Company Registration No. 14173142 (England and Wales)
AUTOCALIBRATION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
AUTOCALIBRATION LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
AUTOCALIBRATION LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AUTOCALIBRATION LTD FOR THE PERIOD ENDED 30 JUNE 2023
- 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 Autocalibration Ltd for the period ended 30 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Autocalibration Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Autocalibration Ltd and state those matters that we have agreed to state to the Board of Directors of Autocalibration Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Autocalibration Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Autocalibration Ltd 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 Autocalibration Ltd. You consider that Autocalibration Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Autocalibration Ltd. 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.
Ormerod Rutter Limited
21 November 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AUTOCALIBRATION LTD
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 2 -
2023
Notes
£
£
Fixed assets
Intangible assets
3
12,000
Tangible assets
4
49,852
61,852
Current assets
Debtors
5
94,456
Cash at bank and in hand
123,217
217,673
Creditors: amounts falling due within one year
6
(232,354)
Net current liabilities
(14,681)
Total assets less current liabilities
47,171
Provisions for liabilities
7
(9,416)
Net assets
37,755
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
37,655
Total equity
37,755
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
AUTOCALIBRATION LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 21 November 2023.
Mr G J Jenks
Director
Company Registration No. 14173142
AUTOCALIBRATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Autocalibration Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Impney Green, Droitwich, Worcestershire, WR9 7EL.
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 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 services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation has not been provided on purchased goodwill as, in the opinion of the director, amortising the goodwill further would result in the assets of the company being understated. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view.
1.4
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 reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
1.5
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 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.
AUTOCALIBRATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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 profit and loss account, 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.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 3.
3
Intangible fixed assets
Goodwill
£
Cost
At 15 June 2022
Additions
12,000
At 30 June 2023
12,000
Amortisation and impairment
At 15 June 2022 and 30 June 2023
Carrying amount
At 30 June 2023
12,000
AUTOCALIBRATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 15 June 2022
Additions
36,285
672
589
28,990
66,536
At 30 June 2023
36,285
672
589
28,990
66,536
Depreciation and impairment
At 15 June 2022
Depreciation charged in the period
9,072
168
196
7,248
16,684
At 30 June 2023
9,072
168
196
7,248
16,684
Carrying amount
At 30 June 2023
27,213
504
393
21,742
49,852
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
90,396
Amounts owed by group undertakings
100
Other debtors
3,960
94,456
6
Creditors: amounts falling due within one year
2023
£
Taxation and social security
59,346
Other creditors
173,008
232,354
7
Provisions for liabilities
2023
£
Deferred tax liabilities
9,416
AUTOCALIBRATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 7 -
8
Called up share capital
2023
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100 Ordinary shares of £1 were allotted and fully paid for cash at par during the period.
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Control
Ultimate parent company
The ultimate parent company is GJJ Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr G J Jenks by virtue of their controlling interest in the ultimate parent company.
11
Comparatives
This is the company's first period of trade and therefore there are no comparatives.