2022-04-01 05262236 2023-03-31 05262236 2022-04-01 2023-03-31 05262236 2022-03-31 05262236 2021-04-01 2022-03-31 05262236 uk-core:WithinOneYear uk-bus:Original 2022-03-31 05262236 uk-core:WithinOneYear uk-bus:Original 2023-03-31 05262236 uk-core:ShareCapital uk-bus:Original 2023-03-31 05262236 uk-core:ShareCapital uk-bus:Original 2022-03-31 05262236 uk-core:RetainedEarningsAccumulatedLosses uk-bus:Original 2023-03-31 05262236 uk-core:RetainedEarningsAccumulatedLosses uk-bus:Original 2022-03-31 05262236 uk-bus:Director1 uk-bus:Original 2022-04-01 2023-03-31 05262236 uk-core:LandBuildings uk-bus:Original 2022-04-01 2023-03-31 05262236 uk-core:PlantMachinery uk-bus:Original 2022-04-01 2023-03-31 05262236 uk-core:Vehicles uk-bus:Original 2022-04-01 2023-03-31 05262236 uk-core:Vehicles uk-bus:Original 2022-03-31 05262236 uk-core:PlantMachinery uk-bus:Original 2022-03-31 05262236 uk-core:LandBuildings uk-bus:Original 2022-03-31 05262236 uk-core:LandBuildings uk-bus:Original 2023-03-31 05262236 uk-core:PlantMachinery uk-bus:Original 2023-03-31 05262236 uk-core:Vehicles uk-bus:Original 2023-03-31 iso4217:GBP xbrli:pure 05262236 uk-bus:AuditExemptWithAccountantsReport uk-bus:Original 2022-04-01 2023-03-31 05262236 uk-bus:FRS102 uk-bus:Original 2022-04-01 2023-03-31 05262236 uk-bus:FilletedAccounts uk-bus:Original 2022-04-01 2023-03-31 05262236 uk-bus:PrivateLimitedCompanyLtd uk-bus:Original 2022-04-01 2023-03-31
AC Automotive Limited
Registered Number:05262236
For the year ended 31 March 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2023
AC Automotive Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
05262236
As at 31 March 2023
AC Automotive Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
5,286
8,075
2
5,286
8,075
Current assets
Inventories
35,843
64,944
3
Trade and other receivables
59,959
61,458
4
195,540
Cash and cash equivalents
181,033
307,435
291,342
Trade and other payables: amounts falling due within one
year
(80,386)
(68,903)
5
210,956
238,532
Net current assets
Total assets less current liabilities
243,818
219,031
(702)
(1,095)
Provisions for liabilities
243,116
Net assets
217,936
Capital and reserves
Called up share capital
5
5
Retained earnings
243,111
217,931
243,116
217,936
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.
D Mather Director
These financial statements were approved and authorised for issue by the Board on 01 December 2023 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 March 2023
AC Automotive Limited
Notes to the Financial Statements
Statutory Information
AC Automotive Limited is a private limited company, limited by shares, domiciled in England and Wales, registration
number 05262236.
Registered address:
Unit 2
Llanthony Business Park
Llanthony Rd
Gloucester
GL2 5QT
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.
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:
Leasehold improvements
10% Straight line
Plant and machinery
20% Straight line
25% Straight line
Motor vehicles
No depreciation is provided on the company''s freehold properties since in the opinion of the directors the expected
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
would be immaterial. The directors undertake an annual impairment review of these properties.
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. The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
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5
For the year ended 31 March 2023
AC Automotive Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Motor vehicles
Plant and
machinery
Leasehold
improvements
£
£
£
£
Cost or
valuation
At 01 April 2022
37,399
23,190
8,567
5,642
3,998
-
3,998
-
Additions
At 31 March 2023
5,642
12,565
23,190
41,397
Provision for depreciation and impairment
At 01 April 2022
29,324
16,574
8,567
4,183
Charge for year
6,787
5,423
800
564
At 31 March 2023
36,111
21,997
9,367
4,747
At 31 March 2023
Net book value
895
3,198
1,193
5,286
At 31 March 2022
1,459
-
6,616
8,075
3. Inventories
2022
2023
£
£
Stocks
64,944
35,843
4. Trade and other receivables
2022
2023
£
£
Trade debtors
47,589
46,090
Other debtors
13,869
13,869
59,959
61,458
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Trade creditors
53,974
62,598
Taxation and social security
13,979
16,888
Other creditors
950
900
68,903
80,386
6. Average number of persons employed
During the year the average number of employees was 5 (2022 : 5)
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6
For the year ended 31 March 2023
AC Automotive Limited
Notes to the Financial Statements Continued
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