REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2024 |
for |
Autolock Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Autolock Limited (Registered number: 01371214) |
Statement of Financial Position |
28 February 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 were approved by the director and authorised for issue on |
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 |
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 |
Improvements to property | - |
Plant and machinery | - |
Computer equipment | - |
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 |
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 |
Additions |
At 28 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Loose tools | 11,379 | 9,350 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Cliff loan | 800 | - |
Other debtors |
Director's current account | 2,856 | - |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax | ( |
) |
Social security and other taxes |
VAT | 7,132 | 4,521 |
Other creditors |
Director's current account | - | 5,266 |
Accrued expenses |
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 |
Bank loans - 2-5 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
Provided during year | ( |
) |
Movement in accelerated |
capital allowances |
Balance at 28 February 2024 |