Registered number
08721848
Sidcup Auto Repairs Limited
Filleted Accounts
31 October 2023
Sidcup Auto Repairs Limited
Registered number: 08721848
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,213 1,517
Tangible assets 4 29,221 27,475
30,434 28,992
Current assets
Stocks 3,278 675
Debtors 5 3,821 3,110
Cash at bank and in hand 38,975 45,613
46,074 49,398
Creditors: amounts falling due within one year 6 (68,753) (14,749)
Net current (liabilities)/assets (22,679) 34,649
Total assets less current liabilities 7,755 63,641
Creditors: amounts falling due after more than one year 7 (2,150) (4,964)
Provisions for liabilities (4,034) -
Net assets 1,571 58,677
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,471 58,577
Shareholders' funds 1,571 58,677
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.
K Toros
Director
Approved by the board on 2 February 2024
Sidcup Auto Repairs Limited
Notes to the Accounts
for the year ended 31 October 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 3,035
At 31 October 2023 3,035
Amortisation
At 1 November 2022 1,518
Provided during the year 304
At 31 October 2023 1,822
Net book value
At 31 October 2023 1,213
At 31 October 2022 1,517
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 8,097 54,239 15,208 77,544
Additions 5,642 3,475 750 9,867
Disposals (1,966) (1,149) - (3,115)
At 31 October 2023 11,773 56,565 15,958 84,296
Depreciation
At 1 November 2022 4,562 42,465 3,042 50,069
Charge for the year 1,442 2,820 2,583 6,845
Surplus on revaluation (1,160) - - (1,160)
On disposals - (679) - (679)
At 31 October 2023 4,844 44,606 5,625 55,075
Net book value
At 31 October 2023 6,929 11,959 10,333 29,221
At 31 October 2022 3,535 11,774 12,166 27,475
5 Debtors 2023 2022
£ £
Trade debtors - 3,110
Other debtors 3,821 -
3,821 3,110
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,414 -
Trade creditors 6,266 8,543
Taxation and social security costs 59,007 45,869
Other creditors 2,066 (39,663)
68,753 14,749
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,150 4,964
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
K Toros
Directors loan account 20,127 19,625 (39,798) (46)
E Toros
Directors loan account 19,676 17,798 (38,800) (1,326)
39,803 37,423 (78,598) (1,372)
9 Related party transactions
Included in other creditors is the amount of £1,372 (2022 - £39,802 other debtors) owed to the directors. This amount is undated, unsecured, interest free and repayable upon demand.
# Controlling party
The ultimate controlling parties are the directors and shareholders.
# Other information
Sidcup Auto Repairs Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit C, 8 Halfway Street
Sidcup
Kent
DA15 8LL
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