REGISTERED NUMBER: 04092242 (England and Wales)

AUTOWORLD (SOUTH EAST) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr C R Cutting

Mrs D E Cutting

SECRETARY:

Mrs D E Fitch

REGISTERED OFFICE:

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

BUSINESS ADDRESS:

Delbridge Garage

Forbes Road

Faversham

Kent

ME13 8QE

REGISTERED NUMBER:

04092242 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

SITTINGBOURNE

Kent

ME9 8PX

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

5,717

5,079

5,717

5,079

CURRENT ASSETS

Stocks

210,165

171,504

Debtors

7

21,368

18,029

Cash at bank and in hand

161,827

263,919

393,360

453,452

CREDITORS

Amounts falling due within one year

8

126,078

223,695

NET CURRENT ASSETS

267,282

229,757

TOTAL ASSETS LESS CURRENT LIABILITIES

272,999

234,836

CREDITORS

Amounts falling due after more than one year

9

(52,258

)

(19,883

)

PROVISIONS FOR LIABILITIES

(765

)

(773

)

NET ASSETS

219,976

214,180

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

219,876

214,080

SHAREHOLDERS' FUNDS

219,976

214,180

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Mr C R Cutting - Director

1.	STATUTORY INFORMATION

Autoworld (South East) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The directors have considered the impact the current economic climate is having on the business and are satisfied that the current level of reserves and cash resources are adequate to allow the company to continue trading for the foreseeable future. Accordingly the directors consider it to be appropriate to prepare the accounts on the going concern basis.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, has been fully amortised over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

15% on reducing balance

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

During the year the company claimed Employment Allowance totalling £5,000 (2023: £5,000).

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and 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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax

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.

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 non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

50,000

AMORTISATION

At 1 January 2024

and 31 December 2024

50,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2024

2,824

24,657

1,654

29,135

Additions

-

2,045

-

2,045

Disposals

-

(1,350

)

-

(1,350

)

At 31 December 2024

2,824

25,352

1,654

29,830

DEPRECIATION

At 1 January 2024

835

21,567

1,654

24,056

Charge for year

298

815

-

1,113

Eliminated on disposal

-

(1,056

)

-

(1,056

)

At 31 December 2024

1,133

21,326

1,654

24,113

NET BOOK VALUE

At 31 December 2024

1,691

4,026

-

5,717

At 31 December 2023

1,989

3,090

-

5,079

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

3,439

8,509

Other debtors

7,457

-

Prepayments and accrued income

10,472

9,520

21,368

18,029

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

16,921

10,013

Trade creditors

27,977

24,247

VAT

22,296

17,321

Other creditors

654

623

Other taxes and PAYE

16,658

21,062

Directors' Current Accounts

15,980

127,589

Accruals and deferred income

25,592

22,840

126,078

223,695

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

17,032

10,268

Bank loans - 2-5 years

22,248

9,615

Bank loans more 5 yr by instal

12,978

-

52,258

19,883

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

12,978

-

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

62,832

38,080

Between one and five years

242,948

-

305,780

38,080

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100