Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-08-01repairs and servicing of motor vehicles67truetrue 04452773 2022-08-01 2023-07-31 04452773 2021-08-01 2022-07-31 04452773 2023-07-31 04452773 2022-07-31 04452773 c:Director1 2022-08-01 2023-07-31 04452773 d:Buildings 2022-08-01 2023-07-31 04452773 d:Buildings 2023-07-31 04452773 d:Buildings 2022-07-31 04452773 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04452773 d:PlantMachinery 2022-08-01 2023-07-31 04452773 d:PlantMachinery 2023-07-31 04452773 d:PlantMachinery 2022-07-31 04452773 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04452773 d:MotorVehicles 2022-08-01 2023-07-31 04452773 d:MotorVehicles 2023-07-31 04452773 d:MotorVehicles 2022-07-31 04452773 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04452773 d:FurnitureFittings 2022-08-01 2023-07-31 04452773 d:FurnitureFittings 2023-07-31 04452773 d:FurnitureFittings 2022-07-31 04452773 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04452773 d:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 04452773 d:OtherPropertyPlantEquipment 2023-07-31 04452773 d:OtherPropertyPlantEquipment 2022-07-31 04452773 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04452773 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04452773 d:Goodwill 2023-07-31 04452773 d:Goodwill 2022-07-31 04452773 d:CurrentFinancialInstruments 2023-07-31 04452773 d:CurrentFinancialInstruments 2022-07-31 04452773 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 04452773 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 04452773 d:ShareCapital 2023-07-31 04452773 d:ShareCapital 2022-07-31 04452773 d:RetainedEarningsAccumulatedLosses 2023-07-31 04452773 d:RetainedEarningsAccumulatedLosses 2022-07-31 04452773 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-07-31 04452773 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-07-31 04452773 c:FRS102 2022-08-01 2023-07-31 04452773 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 04452773 c:FullAccounts 2022-08-01 2023-07-31 04452773 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04452773 2 2022-08-01 2023-07-31 04452773 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 04452773









ASHBOURNE MOTORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
ASHBOURNE MOTORS LIMITED
REGISTERED NUMBER: 04452773

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
203,873
223,323

  
203,873
223,323

Current assets
  

Stocks
 6 
11,505
10,627

Debtors: amounts falling due within one year
 7 
225,745
222,848

Cash at bank and in hand
 8 
399,455
334,935

  
636,705
568,410

Creditors: amounts falling due within one year
 9 
(176,973)
(206,103)

Net current assets
  
 
 
459,732
 
 
362,307

Total assets less current liabilities
  
663,605
585,630

  

Net assets
  
663,605
585,630


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
663,505
585,530

  
663,605
585,630


Page 1

 
ASHBOURNE MOTORS LIMITED
REGISTERED NUMBER: 04452773
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2024.




................................................
Andrew Prince
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
ASHBOURNE MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Ashbourne Motors Limited is a private company limited by shares, incorporated in England and Wales. The principal activity throughout the year was that of repairs and servicing of motor vehicles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
ASHBOURNE MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
ASHBOURNE MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and equipment
-
25% reducing balance
Property improvements
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
ASHBOURNE MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 7).

Page 6

 
ASHBOURNE MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 August 2022
30,800



At 31 July 2023

30,800



Amortisation


At 1 August 2022
30,800



At 31 July 2023

30,800



Net book value



At 31 July 2023
-



At 31 July 2022
-



Page 7

 
ASHBOURNE MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and equipment
Property improve ments

£
£
£
£
£



Cost or valuation


At 1 August 2022
125,000
97,092
200,449
72,311
27,878


Additions
-
-
3,800
2,016
-



At 31 July 2023

125,000
97,092
204,249
74,327
27,878



Depreciation


At 1 August 2022
-
86,540
123,510
63,934
25,423


Charge for the year on owned assets
-
2,110
20,187
2,600
369



At 31 July 2023

-
88,650
143,697
66,534
25,792



Net book value



At 31 July 2023
125,000
8,442
60,552
7,793
2,086



At 31 July 2022
125,000
10,552
76,939
8,377
2,455
Page 8

 
ASHBOURNE MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 August 2022
522,730


Additions
5,816



At 31 July 2023

528,546



Depreciation


At 1 August 2022
299,407


Charge for the year on owned assets
25,266



At 31 July 2023

324,673



Net book value



At 31 July 2023
203,873



At 31 July 2022
223,323

Page 9

 
ASHBOURNE MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Stocks

2023
2022
£
£

Raw materials and consumables
11,505
10,627

11,505
10,627



7.


Debtors

2023
2022
£
£


Trade debtors
17,807
13,724

Other debtors
200,000
200,000

Prepayments and accrued income
7,938
9,124

225,745
222,848



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
399,455
334,935

399,455
334,935



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
24,768
80,954

Corporation tax
40,982
26,996

Other taxation and social security
21,461
14,647

Other creditors
86,342
80,818

Accruals and deferred income
3,420
2,688

176,973
206,103


Page 10

 
ASHBOURNE MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
399,455
334,935




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Pension commitments

The Company operates a defined contributions pension scheme in respect of the employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,802 (2022 - £2,680). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.


12.


Related party transactions

During the year the Company paid rent of £36,000 (2022 - £36,000) for use of premises to the directors Andrew and Karin Prince.


13.


Controlling party

The Company is controlled by the director, Andrew Prince, by virtue of his shareholding as described in the directors' report.

 
Page 11