ACCOUNTS - Final Accounts preparation

Company registration number: 08443979

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2024

	AUTOMOTIVE EXCELLENCE LTD


AUTOMOTIVE EXCELLENCE LTD

COMPANY INFORMATION

Director	Geoffrey M Geen


Registered number	08443979


Registered office	43 Winchester Road
	Southampton
	Hampshire
	SO16 6UP


Accountants	Menzies LLP
	Chartered Accountants
	Victoria House
	50-58 Victoria Road
	Farnborough
	Hampshire
	GU14 7PG


AUTOMOTIVE EXCELLENCE LTD

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 6


AUTOMOTIVE EXCELLENCE LTD REGISTERED NUMBER:08443979

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		4,690		6,241
			4,690		6,241
Current assets
Stocks		179,519		151,325
Debtors: amounts falling due within one year	5	13,926		13,071
Cash at bank and in hand		88,318		57,814
		281,763		222,210
Creditors: amounts falling due within one year	6	(97,049)		(101,361)
Net current assets			184,714		120,849
Total assets less current liabilities			189,404		127,090
Creditors: amounts falling due after more than one year	7		(12,619)		(22,572)

Net assets			176,785		104,518

Capital and reserves
Called up share capital	1	1
Profit and loss account	176,784	104,517
	176,785	104,518

Page 1


AUTOMOTIVE EXCELLENCE LTD REGISTERED NUMBER:08443979

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2024

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Geoffrey M Geen

Director

Date: 30 October 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2


AUTOMOTIVE EXCELLENCE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1.	General information

Automotive Excellence Ltd is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of its registered office, which is the same as its principal place of business, is disclosed on the company information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound sterling.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3


AUTOMOTIVE EXCELLENCE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery	-	20% Straight line
Motor vehicles	-	15% Reducing balance
Fixtures and fittings	-	20% Straight line
Computer equipment	-	33% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Employees

The average monthly number of employees, including Directors, during the year was 6 (2023 - 6).

Page 4


AUTOMOTIVE EXCELLENCE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

4.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2023	30,980	9,000	538	3,859	44,377
Additions	1,328	-	-	206	1,534
At 31 March 2024	32,308	9,000	538	4,065	45,911
Depreciation
At 1 April 2023	26,607	8,335	538	2,656	38,136
Charge for the year on owned assets	2,200	100	-	785	3,085
At 31 March 2024	28,807	8,435	538	3,441	41,221
Net book value
At 31 March 2024	3,501	565	-	624	4,690
At 31 March 2023	4,373	665	-	1,203	6,241

Debtors

					2024	2023
					£	£


Trade debtors	8,945	3,809
Prepayments and accrued income	4,981	9,262
	13,926	13,071

Page 5


AUTOMOTIVE EXCELLENCE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	9,798	9,798
Trade creditors	32,069	41,863
Corporation tax	23,927	2,350
Other taxation and social security	20,985	9,812
Other creditors	6,790	31,533
Accruals and deferred income	3,480	6,005
	97,049	101,361

7.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

	Bank loans	12,619	22,572

Page 6