Registered number
05384654
P B Auto Factors Limited
Filleted Accounts
31 December 2023
P B Auto Factors Limited
Registered number: 05384654
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 3,000
Tangible assets 4 42,765 34,361
42,765 37,361
Current assets
Stocks 67,738 53,042
Debtors 5 59,213 62,214
Cash at bank and in hand 48,916 59,452
175,867 174,708
Creditors: amounts falling due within one year 6 (72,432) (86,020)
Net current assets 103,435 88,688
Total assets less current liabilities 146,200 126,049
Creditors: amounts falling due after more than one year 7 (18,220) (12,654)
Provisions for liabilities (8,553) (6,529)
Net assets 119,427 106,866
Capital and reserves
Called up share capital 50 50
Profit and loss account 119,377 106,816
Shareholders' funds 119,427 106,866
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Brailsford
Director
Approved by the board on 5 August 2024
P B Auto Factors Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and equipment 15% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 30,000
At 31 December 2023 30,000
Amortisation
At 1 January 2023 27,000
Provided during the year 3,000
At 31 December 2023 30,000
Net book value
At 31 December 2023 -
At 31 December 2022 3,000
4 Tangible fixed assets
Fixtures and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 9,011 60,782 69,793
Additions - 25,175 25,175
Disposals - (15,619) (15,619)
At 31 December 2023 9,011 70,338 79,349
Depreciation
At 1 January 2023 7,038 28,394 35,432
Charge for the year 296 13,695 13,991
On disposals - (12,839) (12,839)
At 31 December 2023 7,334 29,250 36,584
Net book value
At 31 December 2023 1,677 41,088 42,765
At 31 December 2022 1,973 32,388 34,361
5 Debtors 2023 2022
£ £
Trade debtors 58,568 61,611
Other debtors and prepayments 645 603
59,213 62,214
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 11,102
Obligations under finance lease and hire purchase contracts 9,659 5,837
Trade creditors 37,745 36,407
Corporation tax 12,793 18,338
Other taxes and social security costs 11,073 13,307
Other creditors and accruals 1,162 1,029
72,432 86,020
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 18,220 12,654
8 Other information
P B Auto Factors Limited is a private company limited by shares and incorporated in England. Its registered office is:
83-89 Phoenix Street
Sutton in Ashfield
Nottinghamshire
NG17 4HL
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