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REGISTERED NUMBER: 09179006 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Autospray Lifton Limited

Autospray Lifton Limited (Registered number: 09179006)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Autospray Lifton Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: D B Wakeham
Mrs T J Wakeham
S T Wakeham





REGISTERED OFFICE: Autospray
Tinhay Mill Industrial Estate
Tinhay
Lifton
Devon
PL16 0AH





REGISTERED NUMBER: 09179006 (England and Wales)





ACCOUNTANTS: Haines Watts
9 Western Road
Launceston
Cornwall
PL15 7AR

Autospray Lifton Limited (Registered number: 09179006)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 302,023 144,437
302,023 144,437

CURRENT ASSETS
Stocks 121,890 20,723
Debtors 6 271,403 195,818
Cash at bank 138,720 98,768
532,013 315,309
CREDITORS
Amounts falling due within one year 7 500,389 265,446
NET CURRENT ASSETS 31,624 49,863
TOTAL ASSETS LESS CURRENT LIABILITIES 333,647 194,300

CREDITORS
Amounts falling due after more than one
year

8

(135,551

)

(18,325

)

PROVISIONS FOR LIABILITIES (22,441 ) (14,759 )
NET ASSETS 175,655 161,216

CAPITAL AND RESERVES
Called up share capital 30,000 200
Retained earnings 145,655 161,016
175,655 161,216

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

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

The directors acknowledge their 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.

Autospray Lifton Limited (Registered number: 09179006)

Balance Sheet - continued
31 August 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 Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:




D B Wakeham - Director Mrs T J Wakeham - Director




S T Wakeham - Director


Autospray Lifton Limited (Registered number: 09179006)

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

1. STATUTORY INFORMATION

Autospray Lifton 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.

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, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1992, is being amortised evenly over its estimated useful life of five years.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Autospray Lifton Limited (Registered number: 09179006)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 16 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 108,576
AMORTISATION
At 1 September 2023
and 31 August 2024 108,576
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

Autospray Lifton Limited (Registered number: 09179006)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023 292,367
Additions 242,738
Disposals (7,599 )
At 31 August 2024 527,506
DEPRECIATION
At 1 September 2023 147,930
Charge for year 83,523
Eliminated on disposal (5,970 )
At 31 August 2024 225,483
NET BOOK VALUE
At 31 August 2024 302,023
At 31 August 2023 144,437

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
Additions 170,706
At 31 August 2024 170,706
DEPRECIATION
Charge for year 42,679
At 31 August 2024 42,679
NET BOOK VALUE
At 31 August 2024 128,027

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 230,124 150,217
Other debtors 41,279 45,601
271,403 195,818

Autospray Lifton Limited (Registered number: 09179006)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Included in other debtors is an amount of £27,273 representing accumulated costs on a potential development. The Autospray Lifton Pension Scheme will be proceeding with this development and will be reimbursing the company for these costs in due course.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 224,376 -
Finance leases (see note 9) 26,852 -
Trade creditors 66,327 78,923
Taxation and social security 123,890 98,144
Other creditors 58,944 88,379
500,389 265,446

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
£    £   
Finance leases (see note 9) 127,211 -
Other creditors 8,340 18,325
135,551 18,325

9. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
31.8.24 31.8.23
£    £   
Net obligations repayable:
Within one year 26,852 -
Between one and five years 127,211 -
154,063 -

10. SECURED DEBTS

National Westminster Bank plc have a fixed charge and a floating charge which were registered on 9 September 2014. The floating charge covers all the property or undertaking of the company. The charge contains a negative pledge.

Autospray Lifton Limited (Registered number: 09179006)

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

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.8.24 31.8.23
£    £   
S T Wakeham
Balance outstanding at start of year - (2,096 )
Amounts advanced 14,271 32,262
Amounts repaid (266 ) (30,166 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,005 -

Mr S Wakeham repaid his directors loan account on 17 December 2024. Interest is charged on the outstanding balance at HMRC official rate of interest.

12. ULTIMATE CONTROLLING PARTY

The shares are owned by Wakeham Holdings Ltd, following a share for share exchange with the directors, . Mr D, Mrs T and Mr S Wakeham. The shares of Wakeham Holdings Ltd are owned 100% by Mr D, Mrs T and Mr S Wakeham.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Autospray Lifton Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Autospray Lifton Limited for the year ended 31 August 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Autospray Lifton Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Autospray Lifton Limited and state those matters that we have agreed to state to the Board of Directors of Autospray Lifton Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Autospray Lifton Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Autospray Lifton Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Autospray Lifton Limited. You consider that Autospray Lifton Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Autospray Lifton Limited. 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 statutory financial statements.






Haines Watts
9 Western Road
Launceston
Cornwall
PL15 7AR


2 April 2025