Auto Couture Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Auto Couture Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09912266 . The registered office is 20 Peterborough Road, Harrow, Middlesex, HA1 2BQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	No depreciation
Fixtures & Fittings	20% on cost

Depreciation is not provided on motor vehicles on the basis that the fleet consists of classic vehicles which, as they are maintained to a high standard, are likely to appreciate in value.

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

Page 3

Page 4

Auto Couture Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.6. Classic cars

Company's fleet of classic cars has been treated as investments. The cars are carried at fair value. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 1)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost or Valuation
As at 1 January 2024	-	2,938,840	3,274	2,942,114
Additions	8,750	855,071	-	863,821
Revaluation	-	(28,921 )	-	(28,921 )

As at 31 December 2024	8,750	3,764,990	3,274	3,777,014

Depreciation
As at 1 January 2024	-	-	2,620	2,620
Provided during the period	2,188	-	654	2,842

As at 31 December 2024	2,188	-	3,274	5,462

Net Book Value
As at 31 December 2024	6,562	3,764,990	-	3,771,552

As at 1 January 2024	-	2,938,840	654	2,939,494

Cost or valuation as at 31 December 2024 represented by:

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
At cost	8,750	3,369,777	3,274	3,381,801
At valuation	-	395,213	-	395,213

	8,750	3,764,990	3,274	3,777,014

The cars were valued on an estimated market value basis as at 31 December 2024 by the director of the company. The director has experience in the prestige and high value car market for a significant number of years.

Page 4

Page 5

Auto Couture Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Motor Vehicles
	£
Cost	3,369,777

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	-	29,500
Other debtors	248,566	271,060

	248,566	300,560

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	74,989	15,172
Trade creditors	53,680	25,721
Other creditors	4,545,184	3,663,563

	4,673,853	3,704,456

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	107,889	7,587

8. Secured Creditors

Other creditors include loan secured against specific tangible and other assets of the company.

	2024		2023
	£		£
Other Creditors	798,500		798,500

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	74,989	15,172
Later than one year and not later than five years	107,889	7,587

	182,878	22,759

	182,878	22,759

Page 5

Page 6

Auto Couture Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Provisions for Liabilities


	Deferred Tax	Total
	£	£
Additions	148,466	148,466
Utilised	(148,466 )	(148,466)

The deferred tax provision on accelerated capital allowances has been set off against the deferred tax asset arising on the losses.

11. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1	1

12. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Anthony Kearsley	64,500	-	2,500	-	62,000

The above loan is unsecured, interest free and repayable on demand.

13. Reserves

	Revaluation Reserve
	£
As at 1 January 2024	424,134
Transfer to profit and loss	(28,921 )

As at 31 December 2024	395,213

14. Related Party Transactions

At the year end the company had the following balances with related parties:

Debtors - £129,357 (2023 £116,857)

During the year the company undertook the following transactions with relaterd parties:

Purchases from related parties - £128,007 (2023 £62,000)

The related parties involved in the aforementioned transactions are related by virtue of ultimate common shareholding and directorship.

Page 6

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,771,552		2,939,494

			3,771,552		2,939,494
CURRENT ASSETS
Debtors	5	248,566		300,560
Cash at bank and in hand		8,676		421

		257,242		300,981
Creditors: Amounts Falling Due Within One Year	6	(4,673,853 )		(3,704,456 )

NET CURRENT ASSETS (LIABILITIES)			(4,416,611 )		(3,403,475 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(645,059 )		(463,981 )

Creditors: Amounts Falling Due After More Than One Year	7		(107,889 )		(7,587 )

NET LIABILITIES			(752,948 )		(471,568 )

CAPITAL AND RESERVES
Called up share capital	11		1		1
Revaluation reserve	13		395,213		424,134
Profit and Loss Account			(1,148,162 )		(895,703 )

SHAREHOLDERS' FUNDS			(752,948)		(471,568)