Registration number:
Auto Electrical Supplies Limited
for the
Year Ended 31 October 2024
Auto Electrical Supplies Limited
Contents
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Auto Electrical Supplies Limited
Balance Sheet
as at 31 October 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Allotted, called up and fully paid share capital |
|
|
|
|
Profit and loss account |
|
|
|
|
Shareholders' funds |
|
|
|
Registration number: 03244116
Auto Electrical Supplies Limited
Balance Sheet
as at 31 October 2024 (continued)
For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
|
......................................... |
Auto Electrical Supplies Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 October 2024
|
General information |
The company is a private company limited by shares incorporated in England within the United Kingdom.
The company's registration number is 03244116.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A – ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Auto Electrical Supplies Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 October 2024
(continued)
|
2 |
Accounting policies (continued) |
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Improvements to leasehold property |
10% per annum on a straight line basis |
|
Fixtures, fittings and equipment |
15% per annum on a reducing balance basis |
|
Motor vehicles |
20% per annum on a reducing balance basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Auto Electrical Supplies Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 October 2024
(continued)
|
Tangible assets |
|
Improvements to leasehold property |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost |
||||
|
At 1 November 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
( |
( |
( |
( |
|
At 31 October 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 November 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
( |
( |
( |
( |
|
At 31 October 2024 |
|
|
|
|
|
Net book value |
||||
|
At 31 October 2024 |
|
|
|
|
|
At 31 October 2023 |
|
|
|
|
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Auto Electrical Supplies Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 October 2024
(continued)
|
Creditors |
|
2024 |
2023 |
||
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Loans and borrowings |
|
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
|
Taxation and social security |
|
|
|
|
Corporation tax liability |
64,136 |
105,642 |
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
|
Due after one year |
|||
|
Bank loans and overdrafts |
|
|
|
Related party transactions |
|
Transactions with directors |
|
2024 |
At 1 November 2023 |
Advances to directors |
Repayments by director |
At 31 October 2024 |
|
Interest free loan |
|
- |
( |
|