ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Registered number: 08907566

AUTO SPARES (CANVEY ISLAND) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

AUTO SPARES (CANVEY ISLAND) LIMITED

REGISTERED NUMBER: 08907566

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		6,753		6,604
			6,753		6,604
Current assets
Debtors: amounts falling due within one year	5	3,637		11,894
Cash at bank and in hand	6	1,005		4,709
		4,642		16,603
Creditors: amounts falling due within one year	7	(77,942)		(84,499)
Net current liabilities			(73,300)		(67,896)
Total assets less current liabilities			(66,547)		(61,292)
Creditors: amounts falling due after more than one year	8		(1,155)		(8,109)

Net liabilities			(67,702)		(69,401)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(67,802)	(69,501)
	(67,702)	(69,401)

The directors consider 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 directors acknowledge their 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 comprehensive income 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 on 12 December 2025.

N. Harvey

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AUTO SPARES (CANVEY ISLAND) LIMITED

REGISTERED NUMBER: 08907566

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

Director

The notes on pages 3 to 7 form part of these financial statements.

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AUTO SPARES (CANVEY ISLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Auto Spares (Canvey Island) Limited is a private company limited by shares and was incorporated in England and Wales.

The compamy's registered office is:

1 Kings Road,
Canvey Island,
Essex,
SS8 0QY.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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

Going concern

In view of the excess of liabilities over assets at 31st March 2025 the appropriateness of the going concern basis is depedent upon the continued support of the company's creditors.

The creditors have continued to support the company and the directors are of the opinion that they will continue to do so. In light of the aforementioned, the directors consider it appropriate to adopt the going concern basis in preparing the financial statements.

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AUTO SPARES (CANVEY ISLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

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.

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AUTO SPARES (CANVEY ISLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

25%

reducing balance

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.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 3 (2024 - 3).

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AUTO SPARES (CANVEY ISLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 April 2024	37,766
	Additions	2,400
	At 31 March 2025	40,166
	Depreciation
	At 1 April 2024	31,162
	Charge for the year on owned assets	2,251
	At 31 March 2025	33,413
	Net book value
	At 31 March 2025	6,753
	At 31 March 2024	6,604

Debtors

					2025	2024
					£	£


Trade debtors	3,637	8,369
Prepayments and accrued income	-	3,525
	3,637	11,894

6.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	1,005	4,709
	1,005	4,709

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AUTO SPARES (CANVEY ISLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	6,954	6,950
Trade creditors	787	111
Other taxation and social security	7,149	6,623
Director's loan account	61,654	69,415
Accruals and deferred income	1,398	1,400
	77,942	84,499

8.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	1,155	8,109
	1,155	8,109

Amounts falling due within one year
Bank loans	6,954	6,950
	6,954	6,950
Amounts falling due 1-2 years
Bank loans	1,155	8,109
	1,155	8,109


	8,109	15,059

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