
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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AutoKeys (Midland) Ltd Notes to the Accounts for the year ended 28 February 2023
Leased assets
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 
£ 
Cost
At 1 March 2022
14,587 
At 28 February 2023
14,587 
Amortisation
At 1 March 2022
9,167 
Charge for the year
2,917 
At 28 February 2023
12,084 
Net book value
At 28 February 2023
2,503 
At 28 February 2022
5,420 
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 
Depreciation
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 
Net book value
At 28 February 2023
11,288 
31,529 
42,817 
At 28 February 2022
10,945 
7,579 
18,524 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
24,640 
- 
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AutoKeys (Midland) Ltd Notes to the Accounts for the year ended 28 February 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
- 
1,034 
Accrued income and prepayments
1,241 
2,205 
1,241 
3,239 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
3,088 
3,088 
VAT
3,722 
- 
Obligations under finance leases and hire purchase contracts
4,964 
- 
Trade creditors
3,147 
5,452 
Taxes and social security
- 
775 
Other creditors
- 
2,290 
Loans from directors
26,112 
23,786 
Accruals
1,803 
1,803 
42,836 
37,194 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
6,495 
9,293 
Obligations under finance leases and hire purchase contracts
19,676 
- 
26,171 
9,293 
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 
2,270 
5,296 
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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