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AUTO ELITE RETAIL LTD

Registered Number
SC639965
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

AUTO ELITE RETAIL LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

MCPHAIL, Gregory

Registered Address

6 Miller Road
Ayr
KA7 2AY

Registered Number

SC639965 (Scotland)
AUTO ELITE RETAIL LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3248283
248283
Current assets
Stocks66,20056,740
Debtors49315,592
Cash at bank and on hand4,606835
71,73763,167
Creditors amounts falling due within one year5(89,722)(66,498)
Net current assets (liabilities)(17,985)(3,331)
Total assets less current liabilities(17,737)(3,048)
Net assets(17,737)(3,048)
Capital and reserves
Called up share capital100100
Profit and loss account(17,837)(3,148)
Shareholders' funds(17,737)(3,048)
The financial statements were approved and authorised for issue by the Director on 5 June 2024, and are signed on its behalf by:
MCPHAIL, Gregory
Director
Registered Company No. SC639965
AUTO ELITE RETAIL LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. 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 compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
As at the balance sheet date, the financial statements show that the company has liabilities in excess of assets of £17,737 (2022: £3,048) as a result of losses made to date. The financial statements have been prepared on a going concern basis as the director has confirmed that he will continue to support the company for foreseeable future and meet the excess liabilities if the company is unable to do so.
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.
Revenue from sale of goods
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.
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 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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery3
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other 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.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23424
Additions160
At 31 December 23584
Depreciation and impairment
At 01 January 23141
Charge for year195
At 31 December 23336
Net book value
At 31 December 23248
At 31 December 22283
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables5305,250
Prepayments and accrued income401342
Total9315,592
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables5,5033,907
Taxation and social security1,1413,531
Other creditors83,07859,060
Total89,72266,498
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.