Registered number
12381127
Guiseley MOT & Service Centre Ltd
Unaudited Filleted Accounts
31 December 2022
Guiseley MOT & Service Centre Ltd
Registered number: 12381127
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 4 30,064 40,086
Current assets
Stocks 15,700 15,700
Debtors 5 9,042 9,042
Cash at bank and in hand 4,369 5,804
29,111 30,546
Creditors: amounts falling due within one year 6 (19,011) (37,738)
Net current assets/(liabilities) 10,100 (7,192)
Total assets less current liabilities 40,164 32,894
Creditors: amounts falling due after more than one year 7 (23,503) (25,485)
Provisions for liabilities (5,257) (2,169)
Net assets 11,404 5,240
Capital and reserves
Called up share capital 1 1
Profit and loss account 11,403 5,239
Shareholder's funds 11,404 5,240
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr W Priest
Director
Approved by the board on 30/09/2023.
Guiseley MOT & Service Centre Ltd
Notes to the Accounts
for the year ended 31 December 2022
1 Statutory information
Guiseley MOT & Service Centre Ltd is a private company, limited by shares, registered in England and Wales.
The company's registered number and registered office address are as below:
Registered number: 12381127
Registered office: Victoria Road
Guiseley
Leeds
LS20 8DG
The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.
2 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with the 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
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:
Tools and equipment - 25% on a reducing balance basis
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.
2 Accounting policies (continued)
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.
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.
3 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
4 Tangible fixed assets
Tools and equipment
£
Cost
At 1 January 2022 65,675
At 31 December 2022 65,675
Depreciation
At 1 January 2022 25,589
Charge for the year 10,022
At 31 December 2022 35,611
Net book value
At 31 December 2022 30,064
At 31 December 2021 40,086
5 Debtors 2022 2021
£ £
Other debtors 9,042 9,042
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 5,686 9,316
Trade creditors 2,744 2,127
Director's current account 9,343 24,519
Accruals and deferred income 1,238 1,776
19,011 37,738
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 23,503 25,485
8 Related party transactions
During the year £9,275 (2021: £20,871) was advanced from and £24,451 (2021: £44,716) was repaid to the director of the company. An amount of £9,343 (2021: £24,519) remained due to the director at the year end.
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