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REGISTERED NUMBER: 08153377 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Autorotation Ltd

Autorotation Ltd (Registered number: 08153377)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Autorotation Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTOR: D Brick





REGISTERED OFFICE: Hill Farm
Burstall Lane
Sproughton
Ipswich
Suffolk
IP8 3DJ





REGISTERED NUMBER: 08153377 (England and Wales)





ACCOUNTANTS: Knights Lowe Ltd
Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ

Autorotation Ltd (Registered number: 08153377)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 92,701 75,089

CURRENT ASSETS
Stocks 221,774 240,410
Debtors 5 5,720 3,384
Cash at bank 208,236 117,889
435,730 361,683
CREDITORS
Amounts falling due within one year 6 125,605 95,033
NET CURRENT ASSETS 310,125 266,650
TOTAL ASSETS LESS CURRENT LIABILITIES 402,826 341,739

CREDITORS
Amounts falling due after more than one
year

7

(34,565

)

(39,840

)

PROVISIONS FOR LIABILITIES 8 (11,167 ) (1,154 )
NET ASSETS 357,094 300,745

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 357,093 300,744
SHAREHOLDERS' FUNDS 357,094 300,745

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

Autorotation Ltd (Registered number: 08153377)

Statement of Financial Position - continued
31 May 2023


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 February 2024 and were signed by:





D Brick - Director


Autorotation Ltd (Registered number: 08153377)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Autorotation Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually when the goods are delivered to or collected by the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles and equipment - 25% on reducing balance
Office equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank facilities and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.


Autorotation Ltd (Registered number: 08153377)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

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.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Motor
vehicles
and Office
equipment equipment Totals
£    £    £   
COST
At 1 June 2022 95,453 1,138 96,591
Additions 58,093 2,816 60,909
Disposals (34,723 ) - (34,723 )
At 31 May 2023 118,823 3,954 122,777
DEPRECIATION
At 1 June 2022 21,032 470 21,502
Charge for year 21,298 636 21,934
Eliminated on disposal (13,360 ) - (13,360 )
At 31 May 2023 28,970 1,106 30,076
NET BOOK VALUE
At 31 May 2023 89,853 2,848 92,701
At 31 May 2022 74,421 668 75,089

Autorotation Ltd (Registered number: 08153377)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,455 -
Amounts owed by related undertakings - 1,093
Other debtors 4,265 2,291
5,720 3,384

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,085 5,144
Trade creditors 2,388 2,080
Taxation and social security 19,495 47,783
Other creditors 98,637 40,026
125,605 95,033

The bank loan relates to a government backed business Bounce Back Loan.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 34,565 39,840

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 12,102 17,930

The bank loan relates to a government backed business Bounce Back Loan.

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 11,167 1,154

Deferred
tax
£   
Balance at 1 June 2022 1,154
Charge to Statement of Income and Retained Earnings during year 10,013
Balance at 31 May 2023 11,167