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COMPANY REGISTRATION NUMBER: 6741798
Automotive Compliance Limited
Filleted Unaudited Financial Statements
For the Year Ended
30 November 2023
Automotive Compliance Limited
Financial Statements
Year Ended 30th November 2023
Contents
Page
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
Automotive Compliance Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Automotive Compliance Limited
Year Ended 30th November 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30th November 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
PEYTON TYLER MEARS Chartered accountants
Middleborough House 16 Middleborough Colchester Essex CO1 1QT
27 August 2024
Automotive Compliance Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
481,426
492,961
Current Assets
Debtors
6
487,717
349,516
Cash at bank and in hand
884,833
875,113
-------------
-------------
1,372,550
1,224,629
Creditors: amounts falling due within one year
7
417,532
379,101
-------------
-------------
Net Current Assets
955,018
845,528
-------------
-------------
Total Assets Less Current Liabilities
1,436,444
1,338,489
Creditors: amounts falling due after more than one year
8
151,417
166,506
Provisions
Taxation including deferred tax
43,873
45,978
-------------
-------------
Net Assets
1,241,154
1,126,005
-------------
-------------
Automotive Compliance Limited
Statement of Financial Position (continued)
30 November 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
10,000
10,000
Revaluation reserve
76,919
76,919
Profit and loss account
1,154,235
1,039,086
-------------
-------------
Shareholders Funds
1,241,154
1,126,005
-------------
-------------
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 30th November 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
P. Guy
P. Speakman
Director
Director
Company registration number: 6741798
Automotive Compliance Limited
Notes to the Financial Statements
Year Ended 30th November 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 Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.
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.
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 and machinery
-
1.25% per month
Fixtures and fittings
-
1.25% per month
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 32 (2022: 31 ).
5. Tangible Assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1st December 2022
350,000
428,067
12,892
790,959
Additions
9,160
9,160
Disposals
( 19,151)
( 19,151)
----------
----------
---------
----------
At 30th November 2023
350,000
418,076
12,892
780,968
----------
----------
---------
----------
Depreciation
At 1st December 2022
290,418
7,580
297,998
Charge for the year
19,893
800
20,693
Disposals
( 19,149)
( 19,149)
----------
----------
---------
----------
At 30th November 2023
291,162
8,380
299,542
----------
----------
---------
----------
Carrying amount
At 30th November 2023
350,000
126,914
4,512
481,426
----------
----------
---------
----------
At 30th November 2022
350,000
137,649
5,312
492,961
----------
----------
---------
----------
6. Debtors
2023
2022
£
£
Trade debtors
192,442
108,360
Other debtors
295,275
241,156
----------
----------
487,717
349,516
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,975
14,657
Trade creditors
11,952
12,957
Corporation tax
10,026
23,278
Social security and other taxes
261,383
234,806
Other creditors
119,196
93,403
----------
----------
417,532
379,101
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
151,417
166,506
----------
----------
9. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P. Guy
122,931
19,616
142,547
P. Speakman
108,795
30,726
139,521
----------
---------
----------
231,726
50,342
282,068
----------
---------
----------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P. Guy
45,053
77,878
122,931
P. Speakman
76,520
32,275
108,795
----------
----------
----------
121,573
110,153
231,726
----------
----------
----------