Company registration number 04032438 (England and Wales)
AUTOMOTIVE PRODUCT SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
AUTOMOTIVE PRODUCT SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,198
12,264
Current assets
Stocks
10,000
10,000
Debtors
4
3,170
2,435
Cash at bank and in hand
10,124
2,923
23,294
15,358
Creditors: amounts falling due within one year
5
(140,520)
(135,949)
Net current liabilities
(117,226)
(120,591)
Total assets less current liabilities
(108,028)
(108,327)
Creditors: amounts falling due after more than one year
6
(19,167)
(24,167)
Net liabilities
(127,195)
(132,494)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(127,197)
(132,496)
Total equity
(127,195)
(132,494)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 13 September 2024
Mr SP Crook
Director
Company registration number 04032438 (England and Wales)
AUTOMOTIVE PRODUCT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Automotive Product Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21, The Point, Rockingham Road, Market Harborough, Leicestershire, England, LE16 7NU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The accounts have been prepared on the going concern basis despite the fact that the company has net liabilities of £127,195 and net current liabilities of £117,226 at the balance sheet date. The director considers this basis to be appropriate as the company's current liabilities at that date include aggregate amounts due to him of £119,764 and, whilst these amounts are repayable on demand, he has no intention of asking for repayment whilst such funds are required by the company to meet its liabilities as they fall due. He has agreed to make further funds available to the company should they be required.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

AUTOMOTIVE PRODUCT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
2,507
56,859
16,800
76,166
Depreciation and impairment
At 1 January 2023
2,506
56,859
4,537
63,902
Depreciation charged in the year
-
0
-
0
3,066
3,066
At 31 December 2023
2,506
56,859
7,603
66,968
Carrying amount
At 31 December 2023
1
-
0
9,197
9,198
At 31 December 2022
1
-
0
12,263
12,264
AUTOMOTIVE PRODUCT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,670
-
0
Other debtors
-
0
935
Prepayments and accrued income
1,500
1,500
3,170
2,435
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
5,246
7,598
Taxation and social security
695
-
0
Other creditors
122,691
115,000
Accruals and deferred income
1,888
3,351
140,520
135,949
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
19,167
24,167
7
Operating lease commitments
Lessee

The company has future financial commitments totalling £2,001 under operating leases.

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