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REGISTERED NUMBER: 02579336 (England and Wales)















Autofarm (1973) Limited

Unaudited Financial Statements for the Year Ended 31 July 2024






Autofarm (1973) Limited (Registered number: 02579336)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Autofarm (1973) Limited (Registered number: 02579336)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 173,491 109,305

CURRENT ASSETS
Stocks 310,034 267,743
Debtors 5 208,128 131,614
Cash at bank and in hand 46,859 3,864
565,021 403,221
CREDITORS
Amounts falling due within one year 6 442,505 352,043
NET CURRENT ASSETS 122,516 51,178
TOTAL ASSETS LESS CURRENT
LIABILITIES

296,007

160,483

CREDITORS
Amounts falling due after more than
one year

7

(56,142

)

(59,641

)

PROVISIONS FOR LIABILITIES (37,587 ) (19,884 )
NET ASSETS 202,278 80,958

Autofarm (1973) Limited (Registered number: 02579336)

Balance Sheet - continued
31 July 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 104 104
Capital redemption reserve 25 25
Other reserves (25,025 ) (25,025 )
Retained earnings 227,174 105,854
202,278 80,958

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 January 2025 and were signed on its behalf by:




Mr S T Wood - Director



Mr M A Wastie - Director


Autofarm (1973) Limited (Registered number: 02579336)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Autofarm (1973) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02579336

Registered office: Suite 16, Enterprise House
Telford Road
Bicester
Oxon
OX26 4LD

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Autofarm (1973) Limited (Registered number: 02579336)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

Foreign currencies
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Hire purchase and 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.

Autofarm (1973) Limited (Registered number: 02579336)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 234,650
Additions 116,180
Disposals (66,153 )
At 31 July 2024 284,677
DEPRECIATION
At 1 August 2023 125,345
Charge for year 30,926
Eliminated on disposal (45,085 )
At 31 July 2024 111,186
NET BOOK VALUE
At 31 July 2024 173,491
At 31 July 2023 109,305

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 177,852 111,300
Other debtors 30,276 20,314
208,128 131,614

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 46,659 88,863
Trade creditors 171,971 103,523
Amounts owed to group undertakings 8,163 72,264
Taxation and social security 139,049 25,341
Other creditors 76,663 62,052
442,505 352,043

Autofarm (1973) Limited (Registered number: 02579336)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 10,001 34,941
Other creditors 46,141 24,700
56,142 59,641

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 33,603 95,739

The long term loans are secured by negative pledges and/or fixed charges over the assets of the company.