Company Registration No. 03798574 (England and Wales)
AUTO GB LTD.
Unaudited accounts
for the year ended 31 July 2024
AUTO GB LTD.
Unaudited accounts
Contents
AUTO GB LTD.
Company Information
for the year ended 31 July 2024
Director
Mr R.D.A. Johnson
Secretary
Mrs H. Karaman-Johnson
Company Number
03798574 (England and Wales)
Registered Office
Unit 12
Apollo Business Park
Wroxton
Oxfordshire
OX15 6AY
England
Accountants
Stephen Beard Accountancy Services
10 Cheshire Road
Thame
Oxon
OX9 3LQ
AUTO GB LTD.
Statement of financial position
as at 31 July 2024
Intangible assets
1,408
1,879
Tangible assets
153,100
115,333
Investments
35,000
165,000
Cash at bank and in hand
217,720
144,131
Creditors: amounts falling due within one year
(188,534)
(118,022)
Net current assets
88,807
34,824
Total assets less current liabilities
278,315
317,036
Creditors: amounts falling due after more than one year
(95,351)
(123,290)
Provisions for liabilities
Deferred tax
(15,945)
(21,507)
Other provisions
(4,800)
(2,400)
Net assets
162,219
169,839
Called up share capital
100
100
Profit and loss account
162,119
169,739
Shareholders' funds
162,219
169,839
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 March 2025 and were signed on its behalf by
Mr R.D.A. Johnson
Director
Company Registration No. 03798574
AUTO GB LTD.
Notes to the Accounts
for the year ended 31 July 2024
AUTO GB LTD. is a private company, limited by shares, registered in England and Wales, registration number 03798574. The registered office is Unit 12, Apollo Business Park, Wroxton, Oxfordshire, OX15 6AY, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
20% Straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
AUTO GB LTD.
Notes to the Accounts
for the year ended 31 July 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments in classic cars are included at fair value.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2023
68,309
117,963
-
186,272
Additions
9,533
68,284
675
78,492
Disposals
(8,500)
(12,754)
-
(21,254)
At 31 July 2024
69,342
173,493
675
243,510
At 1 August 2023
42,037
28,902
-
70,939
Charge for the year
5,076
28,636
135
33,847
Surplus on revaluation
-
(11,230)
-
(11,230)
On disposals
(3,146)
-
-
(3,146)
At 31 July 2024
43,967
46,308
135
90,410
At 31 July 2024
25,375
127,185
540
153,100
At 31 July 2023
26,272
89,061
-
115,333
AUTO GB LTD.
Notes to the Accounts
for the year ended 31 July 2024
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
59,410
79,214
6
Investments
Other investments
Valuation at 1 August 2023
165,000
Fair value adjustments
(96,716)
Valuation at 31 July 2024
35,000
Historical cost of investments held £85,000 (2023- £118,284).
Amounts falling due within one year
Trade debtors
32,021
1,250
Accrued income and prepayments
11,718
1,246
Other debtors
15,882
6,219
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,119
9,870
Obligations under finance leases and hire purchase contracts
17,823
17,823
Trade creditors
29,262
22,843
Taxes and social security
47,924
2,224
Other creditors
1,027
22,250
Loans from directors
-
6,157
Deferred income
44,195
34,010
9
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
79,691
97,514
This facility is supported by the Bounce Back Loan Scheme (BBLS). The lender has a guarantee from the UK Government under BBLS. The loan is repayable over 5 years.
AUTO GB LTD.
Notes to the Accounts
for the year ended 31 July 2024
10
Deferred taxation
2024
2023
Accelerated capital allowances
18,100
18,252
Tax losses carried forward
(2,155)
(5,621)
Other deferred taxation
-
8,876
Provision at start of year
21,507
15,884
(Credited)/charged to the profit and loss account
(5,562)
5,623
Provision at end of year
15,945
21,507
11
Provisions for liabilities
£
Additional provisions made during the period
2,400
Provision for dilapidation costs on leased premises.
12
Operating lease commitments
2024
2023
At 31 July 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
19,530
18,600
Later than one year and not later than five years
-
19,530
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan account
-
50,070
37,506
12,564
14
Average number of employees
During the year the average number of employees was 5 (2023: 6).