Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01Installation and repair of audio equipment in motor vehicles22truetruefalse 06521891 2023-04-01 2024-03-31 06521891 2022-04-01 2023-03-31 06521891 2024-03-31 06521891 2023-03-31 06521891 c:Director1 2023-04-01 2024-03-31 06521891 d:MotorVehicles 2023-04-01 2024-03-31 06521891 d:MotorVehicles 2024-03-31 06521891 d:MotorVehicles 2023-03-31 06521891 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06521891 d:FurnitureFittings 2023-04-01 2024-03-31 06521891 d:FurnitureFittings 2024-03-31 06521891 d:FurnitureFittings 2023-03-31 06521891 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06521891 d:ComputerEquipment 2023-04-01 2024-03-31 06521891 d:ComputerEquipment 2024-03-31 06521891 d:ComputerEquipment 2023-03-31 06521891 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06521891 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06521891 d:Goodwill 2024-03-31 06521891 d:Goodwill 2023-03-31 06521891 d:CurrentFinancialInstruments 2024-03-31 06521891 d:CurrentFinancialInstruments 2023-03-31 06521891 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06521891 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06521891 d:ShareCapital 2024-03-31 06521891 d:ShareCapital 2023-03-31 06521891 d:RetainedEarningsAccumulatedLosses 2024-03-31 06521891 d:RetainedEarningsAccumulatedLosses 2023-03-31 06521891 c:FRS102 2023-04-01 2024-03-31 06521891 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06521891 c:FullAccounts 2023-04-01 2024-03-31 06521891 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06521891 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 06521891






TWELVE VOLTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










img26d4.png

 
TWELVE VOLTS LIMITED
REGISTERED NUMBER:06521891

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
156
208

  
156
208

Current assets
  

Debtors: amounts falling due within one year
 6 
63,519
64,222

Cash at bank and in hand
 7 
730
290

  
64,249
64,512

Creditors: amounts falling due within one year
 8 
(63,491)
(64,269)

Net current assets
  
 
 
758
 
 
243

Total assets less current liabilities
  
914
451

  

Net assets
  
914
451


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
814
351

  
914
451


Page 1

 
TWELVE VOLTS LIMITED
REGISTERED NUMBER:06521891
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A J Wingrove
Director

Date: 13 January 2025

Page 2

 
TWELVE VOLTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Twelve Volts Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of installation and repair of audio equipment in motor vehicles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
TWELVE VOLTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
TWELVE VOLTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method..

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 -2).

Page 5

 
TWELVE VOLTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
60,000



At 31 March 2024

60,000



Amortisation


At 1 April 2023
60,000



At 31 March 2024

60,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 6

 
TWELVE VOLTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
875
259
2,467
3,601



At 31 March 2024

875
259
2,467
3,601



Depreciation


At 1 April 2023
667
259
2,467
3,393


Charge for the year on owned assets
52
-
-
52



At 31 March 2024

719
259
2,467
3,445



Net book value



At 31 March 2024
156
-
-
156



At 31 March 2023
208
-
-
208


6.


Debtors

2024
2023
£
£


Trade debtors
2,461
9,858

Other debtors
61,058
54,364

63,519
64,222



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
730
290

Less: bank overdrafts
-
(5,820)

730
(5,530)


Page 7

 
TWELVE VOLTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
5,820

Trade creditors
3,562
3,954

Other taxation and social security
55,708
49,715

Other creditors
290
290

Accruals and deferred income
3,931
4,490

63,491
64,269



9.


Related party transactions

At balance sheet date the company was owed £60,988 (2023: £54,363) by the director. This amount was repaid within nine months of the year end.

 
Page 8