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Company Registration No. 03798574 (England and Wales)
AUTO GB LTD. Unaudited accounts for the year ended 31 July 2023
AUTO GB LTD. Unaudited accounts Contents
Page
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AUTO GB LTD. Company Information for the year ended 31 July 2023
Directors
Mr R.D.A. Johnson Ms L.J. Davis
Secretary
Mrs H. Karaman-Johnson
Company Number
03798574 (England and Wales)
Registered Office
Unit 12 Apollo Business Park Wroxton Oxfordshire OX15 6AY England
Accountants
Stephen Beard Accountancy Services 10 Cheshire Road Thame Oxon OX9 3LQ
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AUTO GB LTD. Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
1,879 
- 
Tangible assets
115,333 
36,882 
Investments
165,000 
165,000 
282,212 
201,882 
Current assets
Debtors
8,715 
40,661 
Cash at bank and in hand
144,131 
194,797 
152,846 
235,458 
Creditors: amounts falling due within one year
(120,422)
(157,130)
Net current assets
32,424 
78,328 
Total assets less current liabilities
314,636 
280,210 
Creditors: amounts falling due after more than one year
(123,290)
(67,095)
Provisions for liabilities
Deferred tax
(21,507)
(15,884)
Net assets
169,839 
197,231 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
169,739 
197,131 
Shareholders' funds
169,839 
197,231 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by
Mr R.D.A. Johnson Director Company Registration No. 03798574
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AUTO GB LTD. Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
AUTO GB LTD. is a private company, limited by shares, registered in England and Wales, registration number 03798574. The registered office is Unit 12, Apollo Business Park, Wroxton, Oxfordshire, OX15 6AY, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Motor vehicles
25% Reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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AUTO GB LTD. Notes to the Accounts for the year ended 31 July 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments
Investments in classic cars are included at fair value.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 August 2022
- 
Additions
2,349 
At 31 July 2023
2,349 
Amortisation
At 1 August 2022
- 
Charge for the year
470 
At 31 July 2023
470 
Net book value
At 31 July 2023
1,879 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2022
58,050 
48,742 
106,792 
Additions
13,602 
105,209 
118,811 
Revaluations
(3,343)
- 
(3,343)
Disposals
- 
(35,988)
(35,988)
At 31 July 2023
68,309 
117,963 
186,272 
Depreciation
At 1 August 2022
34,824 
35,086 
69,910 
Charge for the year
7,583 
19,366 
26,949 
On disposals
(370)
(25,550)
(25,920)
At 31 July 2023
42,037 
28,902 
70,939 
Net book value
At 31 July 2023
26,272 
89,061 
115,333 
At 31 July 2022
23,226 
13,656 
36,882 
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AUTO GB LTD. Notes to the Accounts for the year ended 31 July 2023
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
79,214 
11,386 
6
Investments
Other investments 
£ 
Valuation at 1 August 2022
165,000 
Additions
27,000 
Disposals
(27,000)
Valuation at 31 July 2023
165,000 
Historical cost of investments held £118,284 (2022- £118,284).
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,250 
9,974 
Accrued income and prepayments
1,246 
10,761 
Other debtors
6,219 
19,926 
8,715 
40,661 
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
9,870 
9,626 
Obligations under finance leases and hire purchase contracts
17,823 
21,722 
Trade creditors
22,843 
18,990 
Taxes and social security
2,224 
22,184 
Other creditors
22,250 
34,084 
Loans from directors
6,157 
69 
Accruals
5,245 
5,991 
Deferred income
34,010 
44,464 
120,422 
157,130 
9
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
25,776 
35,645 
Obligations under finance leases and hire purchase contracts
97,514 
31,450 
123,290 
67,095 
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AUTO GB LTD. Notes to the Accounts for the year ended 31 July 2023
10
Deferred taxation
2023 
2022 
£ 
£ 
Accelerated capital allowances
18,252 
7,008 
Tax losses carried forward
(5,621)
- 
Other deferred taxation
8,876 
8,876 
21,507 
15,884 
2023 
2022 
£ 
£ 
Provision at start of year
15,884 
13,907 
Charged to the profit and loss account
5,623 
1,977 
Provision at end of year
21,507 
15,884 
11
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 July 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
18,600 
11,875 
12
Average number of employees
During the year the average number of employees was 6 (2022: 7).
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