AUTOMATION SALES LIMITED 31/03/2023 iXBRL

AUTOMATION SALES LIMITED 31/03/2023 iXBRL

AUTOMATION SALES LIMITED - Company Information

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3 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04335756 2022-04-01 2023-03-31 04335756 2023-03-31 04335756 2022-03-31 04335756 2021-04-01 2022-03-31 04335756 2022-03-31 04335756 core:PlantMachinery 2022-04-01 2023-03-31 04335756 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 04335756 core:OnerousContractsExcludingVacantProperties 2022-04-01 2023-03-31 04335756 bus:RegisteredOffice 2022-04-01 2023-03-31 04335756 bus:Director1 2022-04-01 2023-03-31 04335756 bus:Director2 2022-04-01 2023-03-31 04335756 bus:Director3 2022-04-01 2023-03-31 04335756 bus:CompanySecretary1 2022-04-01 2023-03-31 04335756 core:NetGoodwill 2023-03-31 04335756 core:PlantMachinery 2022-03-31 04335756 core:FurnitureFittingsToolsEquipment 2022-03-31 04335756 core:PlantMachinery 2023-03-31 04335756 core:FurnitureFittingsToolsEquipment 2023-03-31 04335756 core:WithinOneYear 2023-03-31 04335756 core:WithinOneYear 2022-03-31 04335756 core:ShareCapital 2023-03-31 04335756 core:ShareCapital 2022-03-31 04335756 core:RetainedEarningsAccumulatedLosses 2023-03-31 04335756 core:RetainedEarningsAccumulatedLosses 2022-03-31 04335756 core:NetGoodwill 2022-03-31 04335756 core:PlantMachinery 2022-03-31 04335756 core:FurnitureFittingsToolsEquipment 2022-03-31 04335756 bus:SmallEntities 2022-04-01 2023-03-31 04335756 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04335756 bus:FullAccounts 2022-04-01 2023-03-31 04335756 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04335756 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04335756 core:ComputerEquipment 2022-04-01 2023-03-31 04335756 core:ComputerEquipment 2023-03-31 04335756 core:ComputerEquipment 2022-03-31
Company registration number: 04335756
AUTOMATION SALES LIMITED
Unaudited filleted financial statements
31 March 2023
AUTOMATION SALES LIMITED
Directors and other information
Directors Brian Reeves
Janet Reeves
Robert Chivers
Secretary Janet Reeves
Company number 04335756
Registered office The Grange
Yatton Keynell
Chippenham
Wiltshire
AUTOMATION SALES LIMITED
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 752 939
_______ _______
752 939
Current assets
Stocks 2,805 3,684
Debtors 7 26,697 13,827
Cash at bank and in hand 45,500 27,619
_______ _______
75,002 45,130
Creditors: amounts falling due
within one year 8 ( 41,668) ( 30,988)
_______ _______
Net current assets 33,334 14,142
_______ _______
Total assets less current liabilities 34,086 15,081
Provisions for liabilities ( 143) ( 178)
_______ _______
Net assets 33,943 14,903
_______ _______
Capital and reserves
Called up share capital 544 544
Profit and loss account 33,399 14,359
_______ _______
Shareholders funds 33,943 14,903
_______ _______
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.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 09 November 2023 , and are signed on behalf of the board by:
Robert Chivers
Director
Company registration number: 04335756
AUTOMATION SALES 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 & Wales. The address of the registered office is Automation Sales Linited, The Grange, Yatton Keynell, Chippenham, Wiltshire.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in statement of comprehensive income.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 payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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
Fittings fixtures and equipment - 20 % reducing balance
IT Equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the employee related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 30,000 30,000
_______ _______
Amortisation
At 1 April 2022 and 31 March 2023 30,000 30,000
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment IT equipment Total
£ £ £ £
Cost
At 1 April 2022 and 31 March 2023 11,830 401 1,682 13,913
_______ _______ _______ _______
Depreciation
At 1 April 2022 10,898 394 1,682 12,974
Charge for the year 186 1 - 187
_______ _______ _______ _______
At 31 March 2023 11,084 395 1,682 13,161
_______ _______ _______ _______
Carrying amount
At 31 March 2023 746 6 - 752
_______ _______ _______ _______
At 31 March 2022 932 7 - 939
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 26,538 13,827
Other debtors 159 -
_______ _______
26,697 13,827
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 143
Trade creditors 533 2,473
Taxes 18,944 6,551
Other creditors 22,191 21,821
_______ _______
41,668 30,988
_______ _______