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ADS Automotive Limited
Registered Number:05388078
For the year ended 31 March 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2023
ADS Automotive Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
05388078
As at 31 March 2023
ADS Automotive Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
13,665
17,673
3
13,665
17,673
Current assets
Inventories
2,500
2,229
4
Trade and other receivables
27,507
21,277
5
33,686
Cash and cash equivalents
29,559
53,065
63,693
Trade and other payables: amounts falling due within one
year
(36,942)
(31,067)
6
26,751
21,998
Net current assets
Total assets less current liabilities
35,663
44,424
Trade and other payables: amounts falling due after more
than one year
(16,666)
(11,666)
7
(1,701)
(2,267)
Provisions for liabilities
22,296
Net assets
25,491
Capital and reserves
Called up share capital
100
100
Retained earnings
22,196
25,391
22,296
25,491
Shareholders' funds
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.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Gary Honey Director
These financial statements were approved and authorised for issue by the Board on 10 October 2023 and were signed by:
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4
Registered Number :
05388078
For the year ended 31 March 2023
ADS Automotive Limited
Statement of Financial Position Continued
The notes form part of these financial statements
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5
For the year ended 31 March 2023
ADS Automotive Limited
Notes to the Financial Statements
Statutory Information
ADS Automotive Limited is a private limited company, limited by shares, domiciled in England and Wales, registration
number 05388078.
Registered address:
Unit 200
South Liberty Lane
Bristol
BS3 2TW
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of 5 years.
Property, plant and equipment
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
20% Reducing balance
33% Straight line
Computer equipment
20% Reducing balance
Motor vehicles
20% Reducing balance
Fixtures and fittings
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
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6
For the year ended 31 March 2023
ADS Automotive Limited
Notes to the Financial Statements Continued
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 April 2022
8,000
At 31 March 2023
8,000
Amortisation
At 01 April 2022
8,000
At 31 March 2023
8,000
Net book value
At 31 March 2023
-
At 31 March 2022
-
3. Property, plant and equipment
Total
Computer
equipment
Fixtures and
fittings
Motor vehicles
Plant and
machinery
£
£
£
£
£
Cost or
valuation
At 01 April 2022
65,150
4,369
754
16,488
43,539
280
-
280
-
-
Additions
At 31 March 2023
16,488
1,034
4,369
65,430
43,539
Provision for depreciation and impairment
At 01 April 2022
47,477
3,149
737
9,133
34,458
Charge for year
4,288
998
3
1,471
1,816
At 31 March 2023
51,765
4,147
740
10,604
36,274
At 31 March 2023
Net book value
7,265
5,884
294
222
13,665
At 31 March 2022
9,081
7,355
17
1,220
17,673
4. Inventories
2022
2023
£
£
Stocks
2,229
2,500
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7
For the year ended 31 March 2023
ADS Automotive Limited
Notes to the Financial Statements Continued
5. Trade and other receivables
2022
2023
£
£
Trade debtors
2,029
6,797
Prepayments and accrued income
748
710
Other debtors
18,500
20,000
27,507
21,277
Other debtors of £18,500 (2022: £20,000) comprise a loan to ADS West Automotive Ltd, a company wholly owned by the Directors. The loan is interest-free and repayable on demand
6. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
4,167
4,167
Trade creditors
9,196
21,768
Taxation and social security
14,615
8,766
Accruals and deferred income
1,095
1,095
Directors' loan accounts
1,181
869
Other creditors
813
277
31,067
36,942
7. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
11,666
16,666
8. Average number of persons employed
During the year the average number of employees was 8 (2022 : 7)
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