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Registered number: 07216229
TONY CORREALE AUTOS LTD
Unaudited Financial Statements
For The Year Ended 30 April 2024
Edmonds Accountancy
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07216229
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 10,324 13,766
10,324 13,766
CURRENT ASSETS
Debtors 6 33,956 16,484
Cash at bank and in hand 500 500
34,456 16,984
Creditors: Amounts Falling Due Within One Year 7 (23,467 ) (15,770 )
NET CURRENT ASSETS (LIABILITIES) 10,989 1,214
TOTAL ASSETS LESS CURRENT LIABILITIES 21,313 14,980
NET ASSETS 21,313 14,980
CAPITAL AND RESERVES
Called up share capital 9 1 1
Other reserves 30,000 30,000
Profit and Loss Account (8,688 ) (15,021 )
SHAREHOLDERS' FUNDS 21,313 14,980
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Antonio Correale
Director
30/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
TONY CORREALE AUTOS LTD is a private company, limited by shares, incorporated in England & Wales, registered number 07216229 . The registered office is A1 Car Spares, Silver Birches, Highland Avenue, Wokingham, Berkshire, RG41 4SP.
2. Accounting Policies
2.1. Basis of Preparation of 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.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
Revenue is recognised for the provision of services as the contractual activity progresses.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly
over its estimated useful life of ten years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less
any accumulated amortisation and any accumulated impairment losses.
2.5. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.6. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.7. 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 statement of financial position date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 30,000
As at 30 April 2024 30,000
Amortisation
As at 1 May 2023 30,000
As at 30 April 2024 30,000
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 9,409 13,784 2,100 158 25,451
As at 30 April 2024 9,409 13,784 2,100 158 25,451
Depreciation
As at 1 May 2023 5,938 5,326 263 158 11,685
Provided during the period 868 2,115 459 - 3,442
As at 30 April 2024 6,806 7,441 722 158 15,127
Net Book Value
As at 30 April 2024 2,603 6,343 1,378 - 10,324
As at 1 May 2023 3,471 8,458 1,837 - 13,766
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,389 1,652
Other debtors 30,567 14,832
33,956 16,484
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,104 3,040
Bank loans and overdrafts 3,713 1,533
Other creditors 1,385 1,385
Taxation and social security 8,265 9,812
23,467 15,770
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8. Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement
of financial position 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.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Antonio Correale 14,832 26,299 (16,727 ) - 24,404
The above loan is unsecured, interest free and repayable on demand.
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