AUTO VENUE LTD - Accounts

AUTO VENUE LTD - Accounts

AUTO VENUE LTD - Company Information

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Registered Number: 14023524


 

 

 

AUTO VENUE LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 04 April 2022

End date: 30 September 2023

AUTO VENUE LTD
Contents Page
For the period ended 30 September 2023
Directors Bilal Afsar
Jabir Afsar
Registered Number 14023524
Registered Office MOTORPOD WATERSIDE COURT
ALBANY STREET NEWPORT
NP20 5NT
Accountants H and R Accounts Services and General Admin Ltd
17 Queens Croft
Newport
NP20 5FF
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 September 2023.
Principal activities
Principal activity of the company during the financial period was of ...
45112 - Sale of used cars and light motor vehicles
Directors
The directors who served the company throughout the period were as follows:
Bilal Afsar
Jabir Afsar
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Bilal Afsar
Director

Date approved: 16 December 2023
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 September 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
H and R Accounts Services and General Admin Ltd
30 September 2023



....................................................
H and R Accounts Services and General Admin Ltd
17 Queens Croft
Newport
NP20 5FF
16 December 2023
3
 
 		 Notes
 		 2023
£
Fixed assets    
Tangible fixed assets 4 17,526 
17,526 
Current assets    
Stocks 5 100,589 
Cash at bank and in hand 239,354 
339,943 
Creditors: amount falling due within one year 6 (189,704)
Net current assets 150,239 
 
Total assets less current liabilities 167,765 
Creditors: amount falling due after more than one year 7 (141,000)
Provisions for liabilities 8 (466)
Net assets 26,299 
 

Capital and reserves 		   
Profit and loss account 26,299 
Shareholder's funds 26,299 
 


For the period ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 16 December 2023 and were signed on its behalf by:


-------------------------------
Bilal Afsar
Director
4
  Revaluation reserve   Capital redemption reserve   Retained Earnings   Total
£ £ £ £
At 04 April 2022 - 
Profit for the period 126,299  126,299 
Total comprehensive income for the period -  -  126,299  126,299 
Dividends (100,000) (100,000)
Total investments by and distributions to owners -  -  (100,000) (100,000)
At 30 September 2023 26,299  26,299 
5
General Information
AUTO VENUE LTD is a private company, limited by shares, registered in , registration number 14023524, registration address MOTORPOD WATERSIDE COURT, ALBANY STREET NEWPORT, NP20 5NT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 3 Straight Line
Computer Equipment 3 Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Staff Costs

2023
£
Wages and salaries 74,885 
Pension costs, defined contribution plan 776 
Other staff costs 14,490 
90,151 
Average number of employees during the period Number
Administration 4 
4 

3.

Average number of employees

Average number of employees during the period was 4.
4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 04 April 2022 -    -    - 
Additions 27,135    1,532    28,667 
Disposals -    -    - 
At 30 September 2023 27,135    1,532    28,667 
Depreciation
At 04 April 2022 -    -    - 
Charge for period 10,531    610    11,141 
On disposals -    -    - 
At 30 September 2023 10,531    610    11,141 
Net book values
Closing balance as at 30 September 2023 16,604    922    17,526 
Opening balance as at 04 April 2022 -    -    - 


5.

Stocks

2023
£
Stocks 100,589 
100,589 

6.

Creditors: amount falling due within one year

2023
£
Corporation Tax 28,325 
PAYE & Social Security 2,457 
Other Creditors (1)
Wages & Salaries Control Account 409 
Directors' Current Accounts 132,000 
VAT 26,514 
189,704 

7.

Creditors: amount falling due after more than one year

2023
£
Adam Afsar DLA 29,000 
Balal Afsar DLA 29,000 
Auto Unit Investment 83,000 
141,000 

8.

Provisions for liabilities

2023
£
Pension Provisions 466 
466 

9.

Share Capital

Allotted, called up and fully paid
2023
£
100 Class A shares of £1.00 each 100 
100 

6