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REGISTERED NUMBER: 03950480 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Mill Lane Auto Limited

Mill Lane Auto Limited (Registered number: 03950480)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mill Lane Auto Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: Mr R A Waller





REGISTERED OFFICE: Unit 1
Phoenix Business Park
Mill Lane
Beverley
East Yorkshire
HU17 9DH





REGISTERED NUMBER: 03950480 (England and Wales)





ACCOUNTANTS: Harris Lacey and Swain
Suite 1
The Riverside Building
Hessle
East Yorkshire
HU13 0DZ

Mill Lane Auto Limited (Registered number: 03950480)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 30,036 31,589
30,036 31,589

CURRENT ASSETS
Stocks 2,961 3,588
Debtors 6 7,863 7,825
Cash at bank and in hand 113,039 81,141
123,863 92,554
CREDITORS
Amounts falling due within one year 7 84,179 94,715
NET CURRENT ASSETS/(LIABILITIES) 39,684 (2,161 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,720

29,428

PROVISIONS FOR LIABILITIES 3,917 5,356
NET ASSETS 65,803 24,072

CAPITAL AND RESERVES
Called up share capital 1,978 1,978
Retained earnings 63,825 22,094
65,803 24,072

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Mill Lane Auto Limited (Registered number: 03950480)

Balance Sheet - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2024 and were signed by:





Mr R A Waller - Director


Mill Lane Auto Limited (Registered number: 03950480)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

Mill Lane Auto Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of accounting
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Group’s activities are met as follows:

Rendering of service - Car services and repairs
For car servicing and repair operations, the majority of sales are for standalone products and services made directly to customers at standard prices. Revenue is recognised when performance obligations are satisfied and the the product od service has been transferred to the customer. The customer pays in full at this point in time.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 15% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their 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, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measure at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Mill Lane Auto Limited (Registered number: 03950480)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Directors do not consider there to be any material estimates and judgements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 63,883
AMORTISATION
At 1 July 2022
and 30 June 2023 63,883
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

Mill Lane Auto Limited (Registered number: 03950480)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 84,947 14,470 10,929 110,346
Additions 425 4,850 - 5,275
Disposals - (1,000 ) - (1,000 )
At 30 June 2023 85,372 18,320 10,929 114,621
DEPRECIATION
At 1 July 2022 59,915 10,216 8,626 78,757
Charge for year 3,819 1,660 549 6,028
Eliminated on disposal - (200 ) - (200 )
At 30 June 2023 63,734 11,676 9,175 84,585
NET BOOK VALUE
At 30 June 2023 21,638 6,644 1,754 30,036
At 30 June 2022 25,032 4,254 2,303 31,589

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 532 1,958
Other debtors 7,331 5,867
7,863 7,825

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 25,634 25,933
Taxation and social security 36,794 28,169
Other creditors 21,751 40,613
84,179 94,715