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REGISTERED NUMBER: 05525060 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

AUTOFOAM SYSTEMS LIMITED

AUTOFOAM SYSTEMS LIMITED (REGISTERED NUMBER: 05525060)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


AUTOFOAM SYSTEMS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: L K Fei





REGISTERED OFFICE: 8 Longsight Road
Holcombe Brook
Bury
Lancashire
BL0 9TD





REGISTERED NUMBER: 05525060 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

AUTOFOAM SYSTEMS LIMITED (REGISTERED NUMBER: 05525060)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 700 1,052
Tangible assets 5 679 3,004
Investments 6 200 200
1,579 4,256

CURRENT ASSETS
Stocks 32,983 25,000
Debtors 7 57,450 50,211
Cash at bank and in hand 71,594 47,608
162,027 122,819
CREDITORS
Amounts falling due within one year 8 29,001 1,383,295
NET CURRENT ASSETS/(LIABILITIES) 133,026 (1,260,476 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

134,605

(1,256,220

)

CREDITORS
Amounts falling due after more than one
year

9

-

134,330
NET ASSETS/(LIABILITIES) 134,605 (1,390,550 )

CAPITAL AND RESERVES
Called up share capital 149,000 50,000
Share premium 35,330 -
Retained earnings (49,725 ) (1,440,550 )
SHAREHOLDERS' FUNDS 134,605 (1,390,550 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

AUTOFOAM SYSTEMS LIMITED (REGISTERED NUMBER: 05525060)

STATEMENT OF FINANCIAL POSITION - continued
31 December 2023


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 22 September 2024 and were signed by:





L K Fei - Director


AUTOFOAM SYSTEMS LIMITED (REGISTERED NUMBER: 05525060)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Autofoam Systems 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.

2. ACCOUNTING POLICIES

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

The financial statements have been prepared on a going concern basis as the company continues to make operating losses but the under new ownership is looking to restore profitability and net assets. On this basis, along with recent trading results and forecasts, the directors believe it appropriate to prepare the accounts on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

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.

Patents and licences have been fully amortised.

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.
Plant and machinery etc - 33% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost less depreciation and impairment.

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

AUTOFOAM SYSTEMS LIMITED (REGISTERED NUMBER: 05525060)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due .Amounts due to and from related undertakings, are repayable on demand and are measured at the undiscounted amount due. Amounts due to the director are repayable after one year and measured at the undiscounted amount due.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Short term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

AUTOFOAM SYSTEMS LIMITED (REGISTERED NUMBER: 05525060)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 7,031 55,391 62,422
AMORTISATION
At 1 January 2023 5,979 55,391 61,370
Charge for year 352 - 352
At 31 December 2023 6,331 55,391 61,722
NET BOOK VALUE
At 31 December 2023 700 - 700
At 31 December 2022 1,052 - 1,052

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 70,608
Disposals (29,909 )
At 31 December 2023 40,699
DEPRECIATION
At 1 January 2023 67,604
Charge for year 272
Eliminated on disposal (27,856 )
At 31 December 2023 40,020
NET BOOK VALUE
At 31 December 2023 679
At 31 December 2022 3,004

AUTOFOAM SYSTEMS LIMITED (REGISTERED NUMBER: 05525060)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 28,575
PROVISIONS
At 1 January 2023
and 31 December 2023 28,375
NET BOOK VALUE
At 31 December 2023 200
At 31 December 2022 200

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 25,683 6,935
Other debtors 31,767 43,276
57,450 50,211

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,935 19,381
Amounts owed to group undertakings 200 200
Taxation and social security 1,798 2,522
Other creditors 21,068 1,361,192
29,001 1,383,295

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors - 134,330

10. OTHER FINANCIAL COMMITMENTS

The company had total operating lease commitments amounting to £Nil (2022: £19,475).

11. RELATED PARTY DISCLOSURES

During the year and as part of a company restructure, certain loans outstanding to connected companies totalling £1,327,087 were waived.

Included in Other Creditors is £17,565 due to the director.