2022-09-012023-12-312023-12-31false10334608Autospray Systems 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Autospray Systems Limited

(formerly CHINESE INVESTMENT CONNECTIONS LTD)

Registered Number
10334608
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2023

Autospray Systems Limited
Company Information
for the period from 1 September 2022 to 31 December 2023

Directors

Dowell, Scott William Paul
Pearson, Robert Peter
Sproson, Andrew Edmund

Registered Address

St Mary's House Crewe Road
Alsager
Stoke-On-Trent
ST7 2EW

Registered Number

10334608 (England and Wales)
Autospray Systems Limited
Balance Sheet as at
31 December 2023

Notes

31 Dec 2023

31 Aug 2022

£

£

£

£

Called up share capital not paid100100
Fixed assets
Tangible assets386,30021,147
86,30021,147
Current assets
Stocks151,915-
Debtors49,0692,283
Cash at bank and on hand27,8991,964
228,8834,247
Creditors amounts falling due within one year(435,056)(30,010)
Net current assets (liabilities)(206,073)(25,663)
Total assets less current liabilities(119,773)(4,516)
Creditors amounts falling due after one year(46,395)(49,466)
Provisions for liabilities(16,397)(4,018)
Net assets(182,565)(58,000)
Capital and reserves
Called up share capital100100
Profit and loss account(182,665)(58,100)
Shareholders' funds(182,565)(58,000)
The financial statements were approved and authorised for issue by the Board of Directors on 29 August 2024, and are signed on its behalf by:
Pearson, Robert Peter
Director
Registered Company No. 10334608
Autospray Systems Limited
Notes to the Financial Statements
for the period ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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 policy
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year33
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 2229,261
Additions75,194
At 31 December 23104,455
Depreciation and impairment
At 01 September 228,114
Charge for year10,041
At 31 December 2318,156
Net book value
At 31 December 2386,300
At 31 August 2221,147