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COMPANY REGISTRATION NUMBER: 12762221
Autowave Holdings Limited
Unaudited Financial Statements
31 March 2023
Autowave Holdings Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Director's report
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of comprehensive income
3
Statement of financial position
4
Statement of changes in equity
6
Notes to the financial statements
7
Autowave Holdings Limited
Director's Report
Year ended 31 March 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2023 .
Director
The director who served the company during the year was as follows:
Mr R V Kotecha
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 January 2024 and signed on behalf of the board by:
Mr R V Kotecha
Director
Registered office:
Clifton Avenue
Long Eaton
Nottingham
NG10 2GA
Autowave Holdings Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Autowave Holdings Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Autowave Holdings Limited for the year ended 31 March 2023, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Autowave Holdings Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Autowave Holdings Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Autowave Holdings Limited and its director for our work or for this report.
It is your duty to ensure that Autowave Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Autowave Holdings Limited. You consider that Autowave Holdings Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Autowave Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GREGORY PRIESTLEY & STEWART Chartered Accountants
Lyndhurst 1 Cranmer Street Long Eaton Nottingham NG10 1NJ
5 January 2024
Autowave Holdings Limited
Statement of Comprehensive Income
Year ended 31 March 2023
2023
2022
Note
£
£
Turnover
30,000
30,001
--------
--------
Gross profit
30,000
30,001
Administrative expenses
9,953
4,664
--------
--------
Operating profit
20,047
25,337
Interest payable and similar expenses
8,170
441
--------
--------
Profit before taxation
4
11,877
24,896
Tax on profit
2,874
59,840
--------
--------
Profit/(loss) for the financial year and total comprehensive income
9,003
( 34,944)
--------
--------
All the activities of the company are from continuing operations.
Autowave Holdings Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
575,000
590,000
Current assets
Debtors
6
118,545
Cash at bank and in hand
1,667
1,620
---------
-------
120,212
1,620
Creditors: amounts falling due within one year
7
213,105
211,458
---------
---------
Net current liabilities
92,893
209,838
---------
---------
Total assets less current liabilities
482,107
380,162
Creditors: amounts falling due after more than one year
8
235,147
141,467
Provisions
54,140
54,878
---------
---------
Net assets
192,820
183,817
---------
---------
Capital and reserves
Called up share capital
1
1
Other reserves
162,419
164,633
Profit and loss account
30,400
19,183
---------
---------
Shareholders funds
192,820
183,817
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Autowave Holdings Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 5 January 2024 , and are signed on behalf of the board by:
Mr R V Kotecha
Director
Company registration number: 12762221
Autowave Holdings Limited
Statement of Changes in Equity
Year ended 31 March 2023
Called up share capital
Other reserves
Profit and loss account
Total
£
£
£
£
At 1 April 2021
1
219,510
( 750)
218,761
Loss for the year
( 34,944)
( 34,944)
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account
(54,877)
54,877
----
---------
--------
---------
Total comprehensive income for the year
( 54,877)
19,933
( 34,944)
At 31 March 2022
1
164,633
19,183
183,817
Profit for the year
9,003
9,003
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account
(2,214)
2,214
----
---------
--------
---------
Total comprehensive income for the year
( 2,214)
11,217
9,003
----
---------
--------
---------
At 31 March 2023
1
162,419
30,400
192,820
----
---------
--------
---------
Autowave Holdings Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Clifton Avenue, Long Eaton, Nottingham, NG10 2GA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents rents receivable, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Fair value adjustments to investment property
2,952
-------
----
5. Tangible assets
Freehold property
£
Cost
At 1 April 2022
590,000
Disposals
( 15,000)
---------
At 31 March 2023
575,000
---------
Depreciation
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
575,000
---------
At 31 March 2022
590,000
---------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
118,545
---------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,887
7,887
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,145
Corporation tax
8,574
4,962
Other creditors
193,499
198,609
---------
---------
213,105
211,458
---------
---------
Within creditors falling due within one year is a bank loan of £7,887 (2022 - £7,887) which is secured on the freehold properties held by the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
135,147
141,467
Other creditors
100,000
---------
---------
235,147
141,467
---------
---------
Within creditors falling due after one year is a bank loan of £135,147 (2022 - £141,467) which is secured on the freehold properties held by the company. There is also another loan of £100,000 - (2022 - £NIL) which is secured on the freehold properties of the company, a company debenture, a cross guarantee by an associated company and a personal guarantee by the director.
9. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2023
2022
£
£
At start of year
164,633
219,510
Reclassification from fair value reserve to profit and loss account
(2,214)
(54,877)
---------
---------
At end of year
162,419
219,510
---------
---------
10. Director's advances, credits and guarantees
The amount owed to the directors totals £191,999 (2022 - £191,313). No interest is paid on the amount owed by the company.