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COMPANY REGISTRATION NUMBER: 3226074
AUTOTRIM LIMITED
Filleted Unaudited Financial Statements
31 July 2023
AUTOTRIM LIMITED
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
13,956
17,307
Current assets
Stocks
2,529
2,077
Debtors
6
53,870
67,718
Cash at bank and in hand
56,657
34,930
---------
---------
113,056
104,725
Creditors: amounts falling due within one year
7
96,916
78,951
---------
---------
Net current assets
16,140
25,774
--------
--------
Total assets less current liabilities
30,096
43,081
Creditors: amounts falling due after more than one year
8
22,914
38,731
Provisions
2,652
--------
--------
Net assets
4,530
4,350
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
4,528
4,348
-------
-------
Shareholders funds
4,530
4,350
-------
-------
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 31st 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 .
AUTOTRIM LIMITED
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
Mrs S J McDermott
Mr J S McDermott
Director
Director
Company registration number: 3226074
AUTOTRIM LIMITED
Notes to the Financial Statements
Year ended 31st 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 Alex House, 260/268 Chapel Street, Salford, Manchester, M3 5JZ.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 goods supplied and 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 .
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:
Fixtures, Fittings & Equipment
-
15% reducing balance
Motor Vehicles
-
20% reducing balance
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Fixtures, Fittings & Equipment
Motor Vehicles
Total
£
£
£
Cost
At 1st August 2022 and 31st July 2023
12,846
24,262
37,108
--------
--------
--------
Depreciation
At 1st August 2022
10,640
9,161
19,801
Charge for the year
331
3,020
3,351
--------
--------
--------
At 31st July 2023
10,971
12,181
23,152
--------
--------
--------
Carrying amount
At 31st July 2023
1,875
12,081
13,956
--------
--------
--------
At 31st July 2022
2,206
15,101
17,307
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
47,049
61,326
Other debtors
6,821
6,392
--------
--------
53,870
67,718
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,787
9,787
Trade creditors
18,352
12,240
Social security and other taxes
56,257
43,735
Other creditors
12,520
13,189
--------
--------
96,916
78,951
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,062
29,100
Other creditors
3,852
9,631
--------
--------
22,914
38,731
--------
--------
9. Related party transactions
At the year end the company owed to its director £2,957 (2022 -£382)