Company Registration No. 1333857 (England and Wales)
Automec Equipment & Parts Limited
Unaudited accounts
for the year ended 31 December 2023
Automec Equipment & Parts Limited
Unaudited accounts
Contents
Automec Equipment & Parts Limited
Company Information
for the year ended 31 December 2023
Directors
R F Smith
Mrs V J Smith
J P Smith
Company Number
1333857 (England and Wales)
Registered Office
36 Ballmoor
Buckingham Industrial Park
Buckingham
Buckinghamshire
MK18 1RQ
Accountants
Anthistle Craven
Moreton House
31 High Street
Buckingham
Bucks
MK18 1NU
Automec Equipment & Parts Limited
Statement of financial position
as at 31 December 2023
Tangible assets
43,359
18,551
Inventories
168,147
159,916
Cash at bank and in hand
453,569
430,691
Creditors: amounts falling due within one year
(116,115)
(121,699)
Net current assets
558,965
540,578
Total assets less current liabilities
602,324
559,129
Provisions for liabilities
Deferred tax
(9,727)
(3,524)
Net assets
592,597
555,605
Called up share capital
5,000
5,000
Profit and loss account
587,597
550,605
Shareholders' funds
592,597
555,605
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by
J P Smith
Director
Company Registration No. 1333857
Automec Equipment & Parts Limited
Notes to the Accounts
for the year ended 31 December 2023
Automec Equipment & Parts Limited is a private company, limited by shares, registered in England and Wales, registration number 1333857. The registered office is 36 Ballmoor, Buckingham Industrial Park, Buckingham, Buckinghamshire, MK18 1RQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on cost
Motor vehicles
20% on cost
Computer equipment
33% on cost
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Automec Equipment & Parts Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
57,744
58,508
13,009
129,261
Additions
-
51,172
-
51,172
Disposals
-
(58,508)
-
(58,508)
At 31 December 2023
57,744
51,172
13,009
121,925
At 1 January 2023
54,928
43,024
12,758
110,710
Charge for the year
563
10,234
83
10,880
On disposals
-
(43,024)
-
(43,024)
At 31 December 2023
55,491
10,234
12,841
78,566
At 31 December 2023
2,253
40,938
168
43,359
At 31 December 2022
2,816
15,484
251
18,551
Amounts falling due within one year
Trade debtors
53,364
71,670
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
66,900
81,815
Taxes and social security
18,811
22,282
7
Average number of employees
During the year the average number of employees was 6 (2022: 6).