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Registered number: 10713284
Autospeed Servicing & Mot Limited
Financial Statements
For The Year Ended 30 April 2023
William Price & Co Limited
Chartered Accountants
Westbury Court Church Road
Westbury On Trym
Bristol
BS9 3EF
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 10713284
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 63,997 124,599
Tangible Assets 5 68,621 84,140
132,618 208,739
CURRENT ASSETS
Stocks 6 18,533 9,200
Debtors 7 3,017 1,170
Cash at bank and in hand 9,989 4,556
31,539 14,926
Creditors: Amounts Falling Due Within One Year 8 (331,215 ) (342,132 )
NET CURRENT ASSETS (LIABILITIES) (299,676 ) (327,206 )
TOTAL ASSETS LESS CURRENT LIABILITIES (167,058 ) (118,467 )
Creditors: Amounts Falling Due After More Than One Year 9 (82,156 ) (98,536 )
NET LIABILITIES (249,214 ) (217,003 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (249,314 ) (217,103 )
SHAREHOLDERS' FUNDS (249,214) (217,003)
Page 1
Page 2
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L Rossiter
Director
16 April 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 May 2021 100 (146,885 ) (146,785)
Loss for the year and total comprehensive income - (70,218 ) (70,218)
As at 30 April 2022 and 1 May 2022 100 (217,103 ) (217,003)
Loss for the year and total comprehensive income - (32,211 ) (32,211)
As at 30 April 2023 100 (249,314 ) (249,214)
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Autospeed Servicing & Mot Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10713284 . The registered office is 162 High Street, Portishead, Bristol, BS20 6PY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
These accounts have been prepared on a going concern basis as, due to the continued support of the company finance providers', the directors believe that this is appropriate.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets comprise website costs and are amortised at 15% per annum on a straight line basis.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10%
Motor Vehicles 20%
Fixtures & Fittings 10%
Page 4
Page 5
2.7. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 11)
11 11
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 May 2022 294,011 12,000 306,011
As at 30 April 2023 294,011 12,000 306,011
Amortisation
As at 1 May 2022 176,012 5,400 181,412
Provided during the period 58,802 1,800 60,602
As at 30 April 2023 234,814 7,200 242,014
Net Book Value
As at 30 April 2023 59,197 4,800 63,997
As at 1 May 2022 117,999 6,600 124,599
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2022 100,000 30,000 3,057 133,057
Additions 873 - - 873
As at 30 April 2023 100,873 30,000 3,057 133,930
...CONTINUED
Page 5
Page 6
Depreciation
As at 1 May 2022 30,000 18,000 917 48,917
Provided during the period 10,087 6,000 305 16,392
As at 30 April 2023 40,087 24,000 1,222 65,309
Net Book Value
As at 30 April 2023 60,786 6,000 1,835 68,621
As at 1 May 2022 70,000 12,000 2,140 84,140
6. Stocks
2023 2022
£ £
Stock 18,533 9,200
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,017 1,170
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 85,593 85,356
Bank loans and overdrafts 141,394 171,009
Corporation tax 11,856 4,611
Other taxes and social security 15,902 12,739
VAT 23,632 28,245
Other creditors 24,027 19,986
Accruals and deferred income 5,206 2,786
Directors' loan accounts 23,605 17,400
331,215 342,132
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 82,156 98,536
Page 6
Page 7
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 7