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COMPANY REGISTRATION NUMBER: 06525563
GUISELEY AUTOPOINT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2023
GUISELEY AUTOPOINT LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
GUISELEY AUTOPOINT LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
7,222
9,544
CURRENT ASSETS
Stocks
2,170
2,065
Debtors
6
11,750
10,806
Cash at bank and in hand
696,651
733,918
----------
----------
710,571
746,789
CREDITORS: amounts falling due within one year
7
32,026
64,116
----------
----------
NET CURRENT ASSETS
678,545
682,673
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
685,767
692,217
----------
----------
NET ASSETS
685,767
692,217
----------
----------
GUISELEY AUTOPOINT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
685,667
692,117
----------
----------
SHAREHOLDER FUNDS
685,767
692,217
----------
----------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 April 2024 , and are signed on behalf of the board by:
P E Collins
Director
Company registration number: 06525563
GUISELEY AUTOPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Sidings, Station Road, Guiseley, Leeds, West Yorkshire, LS20 8BX.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. TANGIBLE ASSETS
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
11,877
10,758
22,635
---------
---------
---------
Depreciation
At 1 August 2022
2,969
10,122
13,091
Charge for the year
2,227
95
2,322
---------
---------
---------
At 31 July 2023
5,196
10,217
15,413
---------
---------
---------
Carrying amount
At 31 July 2023
6,681
541
7,222
---------
---------
---------
At 31 July 2022
8,908
636
9,544
---------
---------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
9,124
8,271
Other debtors
2,626
2,535
---------
---------
11,750
10,806
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,379
6,387
Corporation tax
17,783
15,838
Social security and other taxes
4,945
5,406
Other creditors
2,919
36,485
---------
---------
32,026
64,116
---------
---------
8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.