Auto-Vent (Stoke-on-Trent) Limited
Registered number: 00469582
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 199,807 180,113
Current assets
Stocks 17,500 17,500
Debtors 4 689,970 828,590
Cash at bank and in hand 7,252 38,078
714,722 884,168
Creditors: amounts falling due within one year 5 (395,716) (371,218)
Net current assets 319,006 512,950
Total assets less current liabilities 518,813 693,063
Creditors: amounts falling due after more than one year 6 (115,000) (158,374)
Provisions for liabilities (29,305) (29,305)
Net assets 374,508 505,384
Capital and reserves
Called up share capital 4,840 4,840
Profit and loss account 369,668 500,544
Shareholders' funds 374,508 505,384
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L M Gray
Director
Approved by the board on 23 September 2024
Auto-Vent (Stoke-on-Trent) Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
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.
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles and Computer Equipment 25% per annum
Plant and machinery 10% per annum
Fixtures, fittings, tools and equipment 10% per annum
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 21
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 2,334 269,306 236,321 507,961
Additions - 19,760 46,530 66,290
At 31 December 2023 2,334 289,066 282,851 574,251
Depreciation
At 1 January 2023 - 194,118 133,730 327,848
Charge for the year - 9,867 36,729 46,596
At 31 December 2023 - 203,985 170,459 374,444
Net book value
At 31 December 2023 2,334 85,081 112,392 199,807
At 31 December 2022 2,334 75,188 102,591 180,113
4 Debtors 2023 2022
£ £
Trade debtors 631,040 779,907
Other debtors 58,930 48,683
689,970 828,590
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 166,121 51,909
Obligations under finance lease and hire purchase contracts 37,089 28,203
Trade creditors 135,653 252,648
Corporation tax 11,982 11,982
Other taxes and social security costs 27,540 13,759
Other creditors 17,331 12,717
395,716 371,218
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 57,325 113,889
Obligations under finance lease and hire purchase contracts 57,675 44,485
115,000 158,374
7 Other information
Auto-Vent (Stoke-on-Trent) Limited is a private company limited by shares and incorporated in England. Its registered office is
Sandbach Road
Cobridge
Stoke on Trent
Staffordshire
ST6 2DG
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