Registered number
03867470
Woolston Auto Engineering Limited
Unaudited Filleted Accounts
31 October 2024
Woolston Auto Engineering Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
Woolston Auto Engineering Limited
Company Information
Directors
N J Williamson
C A Williamson
Secretary
Mrs C A Williamson
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Bankers
Lloyds TSB
63 London Road
Southampton
Hampshire
SO15 2US
Registered office
88A Swanwick Lane
Swanwick
Southampton
Hampshire
SO31 7HF
Registered number
03867470
Woolston Auto Engineering Limited
Registered number: 03867470
Directors' Report
The directors present their report and accounts for the year ended 31 October 2024.
Principal activities
The company's principal activity during the year continued to be that of the maintenance and repair of motor vehicles.
Directors
The following persons served as directors during the year:
N J Williamson
C A Williamson
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 25 March 2025 and signed on its behalf.
N J Williamson
Director
Woolston Auto Engineering Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Woolston Auto Engineering Limited for the year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Woolston Auto Engineering Limited for the year ended 31 October 2024 which comprise of the Profit and Loss Account, the Balance Sheet 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Cochrane & Co Accountants Limited
Chartered Accountants
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
25 March 2025
Woolston Auto Engineering Limited
Registered number: 03867470
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 4,959 6,229
Current assets
Stocks 700 700
Debtors 5 533 1,129
Cash at bank and in hand 32,032 41,481
33,265 43,310
Creditors: amounts falling due within one year 6 (16,675) (21,110)
Net current assets 16,590 22,200
Total assets less current liabilities 21,549 28,429
Provisions for liabilities (942) (1,150)
Net assets 20,607 27,279
Capital and reserves
Called up share capital 2 2
Profit and loss account 20,605 27,277
Shareholders' funds 20,607 27,279
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N J Williamson
Director
Approved by the board on 25 March 2025
Woolston Auto Engineering Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 12,000
At 31 October 2024 12,000
Amortisation
At 1 November 2023 12,000
At 31 October 2024 12,000
Net book value
At 31 October 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 40,503 18,885 59,388
At 31 October 2024 40,503 18,885 59,388
Depreciation
At 1 November 2023 37,635 15,524 53,159
Charge for the year 430 840 1,270
At 31 October 2024 38,065 16,364 54,429
Net book value
At 31 October 2024 2,438 2,521 4,959
At 31 October 2023 2,868 3,361 6,229
5 Debtors 2024 2023
£ £
Trade debtors 533 1,129
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,981 4,355
Taxation and social security costs 9,125 10,898
Other creditors 2,569 5,857
16,675 21,110
7 Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £30,209 (2023 £25,683).
8 Controlling party
During the year the company was under the control of the directors.
9 Other information
Woolston Auto Engineering Limited is a private company limited by shares and incorporated in England. Its registered office is:
88A Swanwick Lane
Swanwick
Southampton
Hampshire
SO31 7HF
Woolston Auto Engineering Limited 03867470 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts July 2024 03867470 2022-11-01 2023-10-31 03867470 core:WithinOneYear 2023-10-31 03867470 core:ShareCapital 2023-10-31 03867470 core:RetainedEarningsAccumulatedLosses 2023-10-31 03867470 2023-11-01 2024-10-31 03867470 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 03867470 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 03867470 bus:Director1 2023-11-01 2024-10-31 03867470 bus:Director2 2023-11-01 2024-10-31 03867470 bus:CompanySecretary1 2023-11-01 2024-10-31 03867470 1 2023-11-01 2024-10-31 03867470 2 2023-11-01 2024-10-31 03867470 core:PlantMachinery 2023-11-01 2024-10-31 03867470 core:Vehicles 2023-11-01 2024-10-31 03867470 countries:England 2023-11-01 2024-10-31 03867470 bus:FRS102 2023-11-01 2024-10-31 03867470 bus:FilletedAccounts 2023-11-01 2024-10-31 03867470 2024-10-31 03867470 core:WithinOneYear 2024-10-31 03867470 core:ShareCapital 2024-10-31 03867470 core:RetainedEarningsAccumulatedLosses 2024-10-31 03867470 core:Goodwill 2024-10-31 03867470 core:PlantMachinery 2024-10-31 03867470 core:Vehicles 2024-10-31 03867470 2023-10-31 03867470 core:Goodwill 2023-10-31 03867470 core:PlantMachinery 2023-10-31 03867470 core:Vehicles 2023-10-31 iso4217:GBP xbrli:pure