REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2022 TO 31 DECEMBER 2023 |
FOR |
INDICA AUTOMOTIVE LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2022 TO 31 DECEMBER 2023 |
FOR |
INDICA AUTOMOTIVE LIMITED |
INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 October 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
INDICA AUTOMOTIVE LIMITED |
COMPANY INFORMATION |
for the period 1 October 2022 to 31 December 2023 |
DIRECTORS: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 October 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Indica Automotive Limited is a limited company, registered in England and Wales. Its registered office address is Central Point One, Central Park Drive, Rugby, Warwickshire, CV23 0WE and the registered number is 09028998. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in Sterling (£), which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
Turnover |
The company recognises turnover when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity. |
Other operating income |
Grant funding receivable, relating to the Additional Restrictions Grant (ARG), has been recognised in the year. The grant funding is recognised in the profit and loss account in the period in which the conditions of the grant funding are met. Grant funding is recognised within other operating income. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a straight line method, as indicated below. |
Plant and machinery | 3 - 20 years straight line |
Fixtures and fittings | 2 years straight line |
Computer equipment | 2 years straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss account. |
INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes as financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest rate method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Consortium relief |
Amounts paid and received for tax losses surrendered are included within the current tax charge. |
Foreign currencies |
Monetary 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 the transaction. Exchange differences are recognised in administrative expenses. |
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
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 the profit and loss account in the period to which they relate. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | AUDITORS' REMUNERATION |
Period |
1/10/22 |
to | Year Ended |
31/12/23 | 30/9/22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
16,219 |
6,000 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 September 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2022 to 31 December 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
The long term lease relates to the company's trading premises which is subject to a 10 year lease and expires on 25 March 2026. |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured by an unlimited debenture over the assets of the company. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 25,000 | 25,000 |
Ordinary B | £1 | 23,750 | 23,750 |
Ordinary C | £1 | 1,250 | 1,250 |
50,000 | 50,000 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2022 to 31 December 2023 |
14. | RELATED PARTY DISCLOSURES |
At the period end, a balance of £1,330 (2022: £10,762) was owed in the form of a trade debtor from a related company with common shareholders. During the period, sales were made to the related company amounting to £10,324 (2022: £14,804). |
A company with common shareholders owns a 85% shareholding in Indica Automotive Limited. At the period end, a balance of £66,640 (2022: £45,628) was owed to the related company in the form of a trade creditor and at the period end, a balance of £7,800 (2022: Nil) was owed in the form of a trade debtor. During the period purchases were made from the related company amounting to £323,968 (2022: £274,540) and sales were made to the related company amounting to £9,500 (2022: Nil). |
At the period end, a balance of £252,185 (2022: £174,646) was owed in the form of a trade creditor to a connected company which is the sole shareholder of a company which owns a 85% shareholding in Indica Automotive Limited. During the period, purchases were made from the related company amounting to £773,892 (2022: £569,286). |