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Registration number: 03887717

A.D.S. Automotive Diagnostic Solutions Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 December 2023

 

A.D.S. Automotive Diagnostic Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

A.D.S. Automotive Diagnostic Solutions Limited

Company Information

Directors

Mr D F Massey

Mr F Massey

Registered office

1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

A.D.S. Automotive Diagnostic Solutions Limited

(Registration number: 03887717)
Balance Sheet as at 30 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,850

3,700

Tangible assets

5

53,476

71,302

 

55,326

75,002

Current assets

 

Stocks

6

2,000

2,000

Debtors

7

106,426

73,259

Cash at bank and in hand

 

25,475

25,890

 

133,901

101,149

Creditors: Amounts falling due within one year

8

(194,112)

(163,047)

Net current liabilities

 

(60,211)

(61,898)

Total assets less current liabilities

 

(4,885)

13,104

Creditors: Amounts falling due after more than one year

8

(41,616)

(53,537)

Net liabilities

 

(46,501)

(40,433)

Capital and reserves

 

Called up share capital

3,000

3,000

Retained earnings

(49,501)

(43,433)

Shareholders' deficit

 

(46,501)

(40,433)

For the financial year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Mr D F Massey
Director

 

A.D.S. Automotive Diagnostic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE
United Kingdom

These financial statements were authorised for issue by the Board on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

A.D.S. Automotive Diagnostic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Furniture and fittings

25% reducing balance basis

Office equipment

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goowill

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

A.D.S. Automotive Diagnostic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 8).

 

A.D.S. Automotive Diagnostic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 31 December 2022

18,500

18,500

At 30 December 2023

18,500

18,500

Amortisation

At 31 December 2022

14,800

14,800

Amortisation charge

1,850

1,850

At 30 December 2023

16,650

16,650

Carrying amount

At 30 December 2023

1,850

1,850

At 30 December 2022

3,700

3,700

 

A.D.S. Automotive Diagnostic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 31 December 2022

8,734

18,586

50,444

177,092

254,856

At 30 December 2023

8,734

18,586

50,444

177,092

254,856

Depreciation

At 31 December 2022

7,421

11,068

30,128

134,937

183,554

Charge for the year

328

1,880

5,079

10,539

17,826

At 30 December 2023

7,749

12,948

35,207

145,476

201,380

Carrying amount

At 30 December 2023

985

5,638

15,237

31,616

53,476

At 30 December 2022

1,313

7,518

20,316

42,155

71,302

 

A.D.S. Automotive Diagnostic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

6

Stocks

2023
£

2022
£

Other inventories

2,000

2,000

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

5,460

3,044

Amounts owed by related parties

10

40,344

34,724

Prepayments

 

-

168

Other debtors

 

60,622

35,323

   

106,426

73,259

 

A.D.S. Automotive Diagnostic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

29,093

28,651

Trade creditors

 

48,907

33,486

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

63,676

55,165

Taxation and social security

 

55,401

47,615

Other creditors

 

(2,965)

(1,870)

 

194,112

163,047

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

41,616

53,537

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

32,097

37,672

Hire purchase contracts

9,519

15,865

41,616

53,537

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,528

6,528

Bank overdrafts

13,719

13,277

Hire purchase contracts

6,346

6,346

Other borrowings

2,500

2,500

29,093

28,651

 

A.D.S. Automotive Diagnostic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,000

24,500