Company Registration No. 03933899 (England and Wales)
AUTON & CO. LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
AUTON & CO. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AUTON & CO. LIMITED
Company Registration No. 03933899
BALANCE SHEET
AS AT 30 APRIL 2018
30 April 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
4
828
42,431
Cash at bank and in hand
438
21,674
1,266
64,105
Creditors: amounts falling due within one year
5
(71,905)
(84,872)
Net current liabilities
(70,639)
(20,767)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(70,641)
(20,769)
Total equity
(70,639)
(20,767)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 January 2019 and are signed on its behalf by:
L J Auton
Director
AUTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 2 -
1
Accounting policies
Company information
Auton & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 152 Alexandra Park Road, Alexandra Park, London, N22 7UJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has made a loss of £49,872 and has net liabilities of £70,639. Included in creditors are amounts due to the directors of £58,669. The directors have confirmed that they will continue to support the company for the foreseeable future and are confident about the company's ability to trade as a going concern and meet its financial obligations. Therefore, the accounts have been prepared on the going concern basis.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of market research services supplied during the year, exclusive of Value Added Tax and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
25% straight line
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
AUTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 3 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2017 and 30 April 2018
66,099
Depreciation and impairment
At 1 May 2017 and 30 April 2018
66,099
Carrying amount
At 30 April 2018
-
At 30 April 2017
-
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
-
40,710
Corporation tax recoverable
-
1,521
Other debtors
828
200
828
42,431
AUTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 4 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
1,883
18,082
Taxation and social security
447
11,716
Other creditors
69,575
55,074
71,905
84,872
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
7
Related party transactions
At the balance sheet date, the company owed the directors £58,669 (2017 - £44,477). This loan is interest free.