A & M Autos Ltd |
Notes to the Accounts |
for the year ended 31 July 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Unrelieved tax losses 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. Current tax assets and liabilities are not discounted. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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1 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 August 2022 |
884 |
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At 31 July 2023 |
884 |
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Depreciation |
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At 1 August 2022 |
176 |
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Charge for the year |
141 |
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At 31 July 2023 |
317 |
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Net book value |
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At 31 July 2023 |
567 |
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At 31 July 2022 |
708 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
- |
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800 |
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Other debtors |
5 |
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- |
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5 |
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800 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
- |
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3 |
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Other creditors |
4,470 |
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6,744 |
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4,470 |
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6,747 |
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6 |
Other information |
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A & M Autos Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit G, |
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2/35 Oakesway |
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Hartlepool |
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TS24 0RE |