Advanced Autos (Watford) Ltd 31/12/2024 iXBRL

Company registration number: 05306960

Advanced Autos (Watford) Ltd

Unaudited filleted financial statements

for the year ended

31 December 2024

Advanced Autos (Watford) Ltd

Contents

Director and other information

Statement of financial position

Notes to the financial statements

Advanced Autos (Watford) Ltd

Director and other information


	Director	M Ferrazzano


	Secretary	R Ferrazzano


	Company number	05306960


	Registered office	Park Avenue
		Bushey
		Watford
		Hertfordshire
		WD23 2GD


	Accountants	Redford & Co Limited
		Chartered Accountants
		1st Floor
		64 Baker Street
		London
		W1U 7GB

Advanced Autos (Watford) Ltd

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	5	22,750		45,500
Tangible assets	6	17,327		20,788
		_______		_______
			40,077		66,288

Current assets
Debtors	7	459,392		86,889
Cash at bank and in hand		209,376		531,916
		_______		_______
		668,768		618,805
Creditors: amounts falling due
within one year	8	( 122,282)		( 198,903)
		_______		_______
Net current assets			546,486		419,902
			_______		_______
Total assets less current liabilities			586,563		486,190

			_______		_______
Net assets			586,563		486,190
			_______		_______

Capital and reserves
Called up share capital			15		15
Profit and loss account			586,548		486,175
			_______		_______
Shareholders funds			586,563		486,190
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 27 August 2025 , and are signed on behalf of the board by:

M Ferrazzano

Director

Company registration number: 05306960

Advanced Autos (Watford) Ltd

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Park Avenue, Bushey, Watford, Hertfordshire, WD23 2GD.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Acquired goodwill was previously written off in equal annual instalments over its estimated useful economic life of 20 years. The remaining estimated useful life was revised to 10 years with effect from 1 January 2016 and the net book value of goodwill at 1 January 2016 is now being written off in equal annual instalments over 10 years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	Straight line over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2023: 9 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	325,000	325,000
	_______	_______
Amortisation
At 1 January 2024	279,500	279,500
Charge for the year	22,750	22,750
	_______	_______
At 31 December 2024	302,250	302,250
	_______	_______
Carrying amount
At 31 December 2024	22,750	22,750
	_______	_______
At 31 December 2023	45,500	45,500
	_______	_______

6. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 January 2024	44,453	43,705	88,158
Additions	-	2,315	2,315
	_______	_______	_______
At 31 December 2024	44,453	46,020	90,473
	_______	_______	_______
Depreciation
At 1 January 2024	29,842	37,528	67,370
Charge for the year	3,653	2,123	5,776
	_______	_______	_______
At 31 December 2024	33,495	39,651	73,146
	_______	_______	_______
Carrying amount
At 31 December 2024	10,958	6,369	17,327
	_______	_______	_______
At 31 December 2023	14,611	6,177	20,788
	_______	_______	_______

7. Debtors

	2024	2023
	£	£
Trade debtors	51,309	83,013
Other debtors	408,083	3,876
	_______	_______
	459,392	86,889
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	61,213	65,735
Corporation tax	44,517	52,370
Social security and other taxes	4,552	20,221
Other creditors	12,000	60,577
	_______	_______
	122,282	198,903
	_______	_______

9. Directors advances, credits and guarantees

The company has a loan account with its director, M Ferrazzano . The loan account represents monies owed by the director. The loan is interest free, unsecured and repayable on demand. The balance outstanding at 31 December 2024 was £408,076 (31 December 2023 - £46,077 Cr) and was subsequently repaid to the company.