REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Auto - Rescue Logistics Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Auto - Rescue Logistics Limited |
Auto - Rescue Logistics Limited (Registered number: 04373133) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 8 |
Auto - Rescue Logistics Limited |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
Pacioli House |
9 Brookfield |
Duncan Close |
Northampton |
Northamptonshire |
NN3 6WL |
Auto - Rescue Logistics Limited (Registered number: 04373133) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CALLED UP SHARE CAPITAL NOT PAID |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 | 1 | 1 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Auto - Rescue Logistics Limited (Registered number: 04373133) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Auto - Rescue Logistics Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis. |
The financial statements are presented in Sterling (£) and cover the period to the 31st March each year. |
Going Concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Auto - Rescue Logistics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. |
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
Valuation of Investment Property |
Investment property is held at fair value as at the balance sheet date. Directors review several similar properties within the local market at the year end to determine an average price per square foot, this price per square foot is then applied to the square footage of the investment property to generate its fair value. |
Revenue |
Turnover represents net invoices sale of services, excluding value added tax. Fees in respect of services are recognised when services are rendered. This includes work which has not yet been invoiced, provided that it is considered to be fully recoverable. |
Auto - Rescue Logistics Limited (Registered number: 04373133) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affect asset is estimated and compared with the carrying amount. If estimated recoverable amount is lower, the carry amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment subsequently reserves, the carrying amount of the asset is increased to revised the estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Investments in subsidiaries |
Investments in subsidiary and associate undertakings are recognised at cost less impairment. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 taxation |
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. |
Leasing and hire purchase |
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. |
Auto - Rescue Logistics Limited (Registered number: 04373133) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Auto - Rescue Logistics Limited (Registered number: 04373133) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Bad debt provision | (42,573 | ) | (42,573 | ) |
Other debtors |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 130,560 | 139,399 |
Other creditors |
Accrued expenses |
Natwest Bank PLC hold three legal charges: |
-Charge of deposit on all monies due or to become due from the company to the charge on any account whatsoever. |
-Legal charge over all of the assets held by the company, any goodwill of the business carried on at the property and the proceeds of any insurance affecting the property or asset. |
-Fixed and floating debenture charge over the undertaking and all property and assets present and future. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
Auto - Rescue Logistics Limited (Registered number: 04373133) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
10. | FINANCIAL RISK MANAGEMENT |
The company has some exposure to foreign currency, credit, liquidity, market and network risks, these are limited by the company's financial management policies and practices described below. |
Foreign currency risk |
The company has no exposure to foreign currency risks as all of the company's sales and purchases are denominated in sterling. |
Credit risk |
The company offer credit terms to its customers which allows payment of the debt at a future specified time. The company mitigates this risk by maintaining strong customer relationships and regular analysis its sales ledger for troubled customers. |
Liquidity risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. Currently based on the cash reserves this is not deemed a significant risk. |
Market risk |
There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets and implementing strategies to deal with the identified risks. |
Network coverage risk |
The company is exposed to the risk of ensuring it has sufficient suppliers in each region to ensure the loss of suppliers does not impact on network coverage. This is mitigated by continually reviewing the area coverage to ensure issues are dealt with at an early stage. |
The company holds no derivative financial instruments at the year end. |
11. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary £1 shares | £1.00 | 14,500 | 14,500 |
During the prior year, the company bought back and cancelled 1,000 ordinary £1 shares. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | CONTINGENT LIABILITIES |
As at 31st March, 2024 there were no contingent liabilities. |
14. | CAPITAL COMMITMENTS |
As at 31st March, 2024 there were no capital commitments. |
Auto - Rescue Logistics Limited (Registered number: 04373133) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
15. | RELATED PARTY DISCLOSURES |
All other material related party transactions with owners holding a participating interest, companies in which the entity has a participating interest and directors were concluded under normal market conditions. |