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Registration number: 08938507

MSAutotech Twickenham Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

MSAutotech Twickenham Limited

(Registration number: 08938507)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,079

15,156

Current assets

 

Stocks

5

10,838

9,744

Debtors

6

2,528

8,519

Cash at bank and in hand

 

26,744

31,357

 

40,110

49,620

Creditors: Amounts falling due within one year

7

(44,663)

(55,314)

Net current liabilities

 

(4,553)

(5,694)

Total assets less current liabilities

 

8,526

9,462

Creditors: Amounts falling due after more than one year

7

(3,255)

(5,201)

Provisions for liabilities

(3,270)

(2,879)

Net assets

 

2,001

1,382

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

1,001

382

Shareholders' funds

 

2,001

1,382

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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

 

MSAutotech Twickenham Limited

(Registration number: 08938507)
Statement of Financial Position as at 31 March 2024

.........................................

Mr S Sasso
Director

 

MSAutotech Twickenham Limited

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 England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

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.

 

MSAutotech Twickenham Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

15% reducing balance

Computer equipment

25% reducing balance

Motor vehicles

15% reducing balance

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.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

MSAutotech Twickenham Limited

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

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

26,090

1,300

1,950

29,340

Additions

-

300

-

300

At 31 March 2024

26,090

1,600

1,950

29,640

Depreciation

At 1 April 2023

12,419

1,033

732

14,184

Charge for the year

2,052

142

183

2,377

At 31 March 2024

14,471

1,175

915

16,561

Carrying amount

At 31 March 2024

11,619

425

1,035

13,079

At 31 March 2023

13,671

267

1,218

15,156

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

10,838

9,744

6

Debtors

2024
£

2023
£

Trade debtors

2,062

1,381

Prepayments

466

7,138

2,528

8,519

 

MSAutotech Twickenham Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

1,945

1,864

Trade creditors

 

2,675

14,430

Taxation and social security

 

12,263

9,523

Other creditors

 

27,780

29,497

 

44,663

55,314

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

3,255

5,201

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

3,255

5,201

2024
£

2023
£

Current loans and borrowings

Bank borrowings

1,945

1,864