4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 3226074 2023-08-01 2024-07-31 3226074 2024-07-31 3226074 2023-07-31 3226074 2022-08-01 2023-07-31 3226074 2023-07-31 3226074 2022-07-31 3226074 core:FurnitureFittings 2023-08-01 2024-07-31 3226074 core:MotorVehicles 2023-08-01 2024-07-31 3226074 bus:Director1 2023-08-01 2024-07-31 3226074 bus:Director2 2023-08-01 2024-07-31 3226074 core:FurnitureFittings 2023-07-31 3226074 core:MotorVehicles 2023-07-31 3226074 core:FurnitureFittings 2024-07-31 3226074 core:MotorVehicles 2024-07-31 3226074 core:WithinOneYear 2024-07-31 3226074 core:WithinOneYear 2023-07-31 3226074 core:AfterOneYear 2024-07-31 3226074 core:AfterOneYear 2023-07-31 3226074 core:ShareCapital 2024-07-31 3226074 core:ShareCapital 2023-07-31 3226074 core:RetainedEarningsAccumulatedLosses 2024-07-31 3226074 core:RetainedEarningsAccumulatedLosses 2023-07-31 3226074 core:FurnitureFittings 2023-07-31 3226074 core:MotorVehicles 2023-07-31 3226074 bus:SmallEntities 2023-08-01 2024-07-31 3226074 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 3226074 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 3226074 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 3226074 bus:FullAccounts 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: 3226074
AUTOTRIM LIMITED
Filleted Unaudited Financial Statements
31 July 2024
AUTOTRIM LIMITED
Financial Statements
Year ended 31st July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
AUTOTRIM LIMITED
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
11,259
13,956
Current assets
Stocks
1,643
2,529
Debtors
6
64,122
53,870
Cash at bank and in hand
26,385
56,657
--------
---------
92,150
113,056
Creditors: amounts falling due within one year
7
91,045
96,916
--------
---------
Net current assets
1,105
16,140
--------
--------
Total assets less current liabilities
12,364
30,096
Creditors: amounts falling due after more than one year
8
8,773
22,914
Provisions
Taxation including deferred tax
2,139
2,652
--------
--------
Net assets
1,452
4,530
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,450
4,528
-------
-------
Shareholders funds
1,452
4,530
-------
-------
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 July 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 .
AUTOTRIM LIMITED
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 24 April 2025 , and are signed on behalf of the board by:
Mrs S J McDermott
Mr J S McDermott
Director
Director
Company registration number: 3226074
AUTOTRIM LIMITED
Notes to the Financial Statements
Year ended 31st July 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 Alex House, 260/268 Chapel Street, Salford, Manchester, M3 5JZ.
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
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation .
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:
Fixtures, Fittings & Equipment
-
15% reducing balance
Motor Vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).
5. Tangible assets
Fixtures, Fittings & Equipment
Motor Vehicles
Total
£
£
£
Cost
At 1st August 2023 and 31st July 2024
12,846
24,262
37,108
--------
--------
--------
Depreciation
At 1st August 2023
10,971
12,181
23,152
Charge for the year
281
2,416
2,697
--------
--------
--------
At 31st July 2024
11,252
14,597
25,849
--------
--------
--------
Carrying amount
At 31st July 2024
1,594
9,665
11,259
--------
--------
--------
At 31st July 2023
1,875
12,081
13,956
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
54,367
47,049
Other debtors
9,755
6,821
--------
--------
64,122
53,870
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,289
9,787
Trade creditors
16,122
18,352
Social security and other taxes
52,441
56,257
Other creditors
12,193
12,520
--------
--------
91,045
96,916
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,773
19,062
Other creditors
3,852
-------
--------
8,773
22,914
-------
--------
9. Related party transactions
At the year end the company owed to its directors £1,071 (2023 - £2,957).