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COMPANY REGISTRATION NUMBER: 05119117
AUTOMOBILE ART LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2024
AUTOMOBILE ART LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
Current assets
Debtors
6
13,679
11,725
Cash at bank and in hand
1,454
1,154
--------
--------
15,133
12,879
Creditors: amounts falling due within one year
7
44,509
34,488
--------
--------
Net current liabilities
29,376
21,609
--------
--------
Total assets less current liabilities
( 29,376)
( 21,609)
--------
--------
Net liabilities
( 29,376)
( 21,609)
--------
--------
AUTOMOBILE ART LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
3
3
Profit and loss account
( 29,379)
( 21,612)
--------
--------
Shareholders deficit
( 29,376)
( 21,609)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 April 2025 , and are signed on behalf of the board by:
Mr. D.J Louch
Director
Company registration number: 05119117
AUTOMOBILE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st MAY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Albion Parade, Wallheath, Kingswinford, DY6 0NP, West Midlands.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(i) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(ii) Going concern
The accounts have been drawn up on the going concern basis on the grounds that the continuation of the company's activities is dependent upon the continued support of its director and bankers. Should this support be withdrawn the company may not be able to continue trading and adjustments would have to be made to reduce the value of its assets to their recoverable amounts to provide for any further liabilities that may crystalise and to reclassify fixed assets and long-term liabilities as current assets and current liabilities.
(iii) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(iv) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(v) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
33 1/3% Straight Line
Fixtures & Fittings
-
50% Straight Line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1st June 2023 and 31st May 2024
12,859
34,211
47,070
--------
--------
--------
Depreciation
At 1st June 2023 and 31st May 2024
12,859
34,211
47,070
--------
--------
--------
Carrying amount
At 31st May 2024
--------
--------
--------
At 31st May 2023
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
13,642
11,642
Other debtors
37
83
--------
--------
13,679
11,725
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,572
7,386
Social security and other taxes
49
Other creditors
38,937
27,053
--------
--------
44,509
34,488
--------
--------
8. Directors' advances, credits and guarantees
There were no transactions during the year which need to be reported upon.
9. Related party transactions
The company was under the control of Mr D.J. Louch throughout the current and previous year. Mr D.J. Louch owns 66.67% of the issued share capital in the company No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.