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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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AUTOVENTIVE LTD |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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AUTOVENTIVE LTD |
AUTOVENTIVE LTD (REGISTERED NUMBER: 11127389) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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AUTOVENTIVE LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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7 Lower Brook Street |
Oswestry |
Shropshire |
SY11 2HG |
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ACCOUNTANTS: |
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Office 1 |
Crown House |
Well Street |
Ruthin |
LL15 1AE |
AUTOVENTIVE LTD (REGISTERED NUMBER: 11127389) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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AUTOVENTIVE LTD (REGISTERED NUMBER: 11127389) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Autoventive Ltd is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These financial statements are for the individual entity only. |
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The financial statements are presented in Sterling (£) rounded to the nearest £1. |
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Going Concern |
The financial statements have been prepared on a going concern basis as the directors are of the opinion that the Company will be able to pay its liabilities as and when they fall due. |
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The directors have reached this conclusion after assessing the Company's future cash and funding requirements along with budgets and medium term plans. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
AUTOVENTIVE LTD (REGISTERED NUMBER: 11127389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Debtors |
Short term debtors are measured at transaction price (which is usually invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Other debtors |
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AUTOVENTIVE LTD (REGISTERED NUMBER: 11127389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Within one year |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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During the year, the entire share capital of the company was bought by Precision Vehicle Logistics LLC, which is owned by Baymiller Investors LLC. |
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Since the purchase, Autoventive Ltd has invoiced Precision Vehicle Logistics LLC £318,822 for services provided. All services were charged at market rate. |
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11. | POST BALANCE SHEET EVENTS |
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From 16th March 2020 companies across the UK were urged to go in to lockdown as a result of the COVID-19 pandemic. As such this worldwide event has resulted in increased financial pressures and strains on employee health & safety in the work place for a large number of companies. Fortunately for Autoventive Limited, COVID-19 is not expected to have a significant impact on the entity. Management have determined that there is no material uncertainty that cast doubt on the entities ability to continue as a going concern. It expects that COVID-19 may have some impact, though not significant, for example in relation to expected future performance. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is Baymiller Investors LLC, 559 Liberty Hill, Cincinnati, Ohio 45202, USA. Entity 133414558 - State of Ohio. |