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REGISTERED NUMBER: 01371214 (England and Wales)












Unaudited Financial Statements

for the Year Ended 28 February 2024

for

Autolock Limited

Autolock Limited (Registered number: 01371214)






Contents of the Financial Statements
for the year ended 28 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Autolock Limited

Company Information
for the year ended 28 February 2024







DIRECTOR: D J Barber





REGISTERED OFFICE: Macon Way
Crewe
Cheshire
CW1 6DG





REGISTERED NUMBER: 01371214 (England and Wales)






Autolock Limited (Registered number: 01371214)

Statement of Financial Position
28 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 11,872 13,533

CURRENT ASSETS
Stocks 6 19,879 18,350
Debtors 7 12,870 9,360
Cash at bank and in hand 10,369 16,787
43,118 44,497
CREDITORS
Amounts falling due within one year 8 (43,236 ) (46,284 )
NET CURRENT LIABILITIES (118 ) (1,787 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,754

11,746

CREDITORS
Amounts falling due after more than one
year

9

(9,438

)

(16,571

)

PROVISIONS FOR LIABILITIES 11 (2,248 ) (2,473 )
NET ASSETS/(LIABILITIES) 68 (7,298 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (32 ) (7,398 )
SHAREHOLDERS' FUNDS 68 (7,298 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Autolock Limited (Registered number: 01371214)

Statement of Financial Position - continued
28 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 November 2024 and were signed by:





D J Barber - Director


Autolock Limited (Registered number: 01371214)

Notes to the Financial Statements
for the year ended 28 February 2024

1. STATUTORY INFORMATION

Autolock Limited ('The Company') is primarily engaged in repairing and replacement of automatic gearboxes.

The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and of the registered office is Macon Way, Crewe, Cheshire, CW1 6DG. The registered number can be found on the Company Information page.

The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Summary of significant accounting policies
The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director. Therefore the director considers it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered (including recharged expenses), stated net of discounts and of Value Added Tax.

Income is recognised when services have been rendered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 15% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value).

Autolock Limited (Registered number: 01371214)

Notes to the Financial Statements - continued
for the year ended 28 February 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Director's loans (being repayable on demand), trade debtors and trade creditors are measured at the discounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the year end.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the year end.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets 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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of assets
Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each year end. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 1 ) .

Autolock Limited (Registered number: 01371214)

Notes to the Financial Statements - continued
for the year ended 28 February 2024

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 March 2023 1,043 66,648 30,697 98,388
Additions - 331 1,634 1,965
At 28 February 2024 1,043 66,979 32,331 100,353
DEPRECIATION
At 1 March 2023 999 55,037 28,819 84,855
Charge for year 4 1,791 1,831 3,626
At 28 February 2024 1,003 56,828 30,650 88,481
NET BOOK VALUE
At 28 February 2024 40 10,151 1,681 11,872
At 28 February 2023 44 11,611 1,878 13,533

6. STOCKS
2024 2023
£    £   
Stocks 8,500 9,000
Loose tools 11,379 9,350
19,879 18,350

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,520 2,146
Cliff loan 800 -
Other debtors 1,170 5,630
Director's current account 2,856 -
Prepayments 4,524 1,584
12,870 9,360

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 7,350 7,350
Trade creditors 21,392 25,205
Tax 1,121 (917 )
Social security and other taxes 667 983
VAT 7,132 4,521
Other creditors 3,555 2,000
Director's current account - 5,266
Accrued expenses 2,019 1,876
43,236 46,284

Autolock Limited (Registered number: 01371214)

Notes to the Financial Statements - continued
for the year ended 28 February 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 7,350 7,350
Bank loans - 2-5 years 2,088 9,221
9,438 16,571

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 16,788 23,921

The bank loan shown above has been secured by a personal guarantee provided by Mr D J Barber.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,248 2,473

Deferred
tax
£   
Balance at 1 March 2023 2,473
Provided during year (225 )
Movement in accelerated
capital allowances
Balance at 28 February 2024 2,248