Company Registration No. 09347511 (England and Wales)
Auto Curators Limited
Unaudited accounts
for the year ended 31 March 2020
Auto Curators Limited
Unaudited accounts
Contents
Auto Curators Limited
Company Information
for the year ended 31 March 2020
Company Number
09347511 (England and Wales)
Registered Office
Office 4
Devonshire House
Wade Road
Berkshire
RG24 8PE
Accountants
striveX Ltd
Building 220 Wharfedale Road
Wokingham
Berkshire
RG41 5TP
Auto Curators Limited
Statement of financial position
as at 31 March 2020
Tangible assets
22,289
28,749
Cash at bank and in hand
23,832
4,241
Creditors: amounts falling due within one year
(123,171)
(118,514)
Net current liabilities
(57,985)
(61,502)
Total assets less current liabilities
(35,226)
(32,189)
Creditors: amounts falling due after more than one year
(10,621)
(14,750)
Provisions for liabilities
Deferred tax
(4,235)
(5,175)
Net liabilities
(50,082)
(52,114)
Called up share capital
100
100
Profit and loss account
(50,182)
(52,214)
Shareholders' funds
(50,082)
(52,114)
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 July 2020 and were signed on its behalf by
Mr Paul Townsend
Director
Company Registration No. 09347511
Auto Curators Limited
Notes to the Accounts
for the year ended 31 March 2020
Auto Curators Limited is a private company, limited by shares, registered in England and Wales, registration number 09347511. The registered office is Office 4, Devonshire House, Wade Road, Berkshire, RG24 8PE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing balance and 20% straight line
Motor vehicles
25% Reducing balance
Fixtures & fittings
15% Reducing balance
Intangible fixed assets are included at cost less accumulated amortisation.
Trademarks - 10% Straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Auto Curators Limited
Notes to the Accounts
for the year ended 31 March 2020
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost.
The accounts have been prepared on a going concern basis as the Holding company and Directors have confirmed that they will support the business for at least the next 12 months.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other
Auto Curators Limited
Notes to the Accounts
for the year ended 31 March 2020
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2019
12,648
25,827
1,862
40,337
Disposals
-
(5,167)
-
(5,167)
At 31 March 2020
12,648
24,177
1,862
38,687
At 1 April 2019
3,186
7,243
1,159
11,588
Charge for the year
1,494
4,588
146
6,228
On disposals
-
(1,418)
-
(1,418)
At 31 March 2020
4,680
10,413
1,305
16,398
At 31 March 2020
7,968
13,764
557
22,289
At 31 March 2019
9,462
18,584
703
28,749
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
12,541
16,721
Finished goods
10,327
9,800
Accrued income and prepayments
1,300
1,340
Other debtors
29,058
31,547
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Creditors: amounts falling due within one year
2020
2019
Obligations under finance leases and hire purchase contracts
4,129
3,400
Amounts owed to group undertakings and other participating interests
110,176
101,880
Taxes and social security
8,603
11,584
Auto Curators Limited
Notes to the Accounts
for the year ended 31 March 2020
9
Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
10,621
14,750
10
Operating lease commitments
2020
2019
At 31 March 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
56,162
77,636
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan account
19,425
-
2,429
16,996
Loans to the directors have been included within other debtors.
The parent company is Auto Curator Holdings Limited, a company registered in England and Wales. The ultimate controlling party being Mr Paul Townsend.
13
Average number of employees
During the year the average number of employees was 2 (2019: 2).
