2022-06-012023-05-312023-05-31falseSC478257AUTOKLASS (U.K.) 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AUTOKLASS (U.K.) LTD

Registered Number
SC478257
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2023

AUTOKLASS (U.K.) LTD
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

MURRAY, Colin Andrew

Registered Address

5 Boyd Place
Troon
KA10 7LU

Registered Number

SC478257 (Scotland)
AUTOKLASS (U.K.) LTD
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets63,9395,439
3,9395,439
Current assets
Debtors18,96319,995
Cash at bank and on hand2,0533,979
21,01623,974
Creditors amounts falling due within one year8(10,411)(9,173)
Net current assets (liabilities)10,60514,801
Total assets less current liabilities14,54420,240
Creditors amounts falling due after one year9(9,933)(13,934)
Accruals and deferred income(1,417)(1,277)
Net assets3,1945,029
Capital and reserves
Called up share capital100100
Profit and loss account3,0944,929
Shareholders' funds3,1945,029
The financial statements were approved and authorised for issue by the Director on 2 November 2023, and are signed on its behalf by:
MURRAY, Colin Andrew
Director
Registered Company No. SC478257
AUTOKLASS (U.K.) LTD
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The company's principal activity is Wholesale of chemical products.
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Revenue recognition policy
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.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
5.Employee information

20232022
Average number of employees during the year11
6.Property, plant and equipment

Total

£
Cost or valuation
At 01 June 226,130
Disposals(500)
At 31 May 235,630
Depreciation and impairment
At 01 June 22691
Charge for year1,332
On disposals(332)
At 31 May 231,691
Net book value
At 31 May 233,939
At 31 May 225,439
7.Debtors within one year

2023

2022

££
Trade debtors / trade receivables14,31119,809
Other debtors4,652186
Total18,96319,995
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.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables1,1461,379
Bank borrowings and overdrafts5,0675,067
Taxation and social security2,0972,727
Other creditors2,101-
Total10,4119,173
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.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts9,93313,934
Total9,93313,934