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REGISTERED NUMBER: 04381996 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

AUTOMOTIVE ACCESSORIES LIMITED

AUTOMOTIVE ACCESSORIES LIMITED (REGISTERED NUMBER: 04381996)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AUTOMOTIVE ACCESSORIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Miss H Cox





SECRETARY: Southern Corporate Services Limited





REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD





REGISTERED NUMBER: 04381996 (England and Wales)






AUTOMOTIVE ACCESSORIES LIMITED (REGISTERED NUMBER: 04381996)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 144,984 172,640
144,984 172,640

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 7 81,773 71,008
Cash at bank and in hand 2,525 91,885
89,298 167,893
CREDITORS
Amounts falling due within one year 8 95,982 221,716
NET CURRENT LIABILITIES (6,684 ) (53,823 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

138,300

118,817

CREDITORS
Amounts falling due after more than one
year

9

23,224

37,771
NET ASSETS 115,076 81,046

CAPITAL AND RESERVES
Called up share capital 10 101 101
Retained earnings 114,975 80,945
SHAREHOLDERS' FUNDS 115,076 81,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:



Miss H Cox - Director


AUTOMOTIVE ACCESSORIES LIMITED (REGISTERED NUMBER: 04381996)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Automotive Accessories Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Goodwill
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - 10% per annum straight line

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - 5% straight line
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% straight line

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AUTOMOTIVE ACCESSORIES LIMITED (REGISTERED NUMBER: 04381996)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 80,000
AMORTISATION
At 1 June 2023
and 31 May 2024 80,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

Goodwill has been written off in equal annual instalments over its estimated economic useful life of 10 years.

AUTOMOTIVE ACCESSORIES LIMITED (REGISTERED NUMBER: 04381996)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 June 2023 51,950 273,494 9,774
Additions - 114 -
At 31 May 2024 51,950 273,608 9,774
DEPRECIATION
At 1 June 2023 11,025 199,554 4,867
Charge for year 2,597 11,097 736
At 31 May 2024 13,622 210,651 5,603
NET BOOK VALUE
At 31 May 2024 38,328 62,957 4,171
At 31 May 2023 40,925 73,940 4,907

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 65,541 19,793 420,552
Additions - - 114
At 31 May 2024 65,541 19,793 420,666
DEPRECIATION
At 1 June 2023 14,109 18,357 247,912
Charge for year 12,858 482 27,770
At 31 May 2024 26,967 18,839 275,682
NET BOOK VALUE
At 31 May 2024 38,574 954 144,984
At 31 May 2023 51,432 1,436 172,640

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 67,507 40,618
Other debtors 14,266 30,390
81,773 71,008

Included in other debtors is £6,501 (2023: £16,485) in respect of prepayments and accrued income.

AUTOMOTIVE ACCESSORIES LIMITED (REGISTERED NUMBER: 04381996)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 10,922 12,970
Trade creditors 24,116 29,299
Taxation and social security 7,680 1,166
Other creditors 53,264 178,281
95,982 221,716

Included in other creditors is £2,890 (2023: £2,755) in relation to accruals and deferred income.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 23,224 37,771

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary "A" £1 100 100
1 Ordinary "B" £1 1 1
101 101

11. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £60,203 (2023: £102,699).

This amount is in relation to operating lease commitments which are payable over the next 2 years (2023: 3 years).