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Registered Number: 02993967
England and Wales

 

 

 

PYLLE MOTOR SPARES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 137,439    164,032 
Investments 4 2,437,525    2,473,135 
2,574,964    2,637,167 
Current assets      
Debtors 5 599,050    316,837 
Cash at bank and in hand 412,446    729,112 
1,011,496    1,045,949 
Creditors: amount falling due within one year 6 (50,788)   (108,464)
Net current assets 960,708    937,485 
 
Total assets less current liabilities 3,535,672    3,574,652 
Provisions for liabilities 7 (81,434)   (86,486)
Net assets 3,454,238    3,488,166 
 

Capital and reserves
     
Called up share capital 8 30,000    30,000 
Reserves 9 291,160    291,160 
Profit and loss account 3,133,078    3,167,006 
Shareholder's funds 3,454,238    3,488,166 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 09 February 2024 and were signed on its behalf by:


-------------------------------
Mrs S R Rossiter
Director
1
General Information
Pylle Motor Spares Limited is a private company, limited by shares, registered in England and Wales, registration number 02993967, registration address Woodstock House, Pylle, Shepton Mallet, BA4 6TA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 10 Year Straight Line
Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £   £
At 01 December 2022 89,560    910,668    52,394    53,774    1,106,396 
Additions        
Disposals        
At 30 November 2023 89,560    910,668    52,394    53,774    1,106,396 
Depreciation
At 01 December 2022 89,560    778,770    34,272    39,762    942,364 
Charge for year   19,784    4,531    2,278    26,593 
On disposals        
At 30 November 2023 89,560    798,554    38,803    42,040    968,957 
Net book values
Closing balance as at 30 November 2023   112,114    13,591    11,734    137,439 
Opening balance as at 01 December 2022   131,898    18,122    14,012    164,032 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 December 2022 2,473,135    2,473,135 
Additions 26,265    26,265 
Transfer to/from tangible fixed assets  
Disposals (61,875)   (61,875)
At 30 November 2023 2,437,525    2,437,525 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors   10,477 
Prepayments & Accrued Income 5,850    9,310 
Other Debtors 593,200    297,050 
599,050    316,837 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors   51,436 
Corporation Tax 11,335    51,477 
Accrued Expenses 3,531    3,502 
Director: Mrs S R Rossiter 35,000   
VAT 922    2,049 
50,788    108,464 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 81,434    86,486 
81,434    86,486 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
18,000 Class A shares of £1.00 each 18,000    18,000 
11,999 Class B shares of £1.00 each 11,999    11,999 
1 Class C share of £1.00 each  
30,000    30,000 

9.

Reserves

2023
£
  2022
£
Revaluation Reserve b/fwd 291,160    291,160 
291,160    291,160 

10.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Loan to family member18,000 8,000 92,981 110,981 

Interest was charged at the rate of 2%, the loan is unsecured with no repayment terms.
11.

Exceptional Item

Investments

Investments comprises of 11 properties. At 30 November 2023 the fair value of the properties in the financial statements was reviewed by the directors based on their knowledge of the property and documented trends in the local property market. During the year ended 30 November 2023 the revaluation in the year of £nil (2022 - £nil) was credited to the profit and loss account in accordance with FRS 102.
2