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Registration number: 06061648

Lodge Service Station Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Lodge Service Station Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lodge Service Station Limited

Company Information

Director

Mr Michael Southworth

Company secretary

Mrs Ann Marie Southworth

Registered office

C/o Bright Partnership
26 Edward Court
Altrincham
WA14 5GL

Accountants

Bright Partnership LLP
Chartered Accountants & Business Advisors
26 Edward Court
Broadheath
Altrincham
WA14 5GL

 

Lodge Service Station Limited

(Registration number: 06061648)
Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,000

1,250

Tangible assets

5

20,861

17,154

 

21,861

18,404

Current assets

 

Stocks

600

600

Debtors

6

18,255

3,832

Cash at bank and in hand

 

20,472

22,249

 

39,327

26,681

Creditors: Amounts falling due within one year

7

(51,408)

(38,870)

Net current liabilities

 

(12,081)

(12,189)

Total assets less current liabilities

 

9,780

6,215

Provisions for liabilities

(1,338)

(824)

Net assets

 

8,442

5,391

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

8,432

5,381

Shareholders' funds

 

8,442

5,391

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2023
 

 

Lodge Service Station Limited

(Registration number: 06061648)
Statement of Financial Position as at 31 May 2023

.........................................
Mr Michael Southworth
Director

 

Lodge Service Station Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/o Bright Partnership
26 Edward Court
Altrincham
WA14 5GL
England

The principal place of business is:
Unit 2 Lodge Building
Abbey Hey Lane
Abbey Hey
Manchester
M18 8TG
United Kingdom

These financial statements were authorised for issue by the director on 28 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Lodge Service Station Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Fixtures and fittings

15% Reducing balance

Computer equipment

33% Reducing balance

Motor vehicles

25% Reducing balance

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Lodge Service Station Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Lodge Service Station Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Lodge Service Station Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

5,000

5,000

At 31 May 2023

5,000

5,000

Amortisation

At 1 June 2022

3,750

3,750

Amortisation charge

250

250

At 31 May 2023

4,000

4,000

Carrying amount

At 31 May 2023

1,000

1,000

At 31 May 2022

1,250

1,250

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

51,197

12,675

63,872

Additions

8,810

1,000

9,810

At 31 May 2023

60,007

13,675

73,682

Depreciation

At 1 June 2022

42,687

4,031

46,718

Charge for the year

3,692

2,411

6,103

At 31 May 2023

46,379

6,442

52,821

Carrying amount

At 31 May 2023

13,628

7,233

20,861

At 31 May 2022

8,510

8,644

17,154

6

Debtors

 

Lodge Service Station Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Current

2023
£

2022
£

Trade debtors

17,355

3,832

Other debtors

900

-

 

18,255

3,832

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

5,090

846

Trade creditors

 

12,894

6,422

Taxation and social security

 

31,545

29,914

Accruals and deferred income

 

1,200

1,200

Other creditors

 

679

488

 

51,408

38,870

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

         

9

Related party transactions

Summary of transactions with key management

Included in creditors is a balance due to the Director of £178 (2022: £72).