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Registration number: 07158108

Autotag Trading Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Autotag Trading Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Autotag Trading Limited

Company Information

Directors

Mrs M T Bradfield

Mr D W Bradfield

Registered office

Unit 12
Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

Accountants

Fuller & Roper Limited
Chartered Accountants
Unit 12 Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

 

Autotag Trading Limited

(Registration number: 07158108)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

114,617

120,230

Current assets

 

Stocks

5

124,233

106,629

Debtors

6

116,949

167,805

Cash at bank and in hand

 

46,241

66,276

 

287,423

340,710

Creditors: Amounts falling due within one year

7

(225,671)

(241,971)

Net current assets

 

61,752

98,739

Total assets less current liabilities

 

176,369

218,969

Creditors: Amounts falling due after more than one year

7

(75,779)

(97,272)

Provisions for liabilities

(3,453)

(2,562)

Net assets

 

97,137

119,135

Capital and reserves

 

Called up share capital

8

400

400

Retained earnings

96,737

118,735

Shareholders' funds

 

97,137

119,135

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 April 2024 and signed on its behalf by:
 

 

Autotag Trading Limited

(Registration number: 07158108)
Balance Sheet as at 31 July 2023

.........................................
Mrs M T Bradfield
Director

.........................................
Mr D W Bradfield
Director

 
     
 

Autotag Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

Autotag Trading Limited is a private company, limited by shares, domiciled in England & Wales. The company's registration number is 07158108. The registered office is Unit 12 Old Mills Industrial Estate, Paulton, Bristol, BS39 7SU. The principle place of business is Unit 2, Handlemaker Road, Frome Somerset, BA11 4RW.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Autotag Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

written off over 40 years straight line

Plant and equipment

written off over 3-5 years straight line

Furniture, fittings and equipment

written off over 3-5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Autotag Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Autotag Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 16).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

147,190

110,019

257,209

Additions

-

4,388

4,388

At 31 July 2023

147,190

114,407

261,597

Depreciation

At 1 August 2022

43,846

93,133

136,979

Charge for the year

3,680

6,321

10,001

At 31 July 2023

47,526

99,454

146,980

Carrying amount

At 31 July 2023

99,664

14,953

114,617

At 31 July 2022

103,344

16,886

120,230

Included within the net book value of land and buildings above is £99,664 (2022 - £103,344) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

124,233

106,629

 

Autotag Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

78,382

99,574

Amounts owed by related parties

10

26,216

26,216

Prepayments

 

12,251

13,025

Other debtors

 

100

28,990

   

116,949

167,805

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

27,305

26,895

Trade creditors

 

117,920

102,755

Taxation and social security

 

17,149

15,798

Accruals and deferred income

 

16,844

77,095

Other creditors

 

46,453

19,428

 

225,671

241,971

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

75,779

97,272

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

300

300

300

300

Ordinary non voting B shares of £1 each

100

100

100

100

 

400

400

400

400

 

Autotag Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

75,779

97,272

2023
£

2022
£

Current loans and borrowings

Bank borrowings

26,895

26,895

Bank overdrafts

410

-

27,305

26,895

The company has a bank loan from Bank of Scotland PLC, which is secured against the business property at Unit 2, Handlemaker Road, Frome, Somerset, BA11 4RW. The amount outstanding at the 31 July 2023 was £73,165 (2022 £85,000).

An overdraft facility of £100,000 (2021 - £100,000) is provided by Bank of Scotland PLC, who have a fixed and floating debenture over the assets of the company.

10

Related party transactions

At the 31 July 2023 the company was owed an amount by of £26,216 (2022 - £26,216) by EJMTM Limited, the parent company.

During the year the company incurred management charges of £60,000 (2022 - £60,000) from Keytags Direct Limited, a company controlled by Mrs M T Bradfield. The company charged a fulfilment charge of £19,776 (2022 - £21,072) to Keytags Direct Limited during the year. At the 31 July 2023 the company owed an amount of £21,501 (2022 - £7,818 owed from) to Keytags Direct Limited.

11

Parent and ultimate parent undertaking

The company's immediate parent is EJMTM Limited, incorporated in England & Wales.

 The ultimate controlling party is Mrs M T Bradfield and her family.