Company Registration No. SC610230 (Scotland)
Autoems Limited
Unaudited accounts
for the year ended 31 October 2023
Autoems Limited
Unaudited accounts
Contents
Autoems Limited
Company Information
for the year ended 31 October 2023
Company Number
SC610230 (Scotland)
Registered Office
19 Standrigg Road
Brightons
Falkirk
FK2 0GN
Scotland
Accountants
Armet Accounting Ltd
Room 31
Haypark Business Centre
Polmont
FK2 0NZ
Autoems Limited
Statement of financial position
as at 31 October 2023
Tangible assets
30,282
14,694
Cash at bank and in hand
1,331
162
Creditors: amounts falling due within one year
(53,534)
(13,202)
Net current liabilities
(19,857)
(3,564)
Total assets less current liabilities
10,425
11,130
Creditors: amounts falling due after more than one year
(4,216)
(6,430)
Provisions for liabilities
Deferred tax
(5,754)
(2,792)
Called up share capital
1
1
Profit and loss account
454
1,907
Shareholders' funds
455
1,908
For the year ending 31 October 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 director acknowledges his 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 and authorised for issue on 30 July 2024 and were signed on its behalf by
Emrah Savuk
Director
Company Registration No. SC610230
Autoems Limited
Notes to the Accounts
for the year ended 31 October 2023
Autoems Limited is a private company, limited by shares, registered in Scotland, registration number SC610230. The registered office is 19 Standrigg Road, Brightons, Falkirk, FK2 0GN, Scotland.
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
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
Computer equipment
33% Reducing Balance
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.
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.
Autoems Limited
Notes to the Accounts
for the year ended 31 October 2023
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
19,158
11,811
3,000
33,969
Additions
20,266
-
1,473
21,739
At 31 October 2023
39,424
11,811
4,473
55,708
At 1 November 2022
11,710
5,168
2,397
19,275
Charge for the year
3,888
1,661
602
6,151
At 31 October 2023
15,598
6,829
2,999
25,426
At 31 October 2023
23,826
4,982
1,474
30,282
At 31 October 2022
7,448
6,643
603
14,694
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
4,982
6,643
Amounts falling due within one year
Accrued income and prepayments
828
476
Autoems Limited
Notes to the Accounts
for the year ended 31 October 2023
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
3,080
2,830
Trade creditors
9,073
1,489
Taxes and social security
15,526
5,031
Other creditors
11,183
867
Loans from directors
-
230
Creditors due within one year include £3,080 (2022: £2,830) of Hire Purchase loans secured on the assets being financed.
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
3,350
6,430
Creditors over one year include £3,350 (2022: £6,430) of Hire Purchase loans secured on the assets being financed.
8
Deferred taxation
2023
2022
Accelerated capital allowances
5,754
2,792
Provision at start of year
2,792
-
Charged to the profit and loss account
2,962
2,792
Provision at end of year
5,754
2,792
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
10
Operating lease commitments
2023
2022
At 31 October 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
7,500
-
Later than one year and not later than five years
9,687
-
Autoems Limited
Notes to the Accounts
for the year ended 31 October 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director Loan
(230)
24,893
8,576
16,087
Included within other debtors are loans made to the director of £16,087 (2022: £230 owed to the director) charged at an interest rate of 2% annually.
12
Average number of employees
During the year the average number of employees was 1 (2022: 1).