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Registered number: 14186785
German Autowerks Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 June 2024
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Contents
Page
Company Information 1
Accountants' Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—10
Page 1
Company Information
Directors J Dalgarno
S Hutchinson
R Stanley
Secretary S Hutchinson
Company Number 14186785
Registered Office SAS House, Friarswood
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Accountants Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 1
Page 2
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of German Autowerks Ltd For The Year Ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of German Autowerks Ltd For The Year Ended 30 June 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of German Autowerks Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of German Autowerks Ltd and state those matters that we have agreed to state to the directors of German Autowerks Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than German Autowerks Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that German Autowerks Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of German Autowerks Ltd . You consider that German Autowerks Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of German Autowerks Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
26/03/2025
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 2
Page 3
Statement of Financial Position
Registered number: 14186785
30 June 2024 30 June 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 59,046 64,919
59,046 64,919
CURRENT ASSETS
Stocks 5 16,951 5,654
Debtors 6 92,533 49,429
Cash at bank and in hand 1,238 25,027
110,722 80,110
Creditors: Amounts Falling Due Within One Year 7 (63,917 ) (19,114 )
NET CURRENT ASSETS (LIABILITIES) 46,805 60,996
TOTAL ASSETS LESS CURRENT LIABILITIES 105,851 125,915
Creditors: Amounts Falling Due After More Than One Year 8 (34,383 ) (152,206 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (3,653 )
NET ASSETS/(LIABILITIES) 71,468 (29,944 )
CAPITAL AND RESERVES
Called up share capital 10 300 20
Share premium account 149,720 -
Income Statement (78,552 ) (29,964 )
SHAREHOLDERS' FUNDS 71,468 (29,944)
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For the year ending 30 June 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
J Dalgarno
Director
26/03/2025
The notes on pages 5 to 10 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
German Autowerks Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14186785 . The registered office is SAS House, Friarswood, Chipperfield Road, Kings Langley, Hertfordshire, WD4 9JB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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 a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 9 years straight line
Plant & Machinery 20% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 33.3% straight line
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2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Financial Instruments
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at a transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated case flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
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2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 July 2023 - 69,304 5,000 3,499 77,803
Additions 4,000 4,949 - 2,976 11,925
As at 30 June 2024 4,000 74,253 5,000 6,475 89,728
Depreciation
As at 1 July 2023 - 11,104 700 1,080 12,884
Provided during the period 370 14,709 1,000 1,719 17,798
As at 30 June 2024 370 25,813 1,700 2,799 30,682
Net Book Value
As at 30 June 2024 3,630 48,440 3,300 3,676 59,046
As at 1 July 2023 - 58,200 4,300 2,419 64,919
5. Stocks
30 June 2024 30 June 2023
£ £
Stock 16,951 5,654
6. Debtors
30 June 2024 30 June 2023
£ £
Due within one year
Trade debtors 6,274 4,245
Prepayments and accrued income 58,486 36,294
Other debtors 1,250 1,250
Deferred tax current asset 26,523 -
VAT - 7,640
92,533 49,429
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7. Creditors: Amounts Falling Due Within One Year
30 June 2024 30 June 2023
£ £
Trade creditors 14,177 16,602
Other loans 16,317 -
Other taxes and social security 2,176 2,152
VAT 795 -
Other creditors 29,952 -
Accruals and deferred income 500 360
63,917 19,114
8. Creditors: Amounts Falling Due After More Than One Year
30 June 2024 30 June 2023
£ £
Other loans 28,332 -
Directors loan account 6,051 152,206
34,383 152,206
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 3,653 3,653
Deferred taxation (30,176 ) (30,176 )
Balance at 30 June 2024 (26,523 ) (26,523)
10. Share Capital
30 June 2024 30 June 2023
Allotted, called up and fully paid £ £
0 Ordinary Shares of £ 0.00 each - 20
100 Ordinary A shares of £ 1.00 each 100 -
100 Ordinary B shares of £ 1.00 each 100 -
100 Ordinary C shares of £ 1.00 each 100 -
300 20
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Shares issued during the period: £
100 Ordinary A shares of £ 1.00 each 100
100 Ordinary B shares of £ 1.00 each 100
100 Ordinary C shares of £ 1.00 each 100
300
Shares disposed during the period: £
20 Ordinary Shares of £ 1.00 each (20)
11. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £296 (2023: £Nil) were due to the fund. They are included in Other Creditors.
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