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REGISTERED NUMBER: 09242900 (England and Wales)





















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Totnes Auto Services Ltd

Totnes Auto Services Ltd (Registered number: 09242900)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Totnes Auto Services Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: K Hoare
Mrs D Hoare





REGISTERED OFFICE: First Floor Cef Building
Broomhill Way
Torquay
Devon
TQ2 7QN





BUSINESS ADDRESS: Malt Mill Road
Totnes
Devon
TQ9 5NH





REGISTERED NUMBER: 09242900 (England and Wales)





ACCOUNTANTS: Mark Ward Chartered Certified Accountants
First Floor Cef Building
Broomhill Way
Torquay
Devon
TQ2 7QN

Totnes Auto Services Ltd (Registered number: 09242900)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,733 12,371
Tangible assets 5 2,379 3,238
10,112 15,609

CURRENT ASSETS
Stocks 3,137 1,976
Debtors 6 7,702 8,673
Cash at bank and in hand 92,453 89,357
103,292 100,006
CREDITORS
Amounts falling due within one year 7 44,194 49,349
NET CURRENT ASSETS 59,098 50,657
TOTAL ASSETS LESS CURRENT LIABILITIES 69,210 66,266

CREDITORS
Amounts falling due after more than one
year

8

13,000

20,000
NET ASSETS 56,210 46,266

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 56,060 46,116
SHAREHOLDERS' FUNDS 56,210 46,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Totnes Auto Services Ltd (Registered number: 09242900)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:





K Hoare - Director


Totnes Auto Services Ltd (Registered number: 09242900)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Totnes Auto Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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.

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 £1.

Critical accounting judgements and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Totnes Auto Services Ltd (Registered number: 09242900)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company holds the following financial instruments:

- Short term trade and other debtors and creditors;
- Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Basic financial assets comprise short term trade and other debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Totnes Auto Services Ltd (Registered number: 09242900)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 46,383
AMORTISATION
At 1 April 2022 34,012
Charge for year 4,638
At 31 March 2023 38,650
NET BOOK VALUE
At 31 March 2023 7,733
At 31 March 2022 12,371

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 5,522
DEPRECIATION
At 1 April 2022 2,284
Charge for year 859
At 31 March 2023 3,143
NET BOOK VALUE
At 31 March 2023 2,379
At 31 March 2022 3,238

Totnes Auto Services Ltd (Registered number: 09242900)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 7,334 6,652
Other debtors 368 2,021
7,702 8,673

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 6,000 5,000
Trade creditors 20,756 25,777
Taxation and social security 16,386 18,122
Other creditors 1,052 450
44,194 49,349

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 13,000 20,000