Company Registration No. 07229532 (England and Wales)
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
31 December
31 March
2018
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,423
1,674
Investments
4
1
1
1,424
1,675
Current assets
Stocks
1,000
1,296
Debtors
6
731,315
800,264
Cash at bank and in hand
92,053
43,942
824,368
845,502
Creditors: amounts falling due within one year
7
(431,219)
(412,289)
Net current assets
393,149
433,213
Total assets less current liabilities
394,573
434,888
Provisions for liabilities
(270)
(318)
Net assets
394,303
434,570
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
394,203
434,470
Total equity
394,303
434,570
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 December 2018 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 period 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 23 September 2019 and are signed on its behalf by:
Mr D K A Patel
Director
Company Registration No. 07229532
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Automotive & Industrial Consumables Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Sterling Works, Texas Street, Tingley, Leeds, LS27 0HG.
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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 machinery
15% reducing balance basis.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BASIC FINANCIAL ASSETS AND LIABILITIES
Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and
receivables or payable within one year are recorded at transaction price. Any losses arising from
impairment are recognised in the profit and loss account in other administrative expenses.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
DEFERRED TAX
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 8 (2018 - 7).
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2018 and 31 December 2018
3,715
Depreciation
At 1 April 2018
2,041
Depreciation charged in the period
251
At 31 December 2018
2,292
Carrying amount
At 31 December 2018
1,423
At 31 March 2018
1,674
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 5 -
4
Fixed asset investments
2018
2018
£
£
Investments
1
1
5
Joint ventures
Separate company financial statements are required to be prepared by law.
Details of the company's joint ventures at 31 December 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Krimpterm Limited
Sterling Works, Texas Street, Tingley, Leeds, LS27 0HG
Importing goods for wholesale
Ordinary
50.00
0
6
Debtors
2018
2018
Amounts falling due within one year:
£
£
Trade debtors
206,022
307,953
Other debtors
525,293
492,311
731,315
800,264
7
Creditors: amounts falling due within one year
2018
2018
£
£
Trade creditors
362,537
294,519
Corporation tax
27,878
60,434
Other taxation and social security
29,893
47,719
Other creditors
10,911
9,617
431,219
412,289
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 6 -
8
Called up share capital
2018
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Events after the reporting date
On 1 January 2019 the company purchased 100% of the issued share capital of Globomotive Inc. a company registered in USA.
On 20 February 2019 company purchased the remaining 50% issued shares in Krimpterm Limited the joint venture company.
No adjustments have been made to the financial statements in these respects.
10
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2018
2018
2018
2018
£
£
£
£
Entities over which the entity has control, joint control or significant influence
1,989,295
1,618,066
143,250
163,828
The following amounts were outstanding at the reporting end date:
2018
2018
Amounts owed to related parties
£
£
Entities over which the entity has control, joint control or significant influence
12,611
36,888
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
10
Related party transactions
(Continued)
- 7 -
The following amounts were outstanding at the reporting end date:
2018
Balance
Amounts owed by related parties
£
Entities over which the entity has control, joint control or significant influence
41,047
2018
Balance
Amounts owed in previous period
£
Entities over which the entity has control, joint control or significant influence
636,037
2018-12-31
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23 September 2019
CCH Software
CCH Accounts Production 2019.300
No description of principal activity
Mr D K A Patel
Mrs H Patel
Mrs H Patel
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