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COMPANY REGISTRATION NUMBER: 10151882
South London Auto Services Limited
Filleted Unaudited Financial Statements
31 March 2023
South London Auto Services Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
South London Auto Services Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
2
Tangible assets
6
10,266
16,348
--------
--------
10,266
16,350
Current assets
Stocks
9,604
23,470
Debtors
7
39,902
54,334
Cash at bank and in hand
44,587
48,571
--------
---------
94,093
126,375
Creditors: amounts falling due within one year
8
81,909
99,120
--------
---------
Net current assets
12,184
27,255
--------
--------
Total assets less current liabilities
22,450
43,605
Creditors: amounts falling due after more than one year
9
32,707
52,138
Provisions
1,961
--------
--------
Net liabilities
( 12,218)
( 8,533)
--------
--------
Capital and reserves
Called up share capital
150
150
Profit and loss account
( 12,368)
( 8,683)
--------
-------
Shareholders deficit
( 12,218)
( 8,533)
--------
-------
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 31 March 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 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 financial statements .
South London Auto Services Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:
Mrs M J M Threadgill
Mr D G Threadgill
Director
Director
Mr L A Smith
Director
Company registration number: 10151882
South London Auto Services Limited
Notes to the Financial Statements
Year ended 31 March 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on fitting to the vehicle.
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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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
Patents, trademarks and licences
-
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 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 machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 7 ).
5. Intangible assets
Goodwill
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
59,231
6
59,237
--------
----
--------
Amortisation
At 1 April 2022
59,230
5
59,235
Charge for the year
1
1
2
--------
----
--------
At 31 March 2023
59,231
6
59,237
--------
----
--------
Carrying amount
At 31 March 2023
--------
----
--------
At 31 March 2022
1
1
2
--------
----
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
57,060
14,468
3,497
75,025
Additions
6,125
392
6,517
--------
--------
-------
--------
At 31 March 2023
63,185
14,860
3,497
81,542
--------
--------
-------
--------
Depreciation
At 1 April 2022
44,420
13,164
1,093
58,677
Charge for the year
11,589
409
601
12,599
--------
--------
-------
--------
At 31 March 2023
56,009
13,573
1,694
71,276
--------
--------
-------
--------
Carrying amount
At 31 March 2023
7,176
1,287
1,803
10,266
--------
--------
-------
--------
At 31 March 2022
12,640
1,304
2,404
16,348
--------
--------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
2,972
2,855
Other debtors
36,930
51,479
--------
--------
39,902
54,334
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,804
16,566
Trade creditors
44,664
58,289
Corporation tax
3,262
Social security and other taxes
14,666
6,734
Other creditors
5,775
14,269
--------
--------
81,909
99,120
--------
--------
Bank loans and overdrafts of £6,826 (2022: £6,826) and Other Creditors of £2,956 (2022: £10,925) are secured.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,707
49,182
Other creditors
2,956
--------
--------
32,707
52,138
--------
--------
The bank loans and overdrafts of £10,365 (2022: £16,682) and Other Creditors of nil (2022: £2,956) are secured.
10. Directors' advances, credits and guarantees
At the year end the company was owed £1,414 (2022: £1,414) by a director. No interest was charged on this loan.
11. Related party transactions
At the year end the company was owed £1,484 by a company under common control (2022: owed £1,484).