Company registration number 09347524 (England and Wales)
IAUTOMOTIVE SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
IAUTOMOTIVE SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
IAUTOMOTIVE SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,098
1,373
Investment property
4
225,000
225,000
226,098
226,373
Current assets
Stocks
37,696
3,082
Debtors
5
404
17,396
Cash at bank and in hand
6,807
23,608
44,907
44,086
Creditors: amounts falling due within one year
6
(188,429)
(175,577)
Net current liabilities
(143,522)
(131,491)
Total assets less current liabilities
82,576
94,882
Provisions for liabilities
(16,284)
(16,284)
Net assets
66,292
78,598
Capital and reserves
Called up share capital
100
100
Revaluation reserve
7
65,135
65,135
Profit and loss reserves
1,057
13,363
Total equity
66,292
78,598
IAUTOMOTIVE SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 21 May 2025
Haroon Rashid
Director
Company registration number 09347524 (England and Wales)
IAUTOMOTIVE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
IAutomotive Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Paignton Road, Birmingham, UK, B16 0JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
IAUTOMOTIVE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
4,892
Depreciation and impairment
At 1 January 2024
3,519
Depreciation charged in the year
275
At 31 December 2024
3,794
Carrying amount
At 31 December 2024
1,098
At 31 December 2023
1,373
4
Investment property
2024
£
Fair value
At 1 January 2024
159,865
Revaluations
65,135
At 31 December 2024
225,000
IAUTOMOTIVE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
319
17,216
Other debtors
85
180
404
17,396
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,592
Corporation tax
5,974
9,254
Other taxation and social security
4,220
5,100
Other creditors
178,235
156,631
188,429
175,577
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
65,135
30,135
Cumulative fair value adjustment transferred to profit or loss on revaluation
35,000
At the end of the year
65,135
65,135
8
Ultimate Controlling Party
The controlling party is Haroon Rashid.