13 false false false false false false false false false false true false false false false false false No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC384106 2022-10-01 2023-09-30 SC384106 2023-09-30 SC384106 2022-09-30 SC384106 2021-11-01 2022-09-30 SC384106 2022-09-30 SC384106 2021-10-31 SC384106 core:FurnitureFittings 2022-10-01 2023-09-30 SC384106 core:MotorVehicles 2022-10-01 2023-09-30 SC384106 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC384106 bus:Director1 2022-10-01 2023-09-30 SC384106 core:WithinOneYear 2023-09-30 SC384106 core:WithinOneYear 2022-09-30 SC384106 core:AfterOneYear 2023-09-30 SC384106 core:AfterOneYear 2022-09-30 SC384106 core:ShareCapital 2023-09-30 SC384106 core:ShareCapital 2022-09-30 SC384106 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC384106 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC384106 core:BetweenOneFiveYears 2022-09-30 SC384106 bus:SmallEntities 2022-10-01 2023-09-30 SC384106 bus:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 SC384106 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 SC384106 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC384106 bus:AbridgedAccounts 2022-10-01 2023-09-30 SC384106 bus:OrdinaryShareClass1 2023-09-30 SC384106 bus:OrdinaryShareClass1 2022-09-30 SC384106 core:PlantMachinery 2022-10-01 2023-09-30 SC384106 core:OfficeEquipment 2022-10-01 2023-09-30 SC384106 core:AllAssociates 2022-10-01 2023-09-30
COMPANY REGISTRATION NUMBER: SC384106
AUTOECOSSE AUTOBODY LTD
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
30 September 2023
AUTOECOSSE AUTOBODY LTD
ABRIDGED STATEMENT OF FINANCIAL POSITION
30 September 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
5
32,345
66,243
CURRENT ASSETS
Stocks
154,883
44,311
Debtors
167,353
179,615
Cash at bank and in hand
543
56
---------
---------
322,779
223,982
CREDITORS: amounts falling due within one year
6
338,432
369,609
---------
---------
NET CURRENT LIABILITIES
15,653
145,627
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
16,692
( 79,384)
CREDITORS: amounts falling due after more than one year
7
20,425
27,794
--------
---------
NET LIABILITIES
( 3,733)
( 107,178)
--------
---------
AUTOECOSSE AUTOBODY LTD
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
30 September 2023
2023
2022
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
8
142,100
142,100
Profit and loss account
( 145,833)
( 249,278)
---------
---------
SHAREHOLDER DEFICIT
( 3,733)
( 107,178)
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr R H Lawson
Director
Company registration number: SC384106
AUTOECOSSE AUTOBODY LTD
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Dundee, DD5 1NB, Scotland. On 25 March 2019 the company moved to new premises at Unit 2, Kingsway Park, Whittle Place, Dundee, DD2 4US.
2. STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% and 33.3% straight line
Tenants Improvements
-
25% straight line
Motor vehicles
-
20% straight line
Office equipment
-
50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 13 (2022: 11 ).
5. TANGIBLE ASSETS
£
Cost
At 1 October 2022
165,430
Additions
11,995
Disposals
( 68,348)
---------
At 30 September 2023
109,077
---------
Depreciation
At 1 October 2022
99,187
Charge for the year
27,348
Disposals
( 49,803)
---------
At 30 September 2023
76,732
---------
Carrying amount
At 30 September 2023
32,345
---------
At 30 September 2022
66,243
---------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
17,396
13,909
Trade creditors
90,336
55,868
Accruals and deferred income
44,286
75,356
Social security and other taxes
183,916
209,089
Obligations under finance leases and hire purchase contracts
1,412
10,568
Pension creditor
1,086
1,791
Other creditors
3,028
---------
---------
338,432
369,609
---------
---------
7. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,772
27,794
Obligations under finance leases and hire purchase contracts
3,653
--------
--------
20,425
27,794
--------
--------
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
142,100
142,100
142,100
142,100
---------
---------
---------
---------
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
32,350
78,901
Later than 1 year and not later than 5 years
32,350
--------
---------
32,350
111,251
--------
---------
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The company receives cash advances from the director and company expenses are paid by the director on the company's behalf. Additionally, the director draws cash from the company and the company makes repayments of advances to the director. Consequently, at the period end, the company was due to receive £5,018 from the director, Mr R H Lawson (2022 - £Nil).
11.RELATED PARTY TRANSACTIONS
Richard Lawson (Autoecosse) Limited Mr R.H. Lawson is the owner and director of Richard Lawson (Autoecosse) Limited. The company has invoiced and been invoiced by Richard Lawson (Autoecosse) Limited throughout the year for goods and services. In addition, there have been cash advances made and repayments received throughout the year. At the year end, a net balance of £108,792 (2022 - £55,275) was due by Richard Lawson (Autoecosse) Limited. This balance is disclosed in Debtors. Additionally, the company has accrued costs of £16,993 (2022 - £71,748) due to Richard Lawson (Autoecosse) Limited, which were invoiced to the company after the period end. RHL Enterprises LLP Mr R.H. Lawson is a partner and designated member of RHL Enterprises LLP. The company has been invoiced by RHL Enterprises LLP throughout the year for management services and has recharged costs to RHL Enterprises LLP. At the year end, a net balance of £5,099 was due by RHL Enterprises LLP (2022 - £Nil)and this is included in Debtors. R.L. Motors RL Motors is a sole trader business operated by the director, Mr R.H. Lawson. The company invoices RL.Motors for work carried out and, at the year end, a balance of £4,381 (2022 - £4,381 was receivable from RL Motors and this is disclosed in Debtors.
12. CONTROLLING PARTY
The company was under the control of Mr R. H. Lawson throughout the current and previous year. Mr R. H. Lawson is the sole director and owns 42.3% of the company's issued share capital. Mr R. H. Lawson is also a member of RHL Enterprises LLP, which owns 57.7% of the company's issued share capital.