Registered number
07366552
Devoran Autocare Limited
Filleted Accounts
30 September 2023
Devoran Autocare Limited
Balance Sheet
As at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,461 5,430
Current assets
Stocks 1,000 1,000
Debtors 4 72,926 68,814
Cash at bank and in hand 82,112 48,321
156,038 118,135
Creditors: amounts falling due within one year 5 (60,730) (48,927)
Net current assets 95,308 69,208
Total assets less current liabilities 99,769 74,638
Creditors: amounts falling due after more than one year 6 (5,000) (8,000)
Provisions for liabilities
Deferred taxation (1,115) (1,032)
Net assets 93,654 65,606
Capital and reserves
Called up share capital 2 2
Profit and loss account 93,652 65,604
Shareholders' funds 93,654 65,606
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………
B Symons
Director
Approved by the board on 25 March 2024
Devoran Autocare Limited
Notes to the Accounts
For the Year Ended 30 September 2023
1 Accounting policies
Basis of preparation
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 represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% on a reducing balance basis
Motor vehicles 25% on a reducing balance basis
Computer equipment and furniture 20% on a reducing balance basis
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Government grants received as compensation for expenses or losses incurred are recognised in income when receivable.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company
(excluding directors) 5 5
3 Tangible fixed assets
Office equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 1,907 12,658 982 15,547
Additions 160 - - 160
At 30 September 2023 2,067 12,658 982 15,707
Depreciation
At 1 October 2022 1,343 8,003 771 10,117
Charge for the year 145 931 53 1,129
At 30 September 2023 1,488 8,934 824 11,246
Net book value
At 30 September 2023 579 3,724 158 4,461
At 30 September 2022 564 4,655 211 5,430
4 Debtors 2023 2022
£ £
Directors loan 72,926 68,814
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts (Bounce Back Loan) 3,000 3,000
Trade creditors 13,094 11,413
Corporation tax 26,775 19,436
Other taxes and social security costs 17,861 15,078
60,730 48,927
6 Creditors: amounts falling due after more than one year 2023 2022
£ £
Bank loan 5,000 8,000
The bank loan is a Bounce Back Loan guaranteed by the government.
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 2,945 4,255
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
B Symons
Loan 1 (interest-free loan) 34,407 - (34,407) -
Loan 2 (interest-free loan) - 36,463 - 36,463
S J Symons
Loan 1 (interest-free loan) 34,407 - (34,407) -
Loan 2 (interest-free loan) - 36,463 - 36,463
68,814 72,926 (68,814) 72,926
9 Related party transactions
Dividends totalling £70,000 were paid to the directors during the year.
10 Controlling party
The company is controlled by the directors who own 100% of the called up share capital.
11 Other information
Devoran Autocare Limited is a private company limited by shares and incorporated in England. Its registered office address is:
Unit 1E
North Grange Industrial Estate
Devoran
Truro
TR3 6RF
Registered number: 07366552
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