ASSURED AUTOMOBILE ASSESSORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ASSURED AUTOMOBILE ASSESSORS LIMITED
COMPANY INFORMATION
Directors
G.P. Holmes
Mrs L Holmes
(Appointed 31 March 2023)
Secretary
B.T. Holmes
Company number
2733037 (England and Wales)
Registered office
Higher Riley Brox Farm
Broadoak
Sandy Lane
Accrington
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
ASSURED AUTOMOBILE ASSESSORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ASSURED AUTOMOBILE ASSESSORS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,536,121
1,924,131
Current assets
Stocks
104,989
64,277
Debtors
4
386,442
438,562
Cash at bank and in hand
1,175,100
427,541
1,666,531
930,380
Creditors: amounts falling due within one year
5
(457,420)
(520,900)
Net current assets
1,209,111
409,480
Total assets less current liabilities
3,745,232
2,333,611
Creditors: amounts falling due after more than one year
6
(22,430)
(54,516)
Provisions for liabilities
(465,466)
(261,837)
Net assets
3,257,336
2,017,258
Capital and reserves
Called up share capital
7
200
2
Profit and loss reserves
3,257,136
2,017,256
Total equity
3,257,336
2,017,258
The notes on pages 3 - 9 form an integral part of these financial statements.
ASSURED AUTOMOBILE ASSESSORS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
G.P. Holmes
Director
Company Registration No. 2733037
ASSURED AUTOMOBILE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Assured Automobile Assessors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Higher Riley Brox Farm, Broadoak, Sandy Lane, Accrington.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly labour rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation of tangible fixed assets is provided at the following annual rates in order to write off each asset over its estimated useful life:
Freehold land and buildings
2% straight line on cost of buildings
Leasehold land and buildings
2% -20% straight line
Plant and machinery
10% straight line
Office equipment
10% - 25% straight line
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ASSURED AUTOMOBILE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ASSURED AUTOMOBILE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to the Coronavirus Job Retention Scheme are recognised as other income in the period to which the employee costs are recognised for the relevant furlough period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
16
ASSURED AUTOMOBILE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2022
1,079,533
54,179
514,746
38,292
2,294,865
3,981,615
Additions
47,524
103,088
364,776
18,425
763,436
1,297,249
Disposals
(353,131)
(25,661)
(165,000)
(167,701)
(711,493)
At 30 June 2023
773,926
131,606
714,522
56,717
2,890,600
4,567,371
Depreciation and impairment
At 1 July 2022
260,676
54,179
266,272
27,710
1,448,647
2,057,484
Depreciation charged in the year
18,630
5,154
43,437
5,387
218,764
291,372
Eliminated in respect of disposals
(76,667)
(25,661)
(55,000)
(160,278)
(317,606)
At 30 June 2023
202,639
33,672
254,709
33,097
1,507,133
2,031,250
Carrying amount
At 30 June 2023
571,287
97,934
459,813
23,620
1,383,467
2,536,121
At 30 June 2022
818,857
248,474
10,582
846,218
1,924,131
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
130,048
110,216
Corporation tax recoverable
53,258
45,482
Other debtors
163,351
239,143
Prepayments and accrued income
39,785
43,721
386,442
438,562
ASSURED AUTOMOBILE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,898
9,898
Obligations under finance leases
6,919
34,463
Trade creditors
176,707
145,641
Corporation tax
149,487
127,483
Other taxation and social security
92,476
83,431
Other creditors
10,033
109,985
Accruals and deferred income
11,900
9,999
457,420
520,900
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,430
32,128
Obligations under finance leases
22,388
22,430
54,516
The obligations under finance leases are secured against the assets to which they relate.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
2
100
2
Ordinary B shares of £1 each
50
-
50
-
Ordinary C shares of £1 each
50
-
50
-
200
2
200
2
During the year 98 ordinary A shares, 50 ordinary B shares and 50 ordinary C shares were issued at par value.
ASSURED AUTOMOBILE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
Operating lease commitments
Lessee
Significant operating leases are in respect of land and buildings.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
14,583
39,583
ASSURED AUTOMOBILE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
227,945
267,041
(332,000)
162,986
227,945
267,041
(332,000)
162,986
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