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Registered number: 10455596
Auto Wax Works Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10455596
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,025 5,366
Tangible Assets 5 222,464 166,660
226,489 172,026
CURRENT ASSETS
Stocks 6 - 102,000
Debtors 7 151,178 77,558
Cash at bank and in hand 63,234 49,862
214,412 229,420
Creditors: Amounts Falling Due Within One Year 8 (176,620 ) (125,132 )
NET CURRENT ASSETS (LIABILITIES) 37,792 104,288
TOTAL ASSETS LESS CURRENT LIABILITIES 264,281 276,314
Creditors: Amounts Falling Due After More Than One Year 9 (242,450 ) (276,747 )
NET ASSETS/(LIABILITIES) 21,831 (433 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 21,731 (533 )
SHAREHOLDERS' FUNDS 21,831 (433)
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Charles Dujardin
Director
17 October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Auto Wax Works Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10455596 . The registered office is Building 129 Bicester Heritage, Buckingham Road, Bicester, OX26 5HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 20% Straight Line
Plant & Machinery 20% Straight Line
Motor Vehicles 20% Straight Line & 20% Reducing Balance
Fixtures & Fittings 20% Straight Line
Computer Equipment 33% Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: )
8 -
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 December 2022 6,708
As at 30 November 2023 6,708
Amortisation
As at 1 December 2022 1,342
Provided during the period 1,341
As at 30 November 2023 2,683
Net Book Value
As at 30 November 2023 4,025
As at 1 December 2022 5,366
5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 116,030 118,384 8,749 - 243,163
Additions - 214,865 9,057 158 224,080
Disposals - (102,000 ) - - (102,000 )
As at 30 November 2023 116,030 231,249 17,806 158 365,243
...CONTINUED
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Page 5
Depreciation
As at 1 December 2022 43,581 22,961 9,961 - 76,503
Provided during the period 23,206 42,529 509 32 66,276
As at 30 November 2023 66,787 65,490 10,470 32 142,779
Net Book Value
As at 30 November 2023 49,243 165,759 7,336 126 222,464
As at 1 December 2022 72,449 95,423 (1,212 ) - 166,660
6. Stocks
2023 2022
£ £
Stock - 102,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 34,266 7,164
Amounts owed by group undertakings 15,400 15,400
Other debtors 101,512 54,994
151,178 77,558
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 34,473 29,503
Trade creditors 36,219 38,287
Bank loans and overdrafts 6,000 29,050
Other loans 12,802 -
Other creditors 46,885 12,389
Taxation and social security 40,241 15,903
176,620 125,132
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 86,236 94,593
Bank loans 11,961 52,154
Other loans 144,253 130,000
242,450 276,747
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10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 34,473 29,503
Later than one year and not later than five years 86,236 94,593
120,709 124,096
120,709 124,096
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Charles Dujardin 30,783 29,399 - - 60,182
The above loan is unsecured, interest free and repayable on demand.
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