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REGISTERED NUMBER: 04448557 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 October 2023

for

AUTOMET LIMITED

AUTOMET LIMITED (REGISTERED NUMBER: 04448557)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AUTOMET LIMITED

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







Directors: P Humphries
A C Humphries
A B Humphries
C P Humphries
S D Humphries
W S Humphries
L J Giles





Secretary: A B Humphries





Registered office: 1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ





Registered number: 04448557 (England and Wales)





Accountants: NRB
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

AUTOMET LIMITED (REGISTERED NUMBER: 04448557)

Balance Sheet
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 724,586 770,449

CURRENT ASSETS
Stocks 7,000 25,000
Debtors 5 1,789,350 1,286,253
Cash at bank 1,080,452 997,822
2,876,802 2,309,075
CREDITORS
Amounts falling due within one year 6 727,477 798,124
NET CURRENT ASSETS 2,149,325 1,510,951
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,873,911

2,281,400

CREDITORS
Amounts falling due after more than one year 7 (194,652 ) (419,626 )

PROVISIONS FOR LIABILITIES 9 (688,384 ) (189,243 )
NET ASSETS 1,990,875 1,672,531

CAPITAL AND RESERVES
Called up share capital 10 9 9
Retained earnings 1,990,866 1,672,522
SHAREHOLDERS' FUNDS 1,990,875 1,672,531

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

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

The directors acknowledge their 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.

AUTOMET LIMITED (REGISTERED NUMBER: 04448557)

Balance Sheet - continued
31 OCTOBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





P Humphries - Director


AUTOMET LIMITED (REGISTERED NUMBER: 04448557)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Automet 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Freehold Property - 10% on cost
Plant and Machinery - 25% reducing balance
Fixtures and Fittings - 25% reducing balance
Motor Vehicles - 25% on cost
Garage Improvements - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

AUTOMET LIMITED (REGISTERED NUMBER: 04448557)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 November 2022 103,972 1,923,915 2,027,887
Additions - 174,638 174,638
At 31 October 2023 103,972 2,098,553 2,202,525
DEPRECIATION
At 1 November 2022 71,416 1,186,022 1,257,438
Charge for year 10,397 210,104 220,501
At 31 October 2023 81,813 1,396,126 1,477,939
NET BOOK VALUE
At 31 October 2023 22,159 702,427 724,586
At 31 October 2022 32,556 737,893 770,449

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 1,282,511 784,179
Amounts owed by group undertakings 481,294 494,948
Other debtors 25,545 7,126
1,789,350 1,286,253

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 136,525 136,525
Hire purchase contracts 80,850 175,000
Trade creditors 302,531 226,974
Taxation and social security 195,869 158,788
Other creditors 11,702 100,837
727,477 798,124

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 194,652 338,776
Hire purchase contracts - 80,850
194,652 419,626

AUTOMET LIMITED (REGISTERED NUMBER: 04448557)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 331,177 475,301
Hire purchase contracts 80,850 255,850
412,027 731,151

There is a floating charge which covers all the property or undertaking of the company. Hire purchase contracts are secured against the plant and machinery assets to which they relate.

9. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 178,384 189,243
Other provisions 510,000 -
688,384 189,243

Deferred Other
tax provisions
£    £   
Balance at 1 November 2022 189,243 -
Provided during year (10,859 ) 510,000
Balance at 31 October 2023 178,384 510,000

Other Provisions
The company has recognised a provision for dilapidation costs related to its leased premises. This provision represents the directors' best estimate of the costs to be incurred in returning the leased property to its original condition at the end of the lease term, as required by the lease agreement.

The movement in the dilapidation provision during the year was as follows:

DescriptionAmount £
Balance at 31 October 2022-
Additional provision made510,000
Provision used-
Unwinding of discount-
Balance at 31 October 2023510,000

The provision is expected to be utilised at the end of the lease term. The amount of the provision has been determined based on the directors' best estimates.

The directors consider the recognition of this provision to be a significant accounting estimate. The actual costs may differ from the estimated amount, depending on the actual condition of the property at the end of the lease and market rates for restoration work at that time.

AUTOMET LIMITED (REGISTERED NUMBER: 04448557)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
6 Ordinary £1 6 6
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
1 Ordinary D £1 1 1
9 9