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Company No: 10958349 (England and Wales)

HF AUTOCARE LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

HF AUTOCARE LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

HF AUTOCARE LIMITED

BALANCE SHEET

As at 30 September 2023
HF AUTOCARE LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 14,332 17,766
14,332 17,766
Current assets
Stocks 4 7,250 15,000
Debtors 5 26,924 17,615
Cash at bank and in hand 0 9,778
34,174 42,393
Creditors: amounts falling due within one year 6 ( 132,394) ( 63,712)
Net current liabilities (98,220) (21,319)
Total assets less current liabilities (83,888) (3,553)
Creditors: amounts falling due after more than one year 7 ( 27,098) ( 32,108)
Net liabilities ( 110,986) ( 35,661)
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 110,988 ) ( 35,663 )
Total shareholders' deficit ( 110,986) ( 35,661)

For the financial year ending 30 September 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 financial statements of HF Autocare Limited (registered number: 10958349) were approved and authorised for issue by the Director on 20 September 2024. They were signed on its behalf by:

Mrs M C Hider
Director
HF AUTOCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
HF AUTOCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

HF Autocare Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is St Agnes Garage, Penwinnick Road, St Agnes, Cornwall, TR5 0PA.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £110,986. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
3 years straight line
Vehicles 20 % reducing balance
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 9

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 October 2022 20,217 18,962 39,179
Additions 254 0 254
At 30 September 2023 20,471 18,962 39,433
Accumulated depreciation
At 01 October 2022 12,782 8,631 21,413
Charge for the financial year 1,622 2,066 3,688
At 30 September 2023 14,404 10,697 25,101
Net book value
At 30 September 2023 6,067 8,265 14,332
At 30 September 2022 7,435 10,331 17,766

4. Stocks

2023 2022
£ £
Stocks 7,250 15,000

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2023 2022
£ £
Trade debtors 5,144 7,500
Other debtors 21,780 10,115
26,924 17,615

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 18,895 10,080
Trade creditors 15,819 13,063
Taxation and social security 81,679 29,186
Other creditors 16,001 11,383
132,394 63,712

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 27,098 32,108

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 1,440 1,440

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Balance brought forward 7,631 (4,085)
Advances to director 8,652 11,716
Repayments by director 0 0
Balance carried forward 16,283 7,631