Autoreel Limited - Accounts to registrar - small 17.1.1

Autoreel Limited - Accounts to registrar - small 17.1.1

AUTOREEL LIMITED - Company Information

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REGISTERED NUMBER: 01933665 (England and Wales)















Financial Statements for the Year Ended 31 December 2016

for

Autoreel Limited

Autoreel Limited (Registered number: 01933665)






Contents of the Financial Statements
for the Year Ended 31 December 2016




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Autoreel Limited

Company Information
for the Year Ended 31 December 2016







DIRECTORS: H W Mew
A Bates
P J Wheelhouse





SECRETARY: D Miller





REGISTERED OFFICE: Colwick Industrial Estate
Colwick
Nottinghamshire
NG4 2BB





REGISTERED NUMBER: 01933665 (England and Wales)





AUDITORS: Bostockwhite Limited
Chartered Accountants and Statutory Auditors
Cabourn House
Station Street
Bingham
Nottinghamshire
NG13 8AQ
Page 1
Autoreel Limited (Registered number: 01933665)

Balance Sheet
31 December 2016

31.12.16 31.12.15
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 53,704 26,310

CURRENT ASSETS
Stocks 174,292 207,792
Debtors 5 61,767 282,459
Cash at bank and in hand 136,878 81,861
372,937 572,112
CREDITORS
Amounts falling due within one year 6 306,324 508,234
NET CURRENT ASSETS 66,613 63,878
TOTAL ASSETS LESS CURRENT
LIABILITIES
120,317
90,188

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Retained earnings 116,317 86,188
120,317 90,188

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20 June 2017 and were signed on its behalf by:





P J Wheelhouse - Director


The notes form part of these financial statements

Page 2
Autoreel Limited (Registered number: 01933665)

Notes to the Financial Statements
for the Year Ended 31 December 2016

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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

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.

Page 3 continued...
Autoreel Limited (Registered number: 01933665)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2016

2. ACCOUNTING POLICIES - continued

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 19 .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2016 156,032
Additions 48,312
Disposals (27,070 )
At 31 December 2016 177,274
DEPRECIATION
At 1 January 2016 129,722
Charge for year 13,918
Eliminated on disposal (20,070 )
At 31 December 2016 123,570
NET BOOK VALUE
At 31 December 2016 53,704
At 31 December 2015 26,310

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.16 31.12.15
£    £   
Trade debtors 47,908 261,608
Other debtors 13,859 20,851
61,767 282,459

Page 4 continued...
Autoreel Limited (Registered number: 01933665)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2016

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.16 31.12.15
£    £   
Trade creditors 65,760 141,318
Amounts owed to group undertakings 98,106 128,880
Taxation and social security 30,290 95,955
Other creditors 112,168 142,081
306,324 508,234

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 Bostockwhite Limited

8. CONTROL

The company's ultimate and immediate parent company is British Drilling and Freezing Company Limited. British Drilling
and Freezing Company Limited is the parent of both the smallest and largest group in which the company is a member.
Autoreel Limited has been included within the consolidated financial statements of British Drilling and Freezing Limited,
which may be obtained from the Registrar of Companies, Cardiff.

The ultimate controlling party of British Drilling and Freezing Company Limited is Mr P J Wheelhouse by virtue of his
majority shareholding in that company.

9. FIRST YEAR ADOPTION

This is the first financial year that the Company has presented its financial statements in accordance with FRS102 'The
Financial Reporting Framework Applicable in the UK and Republic of Ireland ' ('FRS 102'). For financial years up to and
including the year ending 31 December 2015, the company prepared its financial statements in accordance with old UK
GAAP.

The Company's date of transition to FRS102 is therefore 1 January 2015. There are no changes to accounting policies
and transitional adjustments that are required to be made for first-time transition to FRS102.


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