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Junction 1 Truck & Coach Wash Limited
Unaudited financial statements
31 October 2023
Company Registration Number 4941183
Junction 1 Truck & Coach Wash Limited
Financial statements
year ended 31 October 2023
Contents
Pages
Directors' report
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Profit and loss account
3
Balance sheet
4 to 5
Notes to the financial statements
6 to 10
Junction 1 Truck & Coach Wash Limited
Directors' report
year ended 31 October 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2023 .
Directors
The directors who served the company during the year were as follows:
Ms H Dye
Mr.D Hartley
Small company provisions
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
This report was approved by the board of directors on 26 February 2024 and signed on behalf of the board by:
Mr.D Hartley
Ms H Dye
Director
Company Secretary
Registered office:
Sandbeck Way
Hellaby Industrial Estate
Hellaby
Rotherham
South Yorkshire
S66 8QL
Junction 1 Truck & Coach Wash Limited
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements of Junction 1 Truck & Coach Wash Limited
year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Junction 1 Truck & Coach Wash Limited for the year ended 31 October 2023, which comprise the profit and loss account, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/rulebook. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.
darbys limited chartered certified accountants
New Quorn House 41 Potter Street Worksop Nottinghamshire
26 February 2024
Junction 1 Truck & Coach Wash Limited
Profit and loss account
year ended 31 October 2023
2023
2022
Note
£
£
Turnover
549,339
538,211
Cost of sales
341,591
239,370
---------
---------
Gross profit
207,748
298,841
Administrative expenses
164,392
280,528
---------
---------
Operating profit
3
43,356
18,313
Other interest receivable and similar income
5
621
22
Interest payable and similar expenses
6
2,630
1,649
---------
---------
Profit before taxation
41,347
16,686
Tax on profit
11,368
1,265
--------
--------
Profit for the financial year and total comprehensive income
29,979
15,421
--------
--------
Dividends paid and payable
( 27,733)
( 27,733)
Retained earnings at the start of the year
387,307
399,619
---------
---------
Retained earnings at the end of the year
389,553
387,307
---------
---------
All the activities of the company are from continuing operations.
Junction 1 Truck & Coach Wash Limited
Balance sheet
31 October 2023
2022
Note
£
£
Fixed assets
Tangible assets
8
336,568
326,926
Current assets
Debtors
9
44,487
50,317
Cash at bank and in hand
132,125
129,930
---------
---------
176,612
180,247
Creditors: amounts falling due within one year
10
( 84,005)
( 49,810)
---------
---------
Net current assets
92,607
130,437
---------
---------
Total assets less current liabilities
429,175
457,363
Creditors: amounts falling due after more than one year
11
( 22,846)
( 58,876)
Provisions
( 16,676)
( 11,080)
---------
---------
Net assets
389,653
387,407
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
389,553
387,307
---------
---------
Shareholders funds
389,653
387,407
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Junction 1 Truck & Coach Wash Limited
Balance sheet (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 26 February 2024 , and are signed on behalf of the board by:
Mr.D Hartley
Director
Company registration number: 4941183
Junction 1 Truck & Coach Wash Limited
Notes to the financial statements
year ended 31 October 2023
1. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2. Accounting policies
2.1 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.
2.2 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
2.3 Income 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.
2.4 Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
2.5 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
2.6 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:
Land and buildings
-
1% straight line
Plant and machinery
-
15% reducing balance
Fixtures, fittings and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
2.7 Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
2.8 Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Operating profit
Operating profit or loss is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
15,212
13,740
Loss on disposal of tangible assets
1,485
Impairment of trade debtors
354
215
--------
--------
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 16 ).
5. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
621
22
----
----
6. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
2,630
1,649
-------
-------
7. Intangible assets
Goodwill
Cost
At 1 Nov 2022 and 31 Oct 2023
16,400
--------
Amortisation
At 1 Nov 2022 and 31 Oct 2023
16,400
--------
Carrying amount
At 31 October 2023
--------
8. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
Cost
At 1 November 2022
308,587
254,097
5,786
18,930
587,400
Additions
47,290
393
47,683
Disposals
( 67,820)
( 67,820)
---------
---------
-------
--------
---------
At 31 October 2023
308,587
233,567
6,179
18,930
567,263
---------
---------
-------
--------
---------
Depreciation
At 1 November 2022
56,117
191,261
2,668
10,428
260,474
Charge for the year
3,668
8,951
467
2,126
15,212
Disposals
( 44,991)
( 44,991)
---------
---------
-------
--------
---------
At 31 October 2023
59,785
155,221
3,135
12,554
230,695
---------
---------
-------
--------
---------
Carrying amount
At 31 October 2023
248,802
78,346
3,044
6,376
336,568
---------
---------
-------
--------
---------
At 31 October 2022
252,470
62,836
3,118
8,502
326,926
---------
---------
-------
--------
---------
9. Debtors
2023
2022
£
£
Trade debtors
44,487
50,317
--------
--------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,068
6,068
Trade creditors
40,418
15,194
Corporation tax
5,773
603
Social security and other taxes
27,943
24,142
Other creditors
3,803
3,803
--------
--------
84,005
49,810
--------
--------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,846
58,876
--------
--------
12. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Sandbeck Way, Hellaby Industrial Estate, Hellaby, Rotherham, South Yorkshire, S66 8QL.