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COMPANY REGISTRATION NUMBER: 06317786
AUTOMICO LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
AUTOMICO LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
AUTOMICO LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr K Childs
Mr A Milne
Registered office
Lynton House
7-12 Tavistock Square
London
England
WC1H 9BQ
Accountants
TC BSG Valentine Limited
Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
AUTOMICO LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
CURRENT ASSETS
Debtors
5
60,151
56,402
Cash at bank and in hand
38,916
33,781
--------
--------
99,067
90,183
CREDITORS: amounts falling due within one year
6
( 32,989)
( 31,767)
--------
--------
NET CURRENT ASSETS
66,078
58,416
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
66,078
58,416
CREDITORS: amounts falling due after more than one year
7
( 19,062)
( 29,097)
--------
--------
NET ASSETS
47,016
29,319
--------
--------
CAPITAL AND RESERVES
Called up share capital
6
6
Profit and loss account
47,010
29,313
--------
--------
SHAREHOLDERS FUNDS
47,016
29,319
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AUTOMICO LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 2 April 2024 , and are signed on behalf of the board by:
Mr K Childs
Director
Company registration number: 06317786
AUTOMICO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 25% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. 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.
4. Tangible assets
Equipment
£
Cost
At 1 August 2022 and 31 July 2023
3,532
-------
Depreciation
At 1 August 2022 and 31 July 2023
3,532
-------
Carrying amount
At 31 July 2023
-------
At 31 July 2022
-------
5. Debtors
2023
2022
£
£
Trade debtors
10,145
5,017
Other debtors
50,006
51,385
--------
--------
60,151
56,402
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,035
9,788
Trade creditors
16,271
16,064
Corporation tax
4,037
3,915
Social security and other taxes
646
Other creditors
2,000
2,000
--------
--------
32,989
31,767
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,062
29,097
--------
--------