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

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

AUTOREEL LIMITED - Company Information

Print Friendly Version

IRIS Accounts Production v21.1.0.652 01933665 Board of Directors 1.1.20 31.12.20 31.12.20 18.5.21 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure019336652019-12-31019336652020-12-31019336652020-01-012020-12-31019336652018-12-31019336652019-01-012019-12-31019336652019-12-3101933665ns16:EnglandWales2020-01-012020-12-3101933665ns15:PoundSterling2020-01-012020-12-3101933665ns11:Director12020-01-012020-12-3101933665ns11:PrivateLimitedCompanyLtd2020-01-012020-12-3101933665ns11:SmallEntities2020-01-012020-12-3101933665ns11:Audited2020-01-012020-12-3101933665ns11:SmallCompaniesRegimeForDirectorsReport2020-01-012020-12-3101933665ns11:SmallCompaniesRegimeForAccounts2020-01-012020-12-3101933665ns11:FullAccounts2020-01-012020-12-3101933665ns11:Director22020-01-012020-12-3101933665ns11:CompanySecretary12020-01-012020-12-3101933665ns11:RegisteredOffice2020-01-012020-12-3101933665ns6:CurrentFinancialInstruments2020-12-3101933665ns6:CurrentFinancialInstruments2019-12-3101933665ns6:ShareCapital2020-12-3101933665ns6:ShareCapital2019-12-3101933665ns6:RetainedEarningsAccumulatedLosses2020-12-3101933665ns6:RetainedEarningsAccumulatedLosses2019-12-3101933665ns6:PlantMachinery2020-01-012020-12-3101933665ns6:FurnitureFittings2020-01-012020-12-3101933665ns6:MotorVehicles2020-01-012020-12-3101933665ns6:PlantMachinery2019-12-3101933665ns6:PlantMachinery2020-12-3101933665ns6:PlantMachinery2019-12-3101933665ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-12-3101933665ns6:CurrentFinancialInstrumentsns6:WithinOneYear2019-12-31
REGISTERED NUMBER: 01933665 (England and Wales)















Financial Statements for the Year Ended 31 December 2020

for

Autoreel Limited
Autoreel Limited (Registered number: 01933665)






Contents of the Financial Statements
for the Year Ended 31 December 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Autoreel Limited


Company Information
for the Year Ended 31 December 2020







DIRECTORS: H W Mew
P J Wheelhouse





SECRETARY: D Miller





REGISTERED OFFICE: Private Road no. 3
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 2020

31.12.20 31.12.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,889 26,624

CURRENT ASSETS
Stocks 108,568 127,754
Debtors 5 160,378 114,672
Cash at bank and in hand 256,260 138,248
525,206 380,674
CREDITORS
Amounts falling due within one year 6 384,542 274,690
NET CURRENT ASSETS 140,664 105,984
TOTAL ASSETS LESS CURRENT
LIABILITIES
161,553
132,608

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Retained earnings 157,553 128,608
SHAREHOLDERS' FUNDS 161,553 132,608

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 18 May 2021 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 2020

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

Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently, tangible fixed assets are measured at cost less accumulated depreciation and impairment losses.

Government grants
Government grants are recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis.

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.


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


Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

2. ACCOUNTING POLICIES - continued
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.

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 19 (2019 - 20 ) .

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


Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2020
and 31 December 2020 169,234
DEPRECIATION
At 1 January 2020 142,610
Charge for year 5,735
At 31 December 2020 148,345
NET BOOK VALUE
At 31 December 2020 20,889
At 31 December 2019 26,624

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade debtors 143,813 99,777
Other debtors 16,565 14,895
160,378 114,672

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade creditors 102,205 103,239
Amounts owed to group undertakings 80,695 19,187
Taxation and social security 33,805 47,569
Other creditors 167,837 104,695
384,542 274,690

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 2020, the Company had outstanding commitments for future minimum lease payments under non-cancellable operating lease arrangements in respect of land and buildings of £104,500 (2019 : £16,500).

Page 5 continued...
Autoreel Limited (Registered number: 01933665)


Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

9. IMPACT OF COVID-19

Since late January 2020, the number of COVID-19 cases has grown rapidly, and on 11 March 2020, the WHO declared COVID-19 to be a global pandemic. During the year, the government took significant measures to contain the virus, including quarantines. There were work delays as a result of this and the company utilised the government's Coronavirus Job Retention Scheme (CJRS) which has mitigated the impact on the company. The directors do not consider these measures to have had a material impact on the use of the going concern basis.

Page 6