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Company registration number: 11521025

Dualbrand Automotive Ltd

Filleted Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Dualbrand Automotive Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Dualbrand Automotive Ltd

Company Information

Director

Mr M Owens

Registered office

7 Waterside Court
St. Helens
Merseyside
WA9 1UA

Accountants

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Dualbrand Automotive Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dualbrand Automotive Ltd for the year ended 31 August 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Dualbrand Automotive Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Dualbrand Automotive Ltd and state those matters that we have agreed to state to the Board of Directors of Dualbrand Automotive Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dualbrand Automotive Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dualbrand Automotive Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dualbrand Automotive Ltd. You consider that Dualbrand Automotive Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dualbrand Automotive Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

29 August 2024

 

Dualbrand Automotive Ltd

(Registration number: 11521025)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

30,903

33,171

Current assets

 

Stocks

5,000

1,083

Debtors

5

28,860

52,107

Cash at bank and in hand

 

8,946

7,541

 

42,806

60,731

Creditors: Amounts falling due within one year

6

(70,115)

(89,095)

Net current liabilities

 

(27,309)

(28,364)

Total assets less current liabilities

 

3,594

4,807

Provisions for liabilities

(3,592)

(3,737)

Net assets

 

2

1,070

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1

1,069

Shareholders' funds

 

2

1,070

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 August 2024
 

 

Dualbrand Automotive Ltd

(Registration number: 11521025)
Balance Sheet as at 31 August 2023

.........................................
Mr M Owens
Director

   
     
 

Dualbrand Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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:
7 Waterside Court
St. Helens
Merseyside
WA9 1UA
England

The principal place of business is:
Unit 2
4 Blackstock Street
Liverpool
Merseyside
L3 6EP

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

Dualbrand Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Deferred tax

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

Plant and machinery

15% Reducing balance

Office equipment

15% Reducing balance

Leasehold improvements

10% Straight Line

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.

Defined contribution pension obligation

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.

 

Dualbrand Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Leasehold Improvements
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

15,000

22,755

3,773

41,528

Additions

-

1,500

1,068

2,568

At 31 August 2023

15,000

24,255

4,841

44,096

Depreciation

At 1 September 2022

1,500

5,810

1,047

8,357

Charge for the year

1,500

2,767

569

4,836

At 31 August 2023

3,000

8,577

1,616

13,193

Carrying amount

At 31 August 2023

12,000

15,678

3,225

30,903

At 31 August 2022

13,500

16,945

2,726

33,171

Included within the net book value of land and buildings above is £12,000 (2022 - £13,500) in respect of long leasehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

3,109

15,728

Other debtors

25,751

36,379

28,860

52,107

 

Dualbrand Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,115

12,067

Corporation tax

6,728

-

Other creditors

62,272

77,028

70,115

89,095

7

Related party transactions

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr M Owens

Directors loan

35,545

26,925

(37,552)

24,918

         
       

 

The above loan is unsecured, interest free and repayable on demand. All the figures are disclosed on an aggregate basis. The loan was repaid shortly after the year end.

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Mr M Owens

Directors loan

31,937

35,608

(32,000)

35,545