2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 30,248 1,342 31,590 22,656 1,340 23,996 7,594 7,592 xbrli:pure xbrli:shares iso4217:GBP 09715386 2022-04-01 2023-03-31 09715386 2023-03-31 09715386 2022-03-31 09715386 2021-04-01 2022-03-31 09715386 2022-03-31 09715386 2021-03-31 09715386 core:PlantMachinery 2022-04-01 2023-03-31 09715386 bus:Director1 2022-04-01 2023-03-31 09715386 core:PlantMachinery 2022-03-31 09715386 core:PlantMachinery 2023-03-31 09715386 core:WithinOneYear 2023-03-31 09715386 core:WithinOneYear 2022-03-31 09715386 core:ShareCapital 2023-03-31 09715386 core:ShareCapital 2022-03-31 09715386 core:RetainedEarningsAccumulatedLosses 2023-03-31 09715386 core:RetainedEarningsAccumulatedLosses 2022-03-31 09715386 core:PlantMachinery 2022-03-31 09715386 bus:Director1 2022-03-31 09715386 bus:Director1 2023-03-31 09715386 bus:Director1 2021-03-31 09715386 bus:Director1 2022-03-31 09715386 bus:Director1 2021-04-01 2022-03-31 09715386 bus:SmallEntities 2022-04-01 2023-03-31 09715386 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09715386 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09715386 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09715386 bus:FullAccounts 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 09715386
Cotswold Vehicle Services Ltd
Filleted Unaudited Financial Statements
31 March 2023
Cotswold Vehicle Services Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
7,594
7,592
Current assets
Stocks
1,700
1,700
Debtors
6
2,745
6,944
Cash at bank and in hand
5,753
6,124
--------
--------
10,198
14,768
Creditors: amounts falling due within one year
7
37,343
35,350
--------
--------
Net current liabilities
27,145
20,582
--------
--------
Total assets less current liabilities
( 19,551)
( 12,990)
--------
--------
Net liabilities
( 19,551)
( 12,990)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 19,651)
( 13,090)
--------
--------
Shareholders deficit
( 19,551)
( 12,990)
--------
--------
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 comprehensive income 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.
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 .
Cotswold Vehicle Services Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:
Mr J A Robertson
Director
Company registration number: 09715386
Cotswold Vehicle Services Ltd
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 The Old Dairy Church Farm, Longnewton, Tetbury, Gloucestershire, GL8 8RS.
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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
15% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2022
30,248
30,248
Additions
1,342
1,342
--------
--------
At 31 March 2023
31,590
31,590
--------
--------
Depreciation
At 1 April 2022
22,656
22,656
Charge for the year
1,340
1,340
--------
--------
At 31 March 2023
23,996
23,996
--------
--------
Carrying amount
At 31 March 2023
7,594
7,594
--------
--------
At 31 March 2022
7,592
7,592
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
2,498
6,944
Other debtors
247
-------
-------
2,745
6,944
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,722
13,884
Social security and other taxes
4,931
2,893
Other creditors
18,690
18,573
--------
--------
37,343
35,350
--------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J A Robertson
( 17,958)
19,923
( 18,000)
( 16,035)
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J A Robertson
( 21,212)
15,458
( 12,204)
( 17,958)
--------
--------
--------
--------