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Registration number: 03783790

Lottbridge Motoring Centre Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Lottbridge Motoring Centre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Lottbridge Motoring Centre Limited

Company Information

Directors

G P Peacock

S P Over

Registered office

Lottbridge Motoring Centre
Lottbridge Drove
Eastbourne
East Sussex
BN23 6PJ

Accountants

Manningtons
7 Wellington Square
Hastings
East Sussex
TN34 1PD

 

Lottbridge Motoring Centre Limited

(Registration number: 03783790)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,156

5,680

Current assets

 

Stocks

5

330,871

304,666

Debtors

6

45,408

35,037

Cash at bank and in hand

 

251,398

198,489

 

627,677

538,192

Creditors: Amounts falling due within one year

7

(197,164)

(167,468)

Net current assets

 

430,513

370,724

Total assets less current liabilities

 

436,669

376,404

Creditors: Amounts falling due after more than one year

7

(13,174)

(31,463)

Provisions for liabilities

(729)

(417)

Net assets

 

422,766

344,524

Capital and reserves

 

Called up share capital

100

100

Retained earnings

422,666

344,424

Shareholders' funds

 

422,766

344,524

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 April 2024 and signed on its behalf by:
 

 

Lottbridge Motoring Centre Limited

(Registration number: 03783790)
Balance Sheet as at 31 July 2023

.........................................
G P Peacock
Director

 

Lottbridge Motoring Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lottbridge Motoring Centre
Lottbridge Drove
Eastbourne
East Sussex
BN23 6PJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Lottbridge Motoring Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% reducing balance

Motor vehicles

25% reducing balance

Improvements to property

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lottbridge Motoring Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

 

Lottbridge Motoring Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

23,253

37,216

8,050

68,519

Additions

-

2,623

-

2,623

Disposals

-

-

(600)

(600)

At 31 July 2023

23,253

39,839

7,450

70,542

Depreciation

At 1 August 2022

19,767

35,252

7,820

62,839

Charge for the year

1,166

877

43

2,086

Eliminated on disposal

-

-

(539)

(539)

At 31 July 2023

20,933

36,129

7,324

64,386

Carrying amount

At 31 July 2023

2,320

3,710

126

6,156

At 31 July 2022

3,486

1,964

230

5,680

Included within the net book value of land and buildings above is £2,320 (2022 - £3,486) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

330,871

304,666

6

Debtors

2023
£

2022
£

Trade debtors

35,756

30,069

Prepayments

9,222

4,668

Other debtors

430

300

45,408

35,037

 

Lottbridge Motoring Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

10,752

10,752

Trade creditors

 

57,954

33,431

Taxation and social security

 

89,481

82,567

Accruals and deferred income

 

7,175

6,975

Other creditors

 

20,797

25,730

Director loan account

 

11,005

8,013

 

197,164

167,468

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

13,174

31,463

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

13,174

31,463

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,752

10,752