Registered number
01685727
Autoclock Systems Limited
Filleted Accounts
31 January 2024
Autoclock Systems Limited
Registered number: 01685727
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 34,005 45,681
Current assets
Stocks 21,665 31,022
Debtors 4 440,311 455,369
Cash at bank and in hand 350,230 457,760
812,206 944,151
Creditors: amounts falling due within one year 5 (375,876) (432,758)
Net current assets 436,330 511,393
Total assets less current liabilities 470,335 557,074
Provisions for liabilities (1,569) (3,747)
Net assets 468,766 553,327
Capital and reserves
Called up share capital 102 102
Profit and loss account 468,664 553,225
Shareholder's funds 468,766 553,327
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 member has 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 and delivered 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.
P Turner
Director
Approved by the board on 12 August 2024
Autoclock Systems Limited
Notes to the Accounts
for the year ended 31 January 2024
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 (as applied to small entities by section 1A of the standard).
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:
Machines on hire 10% per annum on reducing balance basis
Plant and machinery 20% per annum on reducing balance basis
Motor vehicles 25% per annum on reducing balance basis
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 14
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 248,316 87,209 335,525
At 31 January 2024 248,316 87,209 335,525
Depreciation
At 1 February 2023 248,316 41,528 289,844
Charge for the year - 11,676 11,676
At 31 January 2024 248,316 53,204 301,520
Net book value
At 31 January 2024 - 34,005 34,005
At 31 January 2023 - 45,681 45,681
4 Debtors 2024 2023
£ £
Trade debtors 206,953 241,433
Amounts owed by group undertakings and undertakings in which the company has a participating interest 226,951 208,616
Other debtors 6,407 5,320
440,311 455,369
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 92,462 123,165
Taxation and social security costs 92,743 96,343
Other creditors 190,671 213,250
375,876 432,758
6 Controlling party
The company is a wholly owned subsidiary of Autoclock Holdings Limited. The group is a small group and is not required to produce, nor has produced consolidated financial statements
7 Other information
Autoclock Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
93/97 Second Avenue
Heaton
Newcastle Upon Tyne
NE6 5XT
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