1 April 2022 v2023.33.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP125382462022-04-012023-03-31125382462023-03-31125382462022-03-3112538246core:WithinOneYear2023-03-3112538246core:WithinOneYear2022-03-3112538246core:AfterOneYear2023-03-3112538246core:AfterOneYear2022-03-3112538246core:ShareCapital2023-03-3112538246core:ShareCapital2022-03-3112538246core:RetainedEarningsAccumulatedLosses2023-03-3112538246core:RetainedEarningsAccumulatedLosses2022-03-3112538246bus:Director12022-04-012023-03-3112538246bus:RegisteredOffice2022-04-012023-03-3112538246core:PlantMachinery2022-04-012023-03-3112538246core:MotorVehicles2022-04-012023-03-31125382462021-04-012022-03-3112538246core:PlantMachinery2022-04-0112538246core:PlantMachinery2023-03-3112538246core:PlantMachinery2022-03-311253824612022-04-012023-03-3112538246countries:EnglandWales2022-04-012023-03-3112538246bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3112538246bus:PrivateLimitedCompanyLtd2022-04-012023-03-3112538246bus:SmallEntities2022-04-012023-03-3112538246bus:FullAccounts2022-04-012023-03-31
Company registration number:
12538246
AC Turbos Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2023
AC Turbos Ltd
Statement of Financial Position
31 March 2023
20232022
Note££
Fixed assets    
Tangible assets 5
10,063
 
14,061
 
Current assets    
Stocks
50,000
 
30,000
 
Debtors 6
16,530
 
12,580
 
Cash at bank and in hand
257,337
 
154,306
 
323,867
 
196,886
 
Creditors: amounts falling due within one year 7
(89,194
)
(66,826
)
Net current assets
234,673
 
130,060
 
Total assets less current liabilities 244,736   144,121  
Creditors: amounts falling due after more than one year 8
(44,822
)
(44,822
)
Net assets
199,914
 
99,299
 
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Profit and loss account
198,914
 
98,299
 
Shareholders funds
199,914
 
99,299
 
For the year ending
31 March 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
20 December 2023
, and are signed on behalf of the board by:
A Carmichael
Director
Company registration number:
12538246
AC Turbos Ltd
Notes to the Financial Statements
Year ended
31 March 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 2, Primrose Farm, 77 Skelmersdale Road
,
Skelmersdale
,
WN8 8BU
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% straight line
Motor vehicles
20% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Director’s advances, credit and guarantees

Remuneration, benefits and dividends received by the director amounted to £45,125, (2022 - £ 38,677).

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2022:
5.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2022
104,141
 
Additions
1,049
 
At
31 March 2023
105,190
 
Depreciation  
At
1 April 2022
90,080
 
Charge
5,047
 
At
31 March 2023
95,127
 
Carrying amount  
At
31 March 2023
10,063
 
At 31 March 2022
14,061
 

6 Debtors

20232022
££
Trade debtors
10,098
 
11,580
 
Other debtors
6,432
 
1,000
 
16,530
 
12,580
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
5,178
 
5,178
 
Trade creditors
32,654
 
29,655
 
Taxation and social security
48,316
 
30,579
 
Other creditors
3,046
 
1,414
 
89,194
 
66,826
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
44,822
 
44,822