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Registered number: 12220084
Autoclaritydirect Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
Pennington Silver
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12220084
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 20,181 23,523
20,181 23,523
CURRENT ASSETS
Stocks 5 325,102 369,754
Debtors 6 48,810 8,365
Cash at bank and in hand 1,368 15,497
375,280 393,616
Creditors: Amounts Falling Due Within One Year 7 (330,475 ) (356,643 )
NET CURRENT ASSETS (LIABILITIES) 44,805 36,973
TOTAL ASSETS LESS CURRENT LIABILITIES 64,986 60,496
Creditors: Amounts Falling Due After More Than One Year 8 (28,073 ) (33,264 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,045 ) (4,469 )
NET ASSETS 31,868 22,763
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 31,866 22,761
SHAREHOLDERS' FUNDS 31,868 22,763
Page 1
Page 2
For the year ending 30 September 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Steven Saffer
Director
Mr Colin Woodroffe
Director
07/02/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Autoclaritydirect Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12220084 . The registered office is 30 Union Street, Southport, PR9 0QE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on cost
Plant & Machinery 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2022 22,657 1,027 2,108 4,778 30,570
As at 30 September 2023 22,657 1,027 2,108 4,778 30,570
Depreciation
As at 1 October 2022 3,445 643 1,098 1,861 7,047
Provided during the period 2,265 96 252 729 3,342
As at 30 September 2023 5,710 739 1,350 2,590 10,389
Net Book Value
As at 30 September 2023 16,947 288 758 2,188 20,181
As at 1 October 2022 19,212 384 1,010 2,917 23,523
5. Stocks
2023 2022
£ £
Stock 325,102 369,754
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 38,555 7,067
VAT 6,344 -
Other taxes and social security 3,911 1,298
48,810 8,365
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 30,345 5,000
Bank loans 1-2yrs 5,000 5,000
Corporation tax 25,268 13,255
VAT - 5,435
Other creditors 1,109 9,922
Finance loans 248,493 273,033
Directors' loan accounts 20,260 44,998
330,475 356,643
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 2-5yrs 15,000 15,000
Bank loans > 5yrs 13,073 18,264
28,073 33,264
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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