Autopack Motor Trade Factors Limited 01401057 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is continued to be that of Distributors to the motor engineering industry. Digita Accounts Production Advanced 6.30.9574.0 true true 01401057 2023-02-01 2024-01-31 01401057 2024-01-31 01401057 bus:OrdinaryShareClass1 2024-01-31 01401057 core:CurrentFinancialInstruments 2024-01-31 01401057 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 01401057 core:FurnitureFittingsToolsEquipment 2024-01-31 01401057 core:LandBuildings 2024-01-31 01401057 core:MotorVehicles 2024-01-31 01401057 bus:SmallEntities 2023-02-01 2024-01-31 01401057 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 01401057 bus:FullAccounts 2023-02-01 2024-01-31 01401057 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 01401057 bus:RegisteredOffice 2023-02-01 2024-01-31 01401057 bus:CompanySecretary1 2023-02-01 2024-01-31 01401057 bus:Director1 2023-02-01 2024-01-31 01401057 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 01401057 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 01401057 core:FurnitureFittings 2023-02-01 2024-01-31 01401057 core:MotorVehicles 2023-02-01 2024-01-31 01401057 countries:England 2023-02-01 2024-01-31 01401057 2023-01-31 01401057 core:FurnitureFittingsToolsEquipment 2023-01-31 01401057 core:LandBuildings 2023-01-31 01401057 core:MotorVehicles 2023-01-31 01401057 2022-02-01 2023-01-31 01401057 2023-01-31 01401057 bus:OrdinaryShareClass1 2023-01-31 01401057 core:CurrentFinancialInstruments 2023-01-31 01401057 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 01401057 core:FurnitureFittingsToolsEquipment 2023-01-31 01401057 core:LandBuildings 2023-01-31 01401057 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01401057

Autopack Motor Trade Factors Limited

trading as Autopack Motor Trade Factors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Autopack Motor Trade Factors Limited

trading as Autopack Motor Trade Factors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Autopack Motor Trade Factors Limited

trading as Autopack Motor Trade Factors Limited

Company Information

Director

Mr D Milsom

Company secretary

Mrs G A Milsom

Registered office

24 Sunnyside
Edenthorpe
Doncaster
South Yorkshire
DN3 2PH

 

Autopack Motor Trade Factors Limited

trading as Autopack Motor Trade Factors Limited

(Registration number: 01401057)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

346,869

346,869

Current assets

 

Stocks

5

48,918

53,871

Debtors

6

77,089

82,767

Cash at bank and in hand

 

405,616

478,456

 

531,623

615,094

Creditors: Amounts falling due within one year

7

(53,251)

(72,352)

Net current assets

 

478,372

542,742

Net assets

 

825,241

889,611

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

825,141

889,511

Shareholders' funds

 

825,241

889,611

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 September 2024
 

 

Autopack Motor Trade Factors Limited

trading as Autopack Motor Trade Factors Limited

(Registration number: 01401057)
Balance Sheet as at 31 January 2024

.........................................
Mr D Milsom
Director

 

Autopack Motor Trade Factors Limited

trading as Autopack Motor Trade Factors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
24 Sunnyside
Edenthorpe
Doncaster
South Yorkshire
DN3 2PH

These financial statements were authorised for issue by the director on 24 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.

 

Autopack Motor Trade Factors Limited

trading as Autopack Motor Trade Factors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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

Fixtures and fittings

15% straight line basis

Motor vehicles

25% 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.

 

Autopack Motor Trade Factors Limited

trading as Autopack Motor Trade Factors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 2 (2023 - 2).

 

Autopack Motor Trade Factors Limited

trading as Autopack Motor Trade Factors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

346,865

1,706

16,542

365,113

At 31 January 2024

346,865

1,706

16,542

365,113

Depreciation

At 1 February 2023

-

1,703

16,541

18,244

At 31 January 2024

-

1,703

16,541

18,244

Carrying amount

At 31 January 2024

346,865

3

1

346,869

At 31 January 2023

346,865

3

1

346,869

Included within the net book value of land and buildings above is £346,865 (2023 - £346,865) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

48,918

53,871

6

Debtors

Current

2024
£

2023
£

Trade debtors

76,466

82,239

Prepayments

623

528

 

77,089

82,767

 

Autopack Motor Trade Factors Limited

trading as Autopack Motor Trade Factors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

41,779

42,689

Taxation and social security

8,833

27,035

Other creditors

2,639

2,628

53,251

72,352

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100