COMPANY REGISTRATION NUMBER:
08917812
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Statement of Financial Position |
|
28 February 2023
Fixed assets
|
Intangible assets |
5 |
12,000 |
20,000 |
|
Tangible assets |
6 |
10,905 |
6,097 |
|
-------- |
-------- |
|
22,905 |
26,097 |
|
|
|
|
Current assets
|
Debtors |
13,971 |
17,264 |
|
Cash at bank and in hand |
144,539 |
107,881 |
|
--------- |
--------- |
|
158,510 |
125,145 |
|
|
|
|
Creditors: amounts falling due within one year |
86,063 |
61,809 |
|
--------- |
--------- |
|
Net current assets |
72,447 |
63,336 |
|
-------- |
-------- |
|
Total assets less current liabilities |
95,352 |
89,433 |
|
|
|
|
Creditors: amounts falling due after more than one year |
23,100 |
33,033 |
|
|
|
|
Provisions |
2,072 |
1,158 |
|
-------- |
-------- |
|
Net assets |
70,180 |
55,242 |
|
-------- |
-------- |
|
|
|
Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
70,080 |
55,142 |
|
-------- |
-------- |
|
Shareholders funds |
70,180 |
55,242 |
|
-------- |
-------- |
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
|
Abridged Statement of Financial Position (continued) |
|
28 February 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
4 October 2023
, and are signed on behalf of the board by:
Company registration number:
08917812
|
Notes to the Abridged Financial Statements |
|
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 142 Moss Road Trading Estate, Unit 1a Stretford, Manchester, M32 0AX, England.
2.
Statement of compliance
These abridged 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.
Revenue recognition
Turnover represents the invoiced value of goods and services provided, excluding Value Added Tax. Turnover is recognised on a strict daily basis when each maintenance or repair job is completed and the vehicle is collected by the customer.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profits for the current and past periods and is measured at the amounts of tax expected to be payable or recoverable 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 that have originate but not reversed at the reporting date and is measured on an undiscounted basis 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and 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:
|
Plant and equipment |
- |
25% straight line |
|
Motor vehicles |
- |
20% straight line |
|
|
|
|
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 abridged 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.
Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2022:
5
).
5.
Intangible assets
|
£ |
|
Cost |
|
|
At 1 March 2022 and 28 February 2023 |
80,000 |
|
-------- |
|
Amortisation |
|
|
At 1 March 2022 |
60,000 |
|
Charge for the year |
8,000 |
|
-------- |
|
At 28 February 2023 |
68,000 |
|
-------- |
|
Carrying amount |
|
|
At 28 February 2023 |
12,000 |
|
-------- |
|
At 28 February 2022 |
20,000 |
|
-------- |
|
|
6.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 March 2022 |
33,516 |
|
Additions |
8,737 |
|
Disposals |
(
7,000) |
|
-------- |
|
At 28 February 2023 |
35,253 |
|
-------- |
|
Depreciation |
|
|
At 1 March 2022 |
27,419 |
|
Charge for the year |
2,724 |
|
Disposals |
(
5,795) |
|
-------- |
|
At 28 February 2023 |
24,348 |
|
-------- |
|
Carrying amount |
|
|
At 28 February 2023 |
10,905 |
|
-------- |
|
At 28 February 2022 |
6,097 |
|
-------- |
|
|
7.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
– |
17,690 |
|
---- |
-------- |
|
|
|