Autotech Slough Ltd 31/12/2019 iXBRL

Autotech Slough Ltd 31/12/2019 iXBRL

AUTOTECH SLOUGH LTD - Company Information

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Company registration number: 04023431
Autotech Slough Ltd
Unaudited filleted financial statements
31 December 2019
Autotech Slough Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Autotech Slough Ltd
Directors and other information
Directors D R Leftley
J J Leftley
A McCarron
Company number 04023431
Registered office Unit 1-2 Taplow Road
Marshgate Trading Estate
Taplow, Maidenhead
Berks
SL6 0ND
Accountants Pink Affinity Limited
Autotech Slough Ltd
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 201,003 229,576
_______ _______
201,003 229,576
Current assets
Stocks 41,413 38,829
Debtors 6 489,020 799,198
Cash at bank and in hand 474,674 162,995
_______ _______
1,005,107 1,001,022
Creditors: amounts falling due
within one year 7 ( 573,060) ( 588,929)
_______ _______
Net current assets 432,047 412,093
_______ _______
Total assets less current liabilities 633,050 641,669
Creditors: amounts falling due
after more than one year 8 ( 50,505) ( 50,505)
Provisions for liabilities ( 25,459) ( 27,903)
_______ _______
Net assets 557,086 563,261
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 547,086 553,261
_______ _______
Shareholders funds 557,086 563,261
_______ _______
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 July 2020 , and are signed on behalf of the board by:
D R Leftley
Director
Company registration number: 04023431
Autotech Slough Ltd
Statement of changes in equity
Year ended 31 December 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2018 10,000 762,818 772,818
Profit for the year 90,443 90,443
_______ _______ _______
Total comprehensive income for the year - 90,443 90,443
Dividends paid and payable ( 300,000) ( 300,000)
_______ _______ _______
Total investments by and distributions to owners - ( 300,000) ( 300,000)
_______ _______ _______
At 31 December 2018 and 1 January 2019 10,000 553,261 563,261
Profit for the year 193,825 193,825
_______ _______ _______
Total comprehensive income for the year - 193,825 193,825
Dividends paid and payable ( 200,000) ( 200,000)
_______ _______ _______
Total investments by and distributions to owners - ( 200,000) ( 200,000)
_______ _______ _______
At 31 December 2019 10,000 547,086 557,086
_______ _______ _______
Autotech Slough Ltd
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Unit 1-2 Taplow Road, Marshgate Trading Estate, Taplow, Maidenhead, Berks, SL6 0ND.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2018: 32 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2019 913,885 63,706 977,591
Additions 16,104 4,261 20,365
Disposals - ( 60,821) ( 60,821)
_______ _______ _______
At 31 December 2019 929,989 7,146 937,135
_______ _______ _______
Depreciation
At 1 January 2019 688,194 59,821 748,015
Charge for the year 47,938 - 47,938
Disposals - ( 59,821) ( 59,821)
_______ _______ _______
At 31 December 2019 736,132 - 736,132
_______ _______ _______
Carrying amount
At 31 December 2019 193,857 7,146 201,003
_______ _______ _______
At 31 December 2018 225,691 3,885 229,576
_______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 343,071 589,285
Other debtors 145,949 209,913
_______ _______
489,020 799,198
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 316,481 337,945
Corporation tax 47,939 8,211
Social security and other taxes 90,010 92,398
Other creditors 118,630 150,375
_______ _______
573,060 588,929
_______ _______
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 50,505 50,505
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 197,500 197,500
Later than 1 year and not later than 5 years 790,000 790,000
Later than 5 years 790,000 987,500
_______ _______
1,777,500 1,975,000
_______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2019 2018 2019 2018
£ £ £ £
Autotech ARC Ltd ( 121,914) ( 132,409) 8,690 ( 90,138)
Autotech Reading Limited ( 188,313) ( 141,793) 19,776 10,246
Emanuel Brothers Limited ( 83,426) ( 67,196) 3,855 ( 74)
Autotech High Wycombe Ltd ( 162,366) ( 110,726) 11,735 112,415
_______ _______ _______ _______
The above balances owed by / owed to are included in trade debtors and trade creditors.
11. Controlling party
The company is under the control of its directors by virtue of their shareholding.