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REGISTERED NUMBER: 07758122 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Neate Automotive Limited

Neate Automotive Limited (Registered number: 07758122)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Neate Automotive Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: H J Rossiter





REGISTERED OFFICE: Hanworth Trading Estate
Hampton Road West
Hanworth
Middlesex
TW13 6DN





REGISTERED NUMBER: 07758122 (England and Wales)





ACCOUNTANTS: Butt Miller
Chartered Accountants
1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY

Neate Automotive Limited (Registered number: 07758122)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 24,104 40,343
24,104 40,343

CURRENT ASSETS
Stocks 6 55,000 83,362
Debtors 7 512,921 291,076
Cash at bank 75,242 84,243
643,163 458,681
CREDITORS
Amounts falling due within one year 8 (462,538 ) (347,253 )
NET CURRENT ASSETS 180,625 111,428
TOTAL ASSETS LESS CURRENT
LIABILITIES

204,729

151,771

CREDITORS
Amounts falling due after more than one
year

9

(14,274

)

(109,812

)

PROVISIONS FOR LIABILITIES (6,026 ) (7,665 )
NET ASSETS 184,429 34,294

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 184,229 34,094
184,429 34,294

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Neate Automotive Limited (Registered number: 07758122)

Statement of Financial Position - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 November 2024 and were signed by:





H J Rossiter - Director


Neate Automotive Limited (Registered number: 07758122)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Neate Automotive 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33.33% on cost
Fixtures and fittings - 33.33% on cost
Motor vehicles - 33.33% on cost

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Neate Automotive Limited (Registered number: 07758122)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Leasing commitments
Rentals paid under operating leases are charged to the Income Statement 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 70,210
Disposals (70,210 )
At 31 March 2024 -
AMORTISATION
At 1 April 2023 70,210
Eliminated on disposal (70,210 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 132,536 - 15,116 147,652
Additions 2,832 4,350 - 7,182
Disposals (2,500 ) - - (2,500 )
At 31 March 2024 132,868 4,350 15,116 152,334
DEPRECIATION
At 1 April 2023 93,106 - 14,203 107,309
Charge for year 22,387 121 913 23,421
Eliminated on disposal (2,500 ) - - (2,500 )
At 31 March 2024 112,993 121 15,116 128,230
NET BOOK VALUE
At 31 March 2024 19,875 4,229 - 24,104
At 31 March 2023 39,430 - 913 40,343

Neate Automotive Limited (Registered number: 07758122)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. STOCKS
2024 2023
£    £   
Stocks 55,000 83,362

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 486,375 256,993
Other debtors 11,655 -
Prepayments 14,891 34,083
512,921 291,076

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans 10,648 -
Trade creditors 219,201 253,020
Tax 57,364 6,257
Social security and other taxes 18,100 14,952
VAT 94,531 62,392
Other creditors 55,297 8,916
Director's current account 312 -
Accruals and deferred income 7,085 1,716
462,538 347,253

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,648 34,812
Bank loans - 2-5 years 3,626 -
Other creditors - 75,000
14,274 109,812

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 46,286 12,240
Between one and five years 46,314 3,285
92,600 15,525

Neate Automotive Limited (Registered number: 07758122)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
H J Rossiter
Balance outstanding at start of year - -
Amounts repaid (312 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (312 ) -

The loan above is unsecured, interest free and repayable on demand.

During the prior year, Mr J R Laney loaned the company £71,000. (included in creditors due after more than one year). The loan was interest free and payable on demand. This balance has been repaid during the period.

The above director's associated partnership business also made an unsecured loan to the company. The balance in the prior year was £4,000. (included in Creditors due after more than one year). The loan was interest free and payable on demand. This balance has been repaid during the period.