Autofleet Salvage Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04677058

Autofleet Salvage Limited

Filleted Unaudited Financial Statements

28 February 2025

Autofleet Salvage Limited

Financial Statements

Year ended 28 February 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Autofleet Salvage Limited

Statement of Financial Position

28 February 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	5		137,140		152,469

Current assets

Stocks		179,545	314,693
Debtors	6	231,325	101,469
Cash at bank and in hand		2,043,794	1,646,864
		------------	------------
		2,454,664	2,063,026

Creditors: amounts falling due within one year	7	217,670		120,518
		------------		------------
Net current assets			2,236,994		1,942,508
			------------		------------
Total assets less current liabilities			2,374,134		2,094,977

Provisions

Taxation including deferred tax	12,102	12,102
	------------	------------
Net assets	2,362,032	2,082,875
	------------	------------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		2,361,932	2,082,775
		------------	------------
Shareholders funds		2,362,032	2,082,875
		------------	------------

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 income and retained earnings has not been delivered.

For the year ending 28 February 2025 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Autofleet Salvage Limited

Statement of Financial Position (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 24 November 2025 , and are signed on behalf of the board by:

Mr M McCarron
Director

Company registration number: 04677058

Autofleet Salvage Limited

Notes to the Financial Statements

Year ended 28 February 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, Middlesex, HA2 0DH.

2. Statement of compliance

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

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and 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.

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:

Freehold Property	-	50 years straight line
Plant & Machinery	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 March 2024	169,573	67,258	16,266	7,585	260,682
Additions	–	–	–	916	916
	----------	--------	--------	-------	----------
At 28 February 2025	169,573	67,258	16,266	8,501	261,598
	----------	--------	--------	-------	----------
Depreciation
At 1 March 2024	67,829	18,664	15,796	5,924	108,213
Charge for the year	3,392	12,149	117	587	16,245
	----------	--------	--------	-------	----------
At 28 February 2025	71,221	30,813	15,913	6,511	124,458
	----------	--------	--------	-------	----------
Carrying amount
At 28 February 2025	98,352	36,445	353	1,990	137,140
	----------	--------	--------	-------	----------
At 29 February 2024	101,744	48,594	470	1,661	152,469
	----------	--------	--------	-------	----------

6. Debtors

	2025	2024
	£	£
Trade debtors	29,807	71,050
Other debtors	201,518	30,419
	----------	----------
	231,325	101,469
	----------	----------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	88,689	24,907
Accruals and deferred income	2,000	9,582
Corporation tax	126,218	85,590
Director loan accounts	763	439
	----------	----------
	217,670	120,518
	----------	----------

8. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----