Autoreel Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01933665 (England and Wales)

Financial Statements for the Year Ended 31 December 2022

for

Autoreel Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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:

Xeinadin Audit Limited t/a Xeinadin Auditing

12 Conqueror Court

Sittingbourne

Kent

ME10 5BH

FIXED ASSETS

Tangible assets

4

14,759

6,431

CURRENT ASSETS

Stocks

240,098

202,297

Debtors

5

57,569

146,349

Cash at bank and in hand

396,103

210,206

693,770

558,852

CREDITORS

Amounts falling due within one year

6

437,058

420,064

NET CURRENT ASSETS

256,712

138,788

TOTAL ASSETS LESS CURRENT LIABILITIES

271,471

145,219

CAPITAL AND RESERVES

Called up share capital

4,000

4,000

Retained earnings

267,471

141,219

SHAREHOLDERS' FUNDS

271,471

145,219

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 31 May 2023 and were signed on its behalf by:

H W Mew - Director

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 recognised when it and the associated costs can be measured reliably, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer.

Sales of goods are recognised when the customer takes title and accepts billing which is generally when goods have been checked and accepted by the customer on delivery.

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.

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.

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 (2021 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

137,697

Additions

13,500

Disposals

(14,491

)

At 31 December 2022

136,706

DEPRECIATION

At 1 January 2022

131,266

Charge for year

3,172

Eliminated on disposal

(12,491

)

At 31 December 2022

121,947

NET BOOK VALUE

At 31 December 2022

14,759

At 31 December 2021

6,431

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

42,101

130,697

Other debtors

15,468

15,652

57,569

146,349

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

200,480

157,289

Amounts owed to group undertakings

20,154

2,507

Taxation and social security

13,672

33,261

Other creditors

202,752

227,007

437,058

420,064

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 Xeinadin Audit Limited t/a Xeinadin Auditing

8.	OTHER FINANCIAL COMMITMENTS

As at 31 December 2022, the Company had outstanding commitments for future minimum lease payments under non-cancellable operating lease arrangements in respect of land and buildings of £66,000 (2021 : £88,000).