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Registration number: 03918552

South Street Motors Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 September 2023

 

South Street Motors Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

South Street Motors Limited

(Registration number: 03918552)
Abridged Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

749,379

642,709

Investment property

10,000

-

 

759,379

642,709

Current assets

 

Stocks

24,440

36,100

Debtors

781,722

990,154

Cash at bank and in hand

 

610,617

404,449

 

1,416,779

1,430,703

Creditors: Amounts falling due within one year

5

(271,048)

(330,129)

Net current assets

 

1,145,731

1,100,574

Total assets less current liabilities

 

1,905,110

1,743,283

Creditors: Amounts falling due after more than one year

6

(20,426)

(62,989)

Provisions for liabilities

(41,077)

-

Net assets

 

1,843,607

1,680,294

Capital and reserves

 

Called up share capital

91,000

91,000

Revaluation reserve

417,563

417,563

Profit and loss account

1,335,044

1,171,731

Total equity

 

1,843,607

1,680,294

 

South Street Motors Limited

(Registration number: 03918552)
Abridged Balance Sheet as at 30 September 2023

For the financial year ending 30 September 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 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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 14 April 2024 and signed on its behalf by:
 

Mrs S A' Court Wills

Director

Mr J A' Court Wills

Director

 

South Street Motors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 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:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the Board on 14 April 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company 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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

South Street Motors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

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

Freehold buildings

2% straight line

Plant & machinery

25% reducing balance

Motor vehicles

20% reducing balance

Equipment, fixtures & fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 stocks 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 20).

 

South Street Motors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Total
£

Cost or valuation

At 1 October 2022

1,275,483

Additions

268,197

Disposals

(159,136)

At 30 September 2023

1,384,544

Depreciation

At 1 October 2022

632,774

Charge for the year

104,134

Eliminated on disposal

(101,743)

At 30 September 2023

635,165

Carrying amount

At 30 September 2023

749,379

At 30 September 2022

642,709

Investment properties

2023
£

Additions

80,490

This has been stated at open market value as determined by a directors' valuation.

5

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £44,460 (2022 - £34,806).

6

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £20,425 (2022 - £62,989).

 

South Street Motors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

7

Related party transactions

Advances to directors


Mr J A' Court Wills

During the period Mr J A' Court Wills went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £27,695 (2022 - £48,582). At the year end the amount outstanding from Mr J A' Court Wills was £25,742 (2022 - £15,370). Interest has been charged at the commercial rate.


Mrs S A' Court Wills

During the period Mrs S A' Court Wills went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £27,695 (2022 - £48,582). At the year end the amount outstanding from Mrs S A' Court Wills was £25,742 (2022 - £15,370). Interest has been charged at the commercial rate.

Summary of transactions with other related parties

Included within creditors is a loan from South Street Motors AVR Limited for £9,780 (2022:£10,620) which is a related party under common control.

Included within debtors is a loan to Monument Recoveries for £110,598 (2022:£94,638) which is a related party under common control.

Included within debtors is a loan to South Street Motors Investments Limited for £268,662 (2022:£229,662) which is a related party under common control.