Registered number
11519767
Auto Lease Compare Ltd
Filleted Accounts
31 August 2023
Auto Lease Compare Ltd
Registered number: 11519767
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 112 169
Current assets
Debtors 4 28,943 44,622
Cash at bank and in hand 93,631 2
122,574 44,624
Creditors: amounts falling due within one year 5 (225,254) (260,811)
Net current liabilities (102,680) (216,187)
Net liabilities (102,568) (216,018)
Capital and reserves
Called up share capital 1,148 1,008
Share premium 367,080 208,221
Profit and loss account (470,796) (425,247)
Shareholders' funds (102,568) (216,018)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kazim Mahmood Datoo
Director
Approved by the board on 15 August 2024
Auto Lease Compare Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 283
At 31 August 2023 283
Depreciation
At 1 September 2022 114
Charge for the year 57
At 31 August 2023 171
Net book value
At 31 August 2023 112
At 31 August 2022 169
4 Debtors 2023 2022
£ £
Trade debtors 1,896 5,499
Other debtors 27,047 39,123
28,943 44,622
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 16,431 20,551
Trade creditors 70,320 74,665
Taxation and social security costs 135,753 97,450
Other creditors 2,750 68,145
225,254 260,811
6 Related party transactions 2023 2022
£ £
1,644 1,644
Included in other debtors was the amount of £1644 for the year ending 31st August 2022 being a loan to the director (S455 tax of £534).
7 Other information
Auto Lease Compare Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10
Waterson Street
London
UK
E2 8HL
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