Automatic Access Limited Filleted accounts for Companies House (small and micro)

AUTOMATIC ACCESS LIMITED - Company Information

10 false false false false false false false false false true false false false false false true No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05211505 2022-04-01 2023-03-31 05211505 2023-03-31 05211505 2022-03-31 05211505 2021-04-01 2022-03-31 05211505 2022-03-31 05211505 core:PlantMachinery 2022-04-01 2023-03-31 05211505 core:FurnitureFittings 2022-04-01 2023-03-31 05211505 core:MotorVehicles 2022-04-01 2023-03-31 05211505 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05211505 bus:Director1 2022-04-01 2023-03-31 05211505 core:WithinOneYear 2023-03-31 05211505 core:WithinOneYear 2022-03-31 05211505 core:PlantMachinery 2022-03-31 05211505 core:FurnitureFittings 2022-03-31 05211505 core:MotorVehicles 2022-03-31 05211505 core:PlantMachinery 2023-03-31 05211505 core:FurnitureFittings 2023-03-31 05211505 core:MotorVehicles 2023-03-31 05211505 core:AfterOneYear 2023-03-31 05211505 core:AfterOneYear 2022-03-31 05211505 core:ShareCapital 2023-03-31 05211505 core:ShareCapital 2022-03-31 05211505 core:RetainedEarningsAccumulatedLosses 2023-03-31 05211505 core:RetainedEarningsAccumulatedLosses 2022-03-31 05211505 core:PlantMachinery 2022-03-31 05211505 core:FurnitureFittings 2022-03-31 05211505 core:MotorVehicles 2022-03-31 05211505 bus:SmallEntities 2022-04-01 2023-03-31 05211505 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05211505 bus:FullAccounts 2022-04-01 2023-03-31 05211505 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05211505 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05211505 bus:OrdinaryShareClass1 2023-03-31 05211505 bus:OrdinaryShareClass1 2022-03-31

COMPANY REGISTRATION NUMBER: 05211505

Automatic Access Limited

Filleted Unaudited Financial Statements

31 March 2023

Automatic Access Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	43,078	37,148

Current assets

Stocks		55,947	63,985
Debtors	6	157,141	151,875
Cash at bank and in hand		39,178	77,654
		---------	---------
		252,266	293,514

Creditors: amounts falling due within one year	7	159,450	128,594
		---------	---------
Net current assets		92,816	164,920
		---------	---------
Total assets less current liabilities		135,894	202,068

Creditors: amounts falling due after more than one year	8	27,110	17,415

Provisions	484	–
	---------	---------
Net assets	108,300	184,653
	---------	---------

Capital and reserves

Called up share capital	9	1,000	1,000
Profit and loss account		107,300	183,653
		---------	---------
Shareholders funds		108,300	184,653
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Automatic Access Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 21 September 2023 , and are signed on behalf of the board by:

P D Ryan
Director

Company registration number: 05211505

Automatic Access Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3B Swallowfield Courtyard, Wolverhampton Road, Oldbury, West Midlands, B69 2JG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line
Equipment	-	33% straight line

	Website	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Website	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2022	9,095	4,658	112,536	13,305	4,055	143,649
Additions	–	–	28,000	1,495	–	29,495
Disposals	–	–	( 7,500)	–	–	( 7,500)
	-------	-------	---------	--------	-------	---------
At 31 Mar 2023	9,095	4,658	133,036	14,800	4,055	165,644
	-------	-------	---------	--------	-------	---------
Depreciation
At 1 Apr 2022	7,730	2,521	79,392	12,805	4,053	106,501
Charge for the year	273	321	22,488	483	–	23,565
Disposals	–	–	( 7,500)	–	–	( 7,500)
	-------	-------	---------	--------	-------	---------
At 31 Mar 2023	8,003	2,842	94,380	13,288	4,053	122,566
	-------	-------	---------	--------	-------	---------
Carrying amount
At 31 Mar 2023	1,092	1,816	38,656	1,512	2	43,078
	-------	-------	---------	--------	-------	---------
At 31 Mar 2022	1,365	2,137	33,144	500	2	37,148
	-------	-------	---------	--------	-------	---------

6. Debtors

	2023	2022
	£	£
Trade debtors	147,566	134,400
Prepayments and accrued income	5,458	10,716
Other debtors	4,117	6,759
	---------	---------
	157,141	151,875
	---------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	114,893	64,700
Accruals and deferred income	1,300	1,300
Corporation tax	–	30,124
Social security and other taxes	10,317	8,424
Obligations under finance leases and hire purchase contracts	17,722	14,113
Director loan accounts	–	1,582
Other creditors	15,218	8,351
	---------	---------
	159,450	128,594
	---------	---------

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Obligations under finance leases and hire purchase contracts	27,110	17,415
	--------	--------

9. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

10. Controlling party

From 31 January 2023 the ultimate controlling party is Mr P D Ryan . Prior to this it was Mr T Allsop and Mrs J Allsop.