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COMPANY REGISTRATION NUMBER: 10413851
Autocare Property Limited
Filleted Unaudited Financial Statements
31 October 2023
Autocare Property Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Balance sheet
2
Notes to the financial statements
3 to 5
Autocare Property Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Autocare Property Limited
Year ended 31 October 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 Autocare Property Limited for the year ended 31 October 2023, which comprise the balance sheet 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 Autocare Property Limited in accordance with the terms of our engagement letter dated 9 October 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Autocare Property 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 Autocare Property Limited and its director for our work or for this report.
It is your duty to ensure that Autocare Property 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 loss of Autocare Property Limited. You consider that Autocare Property 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 Autocare Property 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.
MILLER DAVIES LLP Chartered accountants
A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN
31 October 2024
Autocare Property Limited
Balance Sheet
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
781,797
781,797
Current assets
Cash at bank and in hand
62
Creditors: amounts falling due within one year
5
393,991
388,582
---------
---------
Net current liabilities
393,929
388,582
---------
---------
Total assets less current liabilities
387,868
393,215
Creditors: amounts falling due after more than one year
6
430,333
430,936
---------
---------
Net liabilities
( 42,465)
( 37,721)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 42,466)
( 37,722)
--------
--------
Shareholders deficit
( 42,465)
( 37,721)
--------
--------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 October 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 .
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr J. Thornton
Director
Company registration number: 10413851
Autocare Property Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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. Depreciation No depreciation is provided on the freehold property, as the tenant is required by the lease to keep the property, in good condition, repair and decorative order. The director believes that this will ensures that there is no reduction in the value of the property. The landlord is responsible for the properties general wear and tear.
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.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Tangible assets
Freehold property
£
Cost
At 1 November 2022 and 31 October 2023
781,797
---------
Depreciation
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
781,797
---------
At 31 October 2022
781,797
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
934
1,428
Trade creditors
1,098
250
Other creditors
391,959
386,904
---------
---------
393,991
388,582
---------
---------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
430,333
430,936
---------
---------
The bank loan is secured by a specific charge over the property included within the company's fixed assets.
7. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
62
----
----
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
824,325
819,518
---------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr J. Thornton
( 385,884)
( 5,055)
( 390,939)
---------
-------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr J. Thornton
( 390,056)
4,172
( 385,884)
---------
-------
---------