Autoworx Motors Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09387842 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2017

for

Autoworx Motors Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K Chiu

REGISTERED OFFICE:

Unit B

Longridge Trading Estate

Knutsford

Cheshire

WA16 8PR

REGISTERED NUMBER:

09387842 (England and Wales)

ACCOUNTANTS:

IN Accountancy Limited

6 Station View

Bramhall Moor Lane

Hazel Grove

Stockport

Cheshire

SK7 5ER

FIXED ASSETS

Tangible assets

4

14,645

18,306

CURRENT ASSETS

Stocks

5,860

1,575

Prepayments and accrued income

1,789

490

Cash at bank

1,060

4,293

8,709

6,358

CREDITORS

Amounts falling due within one year

5

60,593

42,813

NET CURRENT LIABILITIES

(51,884

)

(36,455

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(37,239

)

(18,149

)

CREDITORS

Amounts falling due after more than one year

6

9,410

-

NET LIABILITIES

(46,649

)

(18,149

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(46,749

)

(18,249

)

(46,649

)

(18,149

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director on 25 October 2017 and were signed by:

K Chiu - Director

1.	STATUTORY INFORMATION

Autoworx Motors Ltd 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 etc

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2016

and 31 January 2017

22,883

DEPRECIATION

At 1 February 2016

4,577

Charge for year

3,661

At 31 January 2017

8,238

NET BOOK VALUE

At 31 January 2017

14,645

At 31 January 2016

18,306

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans and overdrafts

3,900

16,382

Trade creditors

7,421

-

Taxation and social security

206

-

Other creditors

49,066

26,431

60,593

42,813

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans

9,410

-

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.1.17

31.1.16

£

£

Within one year

3,099

-

Between one and five years

10,071

-

13,170

-

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is K Chiu.

9.	GOING CONCERN

The continued trading of the company is reliant upon the support of its director and creditors.