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Registration number: 12178458

Automatic Gear Change Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Automatic Gear Change Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Automatic Gear Change Ltd

Company Information

Director

Ms J M Roberts

Registered office

2 Jagaar Court
Burtle
Bridgwater
TA7 8NU

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Automatic Gear Change Ltd

(Registration number: 12178458)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

-

216

Cash at bank and in hand

 

837

2,321

 

837

2,537

Creditors: Amounts falling due within one year

5

(7,453)

(6,783)

Total assets less current liabilities

 

(6,616)

(4,246)

Creditors: Amounts falling due after more than one year

5

(2,250)

(4,000)

Net liabilities

 

(8,866)

(8,246)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(8,966)

(8,346)

Shareholders' deficit

 

(8,866)

(8,246)

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Automatic Gear Change Ltd

(Registration number: 12178458)
Balance Sheet as at 31 August 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 April 2025
 

.........................................
Ms J M Roberts
Director

 

Automatic Gear Change Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Jagaar Court
Burtle
Bridgwater
TA7 8NU
England

The principal place of business is:
Unit 2
Mill Batch Farm Industrial Estate
Bristol Road
Highbridge
Somerset
TA9 4JN
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£).

 

Automatic Gear Change Ltd

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

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Automatic Gear Change Ltd

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

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Debtors

Current

2024
£

2023
£

Other debtors

-

216

 

-

216

 

Automatic Gear Change Ltd

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

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

3,000

3,000

Trade creditors

 

443

-

Accruals and deferred income

 

360

313

Other creditors

 

3,650

3,470

 

7,453

6,783


Creditors include bank loans which are secured by the Government of £3,000 (2023: £3,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

2,250

4,000


Creditors include bank loans which are secured by the Government of £2,250 (2023: £4,000).

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Automatic Gear Change Ltd

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

7

Related party transactions

Summary of transactions with other related parties

Gear Change Limited

A company under common control of the director.

As at the balance sheet date, the company owed £3,650 (2023: £435) to Gear Change Limited. The company considers this loan to be interest free and repayable on demand.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

2,250

4,000

Current loans and borrowings

2024
£

2023
£

Other borrowings

3,000

3,000