REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
29TH FEBRUARY 2024 |
FOR |
AUTOROSE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
29TH FEBRUARY 2024 |
FOR |
AUTOROSE LIMITED |
AUTOROSE LIMITED (REGISTERED NUMBER: 09427524) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
AUTOROSE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
AUTOROSE LIMITED (REGISTERED NUMBER: 09427524) |
BALANCE SHEET |
29TH FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
AUTOROSE LIMITED (REGISTERED NUMBER: 09427524) |
BALANCE SHEET - continued |
29TH FEBRUARY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
AUTOROSE LIMITED (REGISTERED NUMBER: 09427524) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Autorose Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the balance sheet date the company had net liabilities of £184,078 (2023: £163,209). The financial statements have been prepared on a going concern basis as the directors consider that as Autorose Limited is a hi-tech pre-revenue start up the company's progress in achieving its roadmap progress is satisfactory up to the balance sheet date. |
There are continued ongoing fundraising efforts expected to take the company & its product to market. Potential sales channels have been identified and there is ongoing customer interest. |
The Board of directors therefore considers the going concern basis of preparation appropriate. |
Financial instruments |
Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Grant funding |
Grant income of a revenue nature is recognised in the profit and loss account in full in the year of receipt. |
AUTOROSE LIMITED (REGISTERED NUMBER: 09427524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial assets and liabilities |
The company has chosen to apply the recognition and measurement principles set out in sections 11 and 12 of FRS 102. |
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets and liabilities are subsequently carried at amortised cost, using the effective interest rate method. |
Other Financial Liabilities |
Compound financial instruments issued by the company's parent company comprise convertible loan notes that can be converted to share capital at the option of the holder, and the number of shares to be issued may vary with changes in their fair value. |
The liability component of a compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. |
Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. |
The equity component of a compound financial instrument is not re-measured subsequent to initial recognition except on conversion or expiry. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
AUTOROSE LIMITED (REGISTERED NUMBER: 09427524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
8. | FINANCIAL INSTRUMENTS |
Shown within other creditors due in more than one year under note seven to the financial statements are two convertible loans. The principal loan amounts are £60,000 and $25,000 (£20,347 drawn down). Both loans are accruing interest at 10 % plus the Bank of England Base Rate. |
The principal loan amounts together with any accrued interest is repayable at any time after the expiry of the first anniversary of the draw down date. The loans may be converted into equity, with the number of ordinary shares issued in settlement being dependant on their fair value at the date of conversion. |
The carrying value of the liabilities at the balance sheet date is £160,743 (2023: £139,874) which has been arrived at using a discount factor based on the effective interest rate for an equivalent instrument not containing an equity component. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 269 | 269 |
10. | RELATED PARTY DISCLOSURES |
During the period under review the Company received no interest free advances from its principal investor in respect of the funding of operating expenses. |
The balance outstanding at the period end is £25,664 (2023: £25,664) and is disclosed within amounts owed to group undertakings and within creditors due in less than one year. |
There is potential for this balance to be converted into equity post year end. |