Company registration number 04524371 (England and Wales)
ASM AUTOMOTIVE ENGINEERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
ASM AUTOMOTIVE ENGINEERS LIMITED
COMPANY INFORMATION
Directors
Mr A May
Mr S May
Secretary
Mr S May
Company number
04524371
Registered office
The Barn
Stillers Farm
Ewshot
Hampshire
GU10 5BT
Accountants
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
ASM AUTOMOTIVE ENGINEERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
ASM AUTOMOTIVE ENGINEERS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ASM AUTOMOTIVE ENGINEERS LIMITED FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ASM Automotive Engineers Limited for the year ended 31 March 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of ASM Automotive Engineers Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of ASM Automotive Engineers Limited
and state those matters that we have agreed to state to the Board of Directors of ASM Automotive Engineers Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ASM Automotive Engineers Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that ASM Automotive Engineers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of ASM Automotive Engineers Limited. You consider that ASM Automotive Engineers Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of ASM Automotive Engineers Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kirk Rice LLP
22 December 2022
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
ASM AUTOMOTIVE ENGINEERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
2,076
1,194
Cash at bank and in hand
14,526
14,595
16,602
15,789
Creditors: amounts falling due within one year
5
(16,574)
(15,780)
Net current assets
28
9
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
26
7
Total equity
28
9
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2022 and are signed on its behalf by:
Mr S May
Director
Company Registration No. 04524371
ASM AUTOMOTIVE ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
ASM Automotive Engineers Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Barn, Stillers Farm, Ewshot, Hampshire, GU10 5BT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover relates to
automotive services
provided and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised in line with the performance of these services.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on cost
Motor vehicles
25% on cost
1.4
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.5
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
ASM AUTOMOTIVE ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2021
3,103
2,000
5,103
Disposals
(2,000)
(2,000)
At 31 March 2022
3,103
3,103
Depreciation and impairment
At 1 April 2021
3,103
2,000
5,103
Eliminated in respect of disposals
(2,000)
(2,000)
At 31 March 2022
3,103
3,103
Carrying amount
At 31 March 2022
At 31 March 2021
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,074
546
Other debtors
1,002
648
2,076
1,194
ASM AUTOMOTIVE ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
4,386
986
Taxation and social security
9,039
9,008
Other creditors
3,149
5,786
16,574
15,780