Company Registration No. 09412798 (England and Wales)
AUTOPARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
AUTOPARK LIMITED
COMPANY INFORMATION
Directors
Mr R Stephens
Mr I. Kennah
Company number
09412798
Registered office
Ffordd Maelgwyn
Tremarl Industrial Estate
Llandudno Junction
Conwy
Wales
LL31 9PL
Accountants
Gareth Hughes & Co. Ltd
The Round House
Glan-y-Mor Road
Llandudno Junction
Conwy
LL31 9SN
Business address
Ffordd Maelgwyn
Tremarl Industrial Estate
Llandudno Junction
Conwy
Wales
LL31 9PL
AUTOPARK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AUTOPARK LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
170,400
191,700
Tangible assets
4
54,909
49,389
Investment property
5
586,158
205,275
811,467
446,364
Current assets
Stocks
1,560,744
1,222,439
Debtors
6
242,019
116,902
Cash at bank and in hand
219,260
800,206
2,022,023
2,139,547
Creditors: amounts falling due within one year
7
(807,632)
(2,044,708)
Net current assets
1,214,391
94,839
Total assets less current liabilities
2,025,858
541,203
Creditors: amounts falling due after more than one year
8
(1,400,000)
(44,554)
Provisions for liabilities
9
(12,787)
(11,348)
Net assets
613,071
485,301
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
612,971
485,201
Total equity
613,071
485,301
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 31 May 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.
AUTOPARK LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 January 2024 and are signed on its behalf by:
Mr I. Kennah
Director
Company Registration No. 09412798
AUTOPARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
Autopark Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ffordd Maelgwyn, Tremarl Industrial Estate, Llandudno Junction, Conwy, Wales, LL31 9PL.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Intangible fixed assets - goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. It is being amortised evenly over its estimated useful life of ten years.
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 is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
Straight line 20%
Computers
Straight line 25%
Motor vehicles
Straight line 20%
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Stocks
Stock is valued at the lower of cost and net realisable value.
AUTOPARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. 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.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
AUTOPARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
213,000
Amortisation and impairment
At 1 June 2022
21,300
Amortisation charged for the year
21,300
At 31 May 2023
42,600
Carrying amount
At 31 May 2023
170,400
At 31 May 2022
191,700
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
51,529
4,036
55,565
Additions
2,416
491
17,226
20,133
At 31 May 2023
53,945
4,527
17,226
75,698
Depreciation and impairment
At 1 June 2022
5,166
1,010
6,176
Depreciation charged in the year
12,194
880
1,539
14,613
At 31 May 2023
17,360
1,890
1,539
20,789
Carrying amount
At 31 May 2023
36,585
2,637
15,687
54,909
At 31 May 2022
46,363
3,026
49,389
5
Investment property
2023
£
Fair value
At 1 June 2022
205,275
Additions
380,883
At 31 May 2023
586,158
Investment property comprises of two properties. The fair value of the investment property has been arrived at on the basis of the cost price, including transaction costs.
AUTOPARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
156,531
115,302
Other debtors
85,488
1,600
242,019
116,902
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,561
169,514
Amounts owed to group undertakings
747,640
1,289,940
Taxation and social security
48,931
145,217
Other creditors
3,500
440,037
807,632
2,044,708
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
920,000
Other creditors
480,000
44,554
1,400,000
44,554
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
12,787
11,348
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
20
20
20
20
Ordinary B shares of £1 each
20
20
20
20
Ordinary Shares of £1 each
60
60
60
60
100
100
100
100
AUTOPARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
11
Parent company
Autopark Limited is a subsidiary of KMC Holdings (Cheshire) Limited. Their registered office address is Fford Maelgwyn, Tremarl industrial Estate, Llandudno Junction, Conwy, LL31 9PL.