Insignia Autos Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11976281 (England and Wales)

INSIGNIA AUTOS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J A Burdett

SECRETARY:

REGISTERED OFFICE:

87 North Road

Poole

Dorset

BH14 0LT

REGISTERED NUMBER:

11976281 (England and Wales)

ACCOUNTANTS:

Sau Kee Li CTA ATT

87 North Road

Parkstone

Poole

Dorset

BH14 0LT

CURRENT ASSETS

Stocks

42,500

42,500

Cash at bank

10,398

7,390

52,898

49,890

CREDITORS

Amounts falling due within one year

4

16,851

15,494

NET CURRENT ASSETS

36,047

34,396

TOTAL ASSETS LESS CURRENT LIABILITIES

36,047

34,396

CREDITORS

Amounts falling due after more than one year

5

26,482

30,000

NET ASSETS

9,565

4,396

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9,465

4,296

SHAREHOLDERS' FUNDS

9,565

4,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 5 December 2022 and were signed by:

J A Burdett - Director

1.	STATUTORY INFORMATION

Insignia Autos Ltd 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.

Turnover

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

2,220

1,008

Other creditors

14,631

14,486

16,851

15,494

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

26,482

30,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

26,482

30,000