10 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 68,000 61,200 3,400 64,600 3,400 6,800 xbrli:pure xbrli:shares iso4217:GBP 04549292 2022-11-01 2023-10-31 04549292 2023-10-31 04549292 2022-10-31 04549292 2021-11-01 2022-10-31 04549292 2022-10-31 04549292 2021-10-31 04549292 core:NetGoodwill 2022-11-01 2023-10-31 04549292 core:PlantMachinery 2022-11-01 2023-10-31 04549292 core:MotorVehicles 2022-11-01 2023-10-31 04549292 bus:Director1 2022-11-01 2023-10-31 04549292 core:NetGoodwill 2022-10-31 04549292 core:NetGoodwill 2023-10-31 04549292 core:PlantMachinery 2022-10-31 04549292 core:MotorVehicles 2022-10-31 04549292 core:LandBuildings 2023-10-31 04549292 core:PlantMachinery 2023-10-31 04549292 core:MotorVehicles 2023-10-31 04549292 core:WithinOneYear 2023-10-31 04549292 core:WithinOneYear 2022-10-31 04549292 core:AfterOneYear 2022-10-31 04549292 core:ShareCapital 2023-10-31 04549292 core:ShareCapital 2022-10-31 04549292 core:RetainedEarningsAccumulatedLosses 2023-10-31 04549292 core:RetainedEarningsAccumulatedLosses 2022-10-31 04549292 core:NetGoodwill 2022-10-31 04549292 core:LandBuildings 2022-10-31 04549292 core:PlantMachinery 2022-10-31 04549292 core:MotorVehicles 2022-10-31 04549292 bus:Director1 2022-10-31 04549292 bus:Director1 2023-10-31 04549292 bus:Director1 2021-10-31 04549292 bus:Director1 2022-10-31 04549292 bus:Director1 2021-11-01 2022-10-31 04549292 bus:SmallEntities 2022-11-01 2023-10-31 04549292 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04549292 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 04549292 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04549292 bus:FullAccounts 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: 04549292
AUTO EXHAUST & TYRES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
AUTO EXHAUST & TYRES LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
3,400
6,800
Tangible assets
6
15,572
17,990
--------
--------
18,972
24,790
CURRENT ASSETS
Stocks
15,835
15,640
Debtors
7
32,245
33,529
Investments
8
15,000
15,000
Cash at bank and in hand
172,657
105,627
---------
---------
235,737
169,796
CREDITORS: amounts falling due within one year
9
110,138
81,104
---------
---------
NET CURRENT ASSETS
125,599
88,692
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
144,571
113,482
CREDITORS: amounts falling due after more than one year
10
22,617
---------
---------
NET ASSETS
144,571
90,865
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
144,471
90,765
---------
--------
SHAREHOLDERS FUNDS
144,571
90,865
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AUTO EXHAUST & TYRES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr P Zaplatyuskij
Director
Company registration number: 04549292
AUTO EXHAUST & TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 High Street, Branston, Lincoln, LN4 1NB.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
68,000
--------
Amortisation
At 1 November 2022
61,200
Charge for the year
3,400
--------
At 31 October 2023
64,600
--------
Carrying amount
At 31 October 2023
3,400
--------
At 31 October 2022
6,800
--------
6. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
8,313
71,844
3,266
83,423
-------
--------
-------
--------
Depreciation
At 1 November 2022
62,175
3,258
65,433
Charge for the year
2,416
2
2,418
-------
--------
-------
--------
At 31 October 2023
64,591
3,260
67,851
-------
--------
-------
--------
Carrying amount
At 31 October 2023
8,313
7,253
6
15,572
-------
--------
-------
--------
At 31 October 2022
8,313
9,669
8
17,990
-------
--------
-------
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
8,128
7,399
Other debtors
24,117
26,130
--------
--------
32,245
33,529
--------
--------
8. INVESTMENTS
2023
2022
£
£
Other investments
15,000
15,000
--------
--------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,389
Trade creditors
68,618
48,734
Corporation tax
14,263
Social security and other taxes
10,287
4,923
Other creditors
16,970
20,058
---------
--------
110,138
81,104
---------
--------
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,617
----
--------
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr P Zaplatyuskij
( 17,873)
903
( 16,970)
--------
----
--------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr P Zaplatyuskij
( 19,888)
2,015
( 17,873)
--------
-------
--------
12. RELATED PARTY TRANSACTIONS
The company was under the control of Mr P. Zaplatyuskij throughout the current and previous year. Mr P. Zaplatyuskij is the managing director and majority shareholder.