Registered number
01027571
Basildon Motoring Centre Limited
Report and Accounts
31 December 2021
Basildon Motoring Centre Limited
Registered number: 01027571
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 151,041 148,824
Current assets
Stocks 5,566 5,820
Debtors 4 113,816 130,930
Cash at bank and in hand 69,955 41,446
189,337 178,196
Creditors: amounts falling due within one year 5 (111,255) (73,202)
Net current assets 78,082 104,994
Total assets less current liabilities 229,123 253,818
Creditors: amounts falling due after more than one year 6 (34,440) (50,000)
Net assets 194,683 203,818
Capital and reserves
Called up share capital 100 100
Profit and loss account 194,583 203,718
Shareholders' funds 194,683 203,818
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R V Longman
Director
Approved by the board on 14 April 2022
Basildon Motoring Centre Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going Concern
After reviewing the company’s expectations and future trading conditions, the directors have a reasonable expectation that the company has adequate resources to continue in operational
existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor Vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Grants
Grants are recognised in the profit or loss, receivable in line with expenditure with which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2021 110,491 112,573 9,460 232,524
Additions 11,800 - - 11,800
At 31 December 2021 122,291 112,573 9,460 244,324
Depreciation
At 1 January 2021 - 77,566 6,134 83,700
Charge for the year - 8,751 832 9,583
At 31 December 2021 - 86,317 6,966 93,283
Net book value
At 31 December 2021 122,291 26,256 2,494 151,041
At 31 December 2020 110,491 35,007 3,326 148,824
4 Debtors 2021 2020
£ £
Trade debtors 113,816 130,930
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 11,191 -
Trade creditors 5,652 5,220
Other taxes and social security costs 9,241 11,321
Other creditors 85,171 56,661
111,255 73,202
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 34,440 50,000
7 Other information
Basildon Motoring Centre Limited is a private company limited by shares and incorporated in England. Its registered office is:
6 Carlton Road
Romford
Essex
RM2 5AA
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