Autoreel Limited - Accounts to registrar (filleted) - small 18.2

Autoreel Limited - Accounts to registrar (filleted) - small 18.2

AUTOREEL LIMITED - Company Information

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REGISTERED NUMBER: 01933665 (England and Wales)















Financial Statements for the Year Ended 31 December 2018

for

Autoreel Limited
Autoreel Limited (Registered number: 01933665)






Contents of the Financial Statements
for the Year Ended 31 December 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Autoreel Limited

Company Information
for the Year Ended 31 December 2018







DIRECTORS: H W Mew
A Bates
P J Wheelhouse





SECRETARY: D Miller





REGISTERED OFFICE: Colwick Industrial Estate
Colwick
Nottinghamshire
NG4 2BB





REGISTERED NUMBER: 01933665 (England and Wales)





AUDITORS: Bostockwhite Limited
Chartered Accountants and Statutory Auditors
Cabourn House
Station Street
Bingham
Nottinghamshire
NG13 8AQ
Page 1
Autoreel Limited (Registered number: 01933665)

Balance Sheet
31 December 2018

31.12.18 31.12.17
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,773 36,449

CURRENT ASSETS
Stocks 150,413 138,699
Debtors 5 134,419 197,103
Cash at bank and in hand 128,538 213,198
413,370 549,000
CREDITORS
Amounts falling due within one year 6 406,375 567,369
NET CURRENT ASSETS/(LIABILITIES) 6,995 (18,369 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
39,768
18,080

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Retained earnings 35,768 14,080
SHAREHOLDERS' FUNDS 39,768 18,080

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 June 2019 and were signed on its behalf by:





P J Wheelhouse - Director


The notes form part of these financial statements

Page 2
Autoreel Limited (Registered number: 01933665)

Notes to the Financial Statements
for the Year Ended 31 December 2018

1. STATUTORY INFORMATION

Autoreel Limited is a private company, limited by shares , registered in England and Wales. The company's registered
number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The company is a wholly owned subsidiary of British Drilling and Freezing Company Limited, a company registered in the
United Kingdom. Copies of the groups financial statements may be obtained from British Drilling and Freezing Company
Limited, Colwick Industrial Estate, Colwick, Nottinghamshire, NG4 2BB.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost, 20% on cost and 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

Stock and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving
items. Cost is based on the cost of purchase on a first in first out basis. Net realisable value is based on estimated selling
price less additional costs to completion and disposal. Where progress payments exceed the book value of work done,
the excess is included in creditors as payments on account.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity.
Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work
in progress.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as
financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual
interest in the assets of the company after deducting all of its liabilities.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.


Page 3 continued...
Autoreel Limited (Registered number: 01933665)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2018

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet
date.

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.

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.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2017 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2018 159,934
Additions 9,300
At 31 December 2018 169,234
DEPRECIATION
At 1 January 2018 123,485
Charge for year 12,976
At 31 December 2018 136,461
NET BOOK VALUE
At 31 December 2018 32,773
At 31 December 2017 36,449

Page 4 continued...
Autoreel Limited (Registered number: 01933665)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2018

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.18 31.12.17
£    £   
Trade debtors 120,679 185,459
Other debtors 13,740 11,644
134,419 197,103

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.18 31.12.17
£    £   
Trade creditors 152,251 82,856
Amounts owed to group undertakings 137,362 246,968
Taxation and social security 25,378 37,513
Other creditors 91,384 200,032
406,375 567,369

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Samantha White FCA CTA (Senior Statutory Auditor)
for and on behalf of Bostockwhite Limited

8. OTHER FINANCIAL COMMITMENTS

As at 31 December 2018, the Company had outstanding commitments for future minimum lease payments under
non-cancellable operating lease arrangements in respect of land and buildings of £38,500 (2017 : £60,500).

Page 5