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Registration number: 05720730

Avrmobiles.co.uk Limited

trading as Avrmobiles.co.uk

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Avrmobiles.co.uk Limited

trading as Avrmobiles.co.uk

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Avrmobiles.co.uk Limited

trading as Avrmobiles.co.uk

(Registration number: 05720730)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

12,133

16,123

Current assets

 

Debtors

6

90,274

43,284

Cash at bank and in hand

 

353,725

330,960

 

443,999

374,244

Creditors: Amounts falling due within one year

7

(257,570)

(189,287)

Net current assets

 

186,429

184,957

Total assets less current liabilities

 

198,562

201,080

Creditors: Amounts falling due after more than one year

7

(13,160)

(23,208)

Provisions for liabilities

(2,302)

(3,063)

Net assets

 

183,100

174,809

Capital and reserves

 

Called up share capital

2

2

Retained earnings

183,098

174,807

Shareholders' funds

 

183,100

174,809

For the financial year ending 31 March 2024 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 2 August 2024 and signed on its behalf by:
 

 

Avrmobiles.co.uk Limited

trading as Avrmobiles.co.uk

(Registration number: 05720730)
Balance Sheet as at 31 March 2024

.........................................
Mrs Sharon Rees
Company secretary and director

.........................................
Mr Gavin Rees
Director

 

Avrmobiles.co.uk Limited

trading as Avrmobiles.co.uk

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Monaco House
Kings Langley
Hertfordshire
WD4 8LQ

These financial statements were authorised for issue by the Board on 2 August 2024.

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 prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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, returns, rebates and discounts.

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.

 

Avrmobiles.co.uk Limited

trading as Avrmobiles.co.uk

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which
the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the
purpose of giving immediate financial support to the entity with no future related costs shall be
recognised in income in the period in which it becomes receivable.

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.

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

Fixtures & Fittings

20% Reducing Balance

Motor Vehicles

25% Reducing Balance

Office Equipment

33% Reducing Balance

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.

 

Avrmobiles.co.uk Limited

trading as Avrmobiles.co.uk

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

 

Avrmobiles.co.uk Limited

trading as Avrmobiles.co.uk

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

140,000

140,000

At 31 March 2024

140,000

140,000

Amortisation

At 1 April 2023

140,000

140,000

At 31 March 2024

140,000

140,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

29,320

14,913

44,233

At 31 March 2024

29,320

14,913

44,233

Depreciation

At 1 April 2023

21,587

6,524

28,111

Charge for the year

1,892

2,097

3,989

At 31 March 2024

23,479

8,621

32,100

Carrying amount

At 31 March 2024

5,841

6,292

12,133

At 31 March 2023

7,734

8,389

16,123

 

Avrmobiles.co.uk Limited

trading as Avrmobiles.co.uk

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

90,051

39,483

Prepayments

223

223

Other debtors

-

3,578

 

90,274

43,284

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

10,000

10,000

Trade creditors

 

162,054

121,263

Taxation and social security

 

79,807

50,093

Accruals and deferred income

 

1,350

1,300

Other creditors

 

4,359

6,631

 

257,570

189,287

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

13,160

23,208

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Share capital of £1 each

2

2

2

2

         
 

Avrmobiles.co.uk Limited

trading as Avrmobiles.co.uk

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

47,672

47,672

Later than one year and not later than five years

26,470

52,352

74,142

100,024

10

Dividends

2024

2023

£

£

Interim dividend of £52,521.92 (2023 - £47,508.38) per ordinary share

105,044

95,017

 

 

11

Parent and ultimate parent undertaking

The ultimate controlling party is Gavin and Sharon Rees as Directors and Shareholders acting in concert.

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,160

23,158

Other borrowings

-

50

13,160

23,208

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000