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REGISTERED NUMBER: 07506183 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

AUTO PAINT AND EQUIPMENT LIMITED

AUTO PAINT AND EQUIPMENT LIMITED (REGISTERED NUMBER: 07506183)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AUTO PAINT AND EQUIPMENT LIMITED

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTOR: M S Bansal





REGISTERED OFFICE: 448 Beake Avenue
Coventry
West Midlands
CV6 2HQ





REGISTERED NUMBER: 07506183 (England and Wales)





ACCOUNTANTS: LDP Luckmans
1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB

AUTO PAINT AND EQUIPMENT LIMITED (REGISTERED NUMBER: 07506183)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 2,340 4,500
Tangible assets 5 21,488 28,455
23,828 32,955

CURRENT ASSETS
Debtors 6 63,032 100,140
Cash at bank 194,225 145,894
257,257 246,034
CREDITORS
Amounts falling due within one year 7 250,696 236,164
NET CURRENT ASSETS 6,561 9,870
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,389

42,825

CREDITORS
Amounts falling due after more than one
year

8

(23,935

)

(28,550

)

PROVISIONS FOR LIABILITIES (5,372 ) (7,114 )
NET ASSETS 1,082 7,161

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 82 6,161
SHAREHOLDERS' FUNDS 1,082 7,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AUTO PAINT AND EQUIPMENT LIMITED (REGISTERED NUMBER: 07506183)

BALANCE SHEET - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 May 2025 and were signed by:





M S Bansal - Director


AUTO PAINT AND EQUIPMENT LIMITED (REGISTERED NUMBER: 07506183)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Auto Paint And Equipment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

AUTO PAINT AND EQUIPMENT LIMITED (REGISTERED NUMBER: 07506183)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 June 2023
and 31 May 2024 21,600
AMORTISATION
At 1 June 2023 17,100
Amortisation for year 2,160
At 31 May 2024 19,260
NET BOOK VALUE
At 31 May 2024 2,340
At 31 May 2023 4,500

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 263,180 9,367 7,600 280,147
DEPRECIATION
At 1 June 2023 236,818 7,900 6,974 251,692
Charge for year 6,591 220 156 6,967
At 31 May 2024 243,409 8,120 7,130 258,659
NET BOOK VALUE
At 31 May 2024 19,771 1,247 470 21,488
At 31 May 2023 26,362 1,467 626 28,455

AUTO PAINT AND EQUIPMENT LIMITED (REGISTERED NUMBER: 07506183)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST
At 1 June 2023
and 31 May 2024 7,600
DEPRECIATION
At 1 June 2023 6,974
Charge for year 156
At 31 May 2024 7,130
NET BOOK VALUE
At 31 May 2024 470
At 31 May 2023 626

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,402 68,327
Other debtors 35,038 23,013
Directors' current accounts 23,592 8,800
63,032 100,140

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,767 5,375
Other creditors 216,457 193,783
Tax 11,796 22,775
Social security and other taxes (21 ) 234
Net wages 1,325 1,308
Pension Liability 327 109
VAT 5,606 5,867
Accrued expenses 10,439 6,713
250,696 236,164

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 19,068 21,500
Bank loans more 5 yr by instal 4,867 7,050
23,935 28,550

AUTO PAINT AND EQUIPMENT LIMITED (REGISTERED NUMBER: 07506183)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 4,867 7,050