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Registered number: 09828651
Epsom Service Station Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Accountancy Group Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09828651
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 156,000 156,000
Tangible Assets 5 1,878,169 1,872,985
2,034,169 2,028,985
CURRENT ASSETS
Stocks 6 74,180 73,685
Debtors 7 758,263 700,801
Cash at bank and in hand 697,345 342,574
1,529,788 1,117,060
Creditors: Amounts Falling Due Within One Year 8 (789,376 ) (586,774 )
NET CURRENT ASSETS (LIABILITIES) 740,412 530,286
TOTAL ASSETS LESS CURRENT LIABILITIES 2,774,581 2,559,271
Creditors: Amounts Falling Due After More Than One Year 9 (1,506,699 ) (1,530,715 )
NET ASSETS 1,267,882 1,028,556
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 1,267,782 1,028,456
SHAREHOLDERS' FUNDS 1,267,882 1,028,556
Page 1
Page 2
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.
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 Viswanathan Srikrishna
Director
30/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Epsom Service Station Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09828651 . The registered office is Svs House, Oliver Grove, London, SE25 6EJ.
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. 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.
2.3. 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 .... years.
2.4. 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:
Freehold 0%
Plant & Machinery 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.5. 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.
2.6. 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 11)
12 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 156,000
As at 31 October 2023 156,000
Net Book Value
As at 31 October 2023 156,000
As at 1 November 2022 156,000
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 1,603,986 60,014 671,845 23,302 2,359,147
Additions - - 96,579 - 96,579
As at 31 October 2023 1,603,986 60,014 768,424 23,302 2,455,726
Depreciation
As at 1 November 2022 - 52,003 417,089 17,070 486,162
Provided during the period - 2,003 87,834 1,558 91,395
As at 31 October 2023 - 54,006 504,923 18,628 577,557
Net Book Value
As at 31 October 2023 1,603,986 6,008 263,501 4,674 1,878,169
As at 1 November 2022 1,603,986 8,011 254,756 6,232 1,872,985
6. Stocks
2023 2022
£ £
Stock 74,180 73,685
Page 4
Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 38,263 80,801
Due after more than one year
SJS Garages Limited 720,000 620,000
758,263 700,801
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 620,503 429,275
Bank loans and overdrafts 54,960 72,958
Corporation tax 78,013 52,653
Other taxes and social security 3,095 3,248
VAT 30,614 27,606
Other creditors 1,437 809
Pension payable 754 225
789,376 586,774
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 698,299 722,315
Regal Garages Ltd 808,400 808,400
1,506,699 1,530,715
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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