Company registration number 07968386 (England and Wales)
AUTOMOTIVE ONLINE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
AUTOMOTIVE ONLINE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AUTOMOTIVE ONLINE LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
92,588
115,438
Current assets
Debtors
5
407,909
508,586
Cash at bank and in hand
318,049
836,112
725,958
1,344,698
Creditors: amounts falling due within one year
6
(681,609)
(1,195,703)
Net current assets
44,349
148,995
Total assets less current liabilities
136,937
264,433
Creditors: amounts falling due after more than one year
7
(119,310)
(180,745)
Provisions for liabilities
(15,898)
(20,019)
Net assets
1,729
63,669
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,629
63,569
Total equity
1,729
63,669
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AUTOMOTIVE ONLINE LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr I Williams
Mr P Williams
Director
Director
Company registration number 07968386 (England and Wales)
AUTOMOTIVE ONLINE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Automotive Online Ltd is a private company limited by shares incorporated in England and Wales. The registered office is This Work Space, 18 Albert Road, Bournemouth, Dorset, BH1 1BZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover comprises commissions receivable from lenders, and the resale of vehicles from third parties, where vehicles are traded and the company acts as principal.
Turnover is recognised when the relevant deal has been completed, less any provisions for commissions that may need to be refunded based on the likelihood of early settlement, default or fraud.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
Computers
33.33% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
1.5
Financial instruments
Classification of financial liabilities
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 company after deducting all of its liabilities.
AUTOMOTIVE ONLINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, 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
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
67
55
AUTOMOTIVE ONLINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
18,084
47,606
138,460
204,150
Additions
3,000
6,110
9,110
At 30 June 2024
21,084
53,716
138,460
213,260
Depreciation and impairment
At 1 July 2023
4,362
23,774
60,576
88,712
Depreciation charged in the year
2,507
9,982
19,471
31,960
At 30 June 2024
6,869
33,756
80,047
120,672
Carrying amount
At 30 June 2024
14,215
19,960
58,413
92,588
At 30 June 2023
13,722
23,832
77,884
115,438
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
288,792
431,840
Other debtors
119,117
76,746
407,909
508,586
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
104,267
34,160
Trade creditors
48,146
563,200
Taxation and social security
267,225
141,455
Other creditors
261,971
456,888
681,609
1,195,703
Included in other creditors are balances due on hire purchase contracts of £25,659 (2023: £23,485) which are secured over the assets to which they relate.
AUTOMOTIVE ONLINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
81,276
117,807
Other creditors
38,034
62,938
119,310
180,745
Included in other creditors are balances due on hire purchase contracts of £38,034 (2023: £62,938) which are secured over the assets to which they relate.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
115,676
110,676
Between two and five years
101,453
212,129
217,129
322,805