Company registration number 03261614 (England and Wales)
EDEN PARK MOTORIST CENTRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
EDEN PARK MOTORIST CENTRE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
EDEN PARK MOTORIST CENTRE LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
85,396
91,983
Current assets
Stocks
34,673
45,698
Debtors
5
812,073
691,572
Cash at bank and in hand
191,727
846,746
928,997
Creditors: amounts falling due within one year
6
(611,999)
(570,056)
Net current assets
234,747
358,941
Total assets less current liabilities
320,143
450,924
Creditors: amounts falling due after more than one year
7
(37,372)
(40,919)
Net assets
282,771
410,005
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
282,671
409,905
Total equity
282,771
410,005
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
EDEN PARK MOTORIST CENTRE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
Mr K Y Kanli
Director
Company Registration No. 03261614
EDEN PARK MOTORIST CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Eden Park Motorist Centre Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 243-251 Bromley Road, London, United Kingdom, SE6 2RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% Reducing Balance
Fixtures and fittings
10% Reducing Balance
Computers
25% Reducing Balance
Motor vehicles
20% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
EDEN PARK MOTORIST CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.10
Short-term debtors and creditors
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 income statements in other operating expenses.
1.11
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group or those deemed to have been transacted under normal market conditions.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
33
29
EDEN PARK MOTORIST CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
313,725
Additions
4,005
At 31 March 2023
317,730
Depreciation and impairment
At 1 April 2022
221,742
Depreciation charged in the year
10,592
At 31 March 2023
232,334
Carrying amount
At 31 March 2023
85,396
At 31 March 2022
91,983
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,747
Other debtors
808,326
691,572
812,073
691,572
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,222
4,461
Trade creditors
171,133
142,408
Corporation tax
47,002
45,028
Other taxation and social security
45,288
46,274
Other creditors
336,354
331,885
611,999
570,056
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
37,372
40,919
EDEN PARK MOTORIST CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Related party transactions
At the year end, a close family member of a director owed the company £41,275 (2022: £nil). This balance was fully repaid within 9 months of the year end.
9
Directors' transactions
Dividends paid to the company's directors during the year amounted to £200,000 (2022: £184,000).
Within other debtors is a balance of £231,669 (2022: £252,756) due from directors. This balance was fully repaid within 9 months of the year end.
10
Parent company
In the opinion of the directors, there is no ultimate controlling party.