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Registration number: 06595920

Auto Service & Performance Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Auto Service & Performance Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Auto Service & Performance Ltd

Company Information

Directors

Mr Andrew James Harrison

Mr Christopher John Rivett

Registered office

Unit 2
Stukeley Road
Huntingdon
Cambridgeshire
PE29 2HG

Accountants

Mrs Victoria Anne Cooper
Red Shoes Accounting Services
Unit 7 E-Space North
181 Wisbech Road
Littleport
Cambridgeshire
CB6 1RA

 

Auto Service & Performance Ltd

(Registration number: 06595920)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,313

6,522

Current assets

 

Stocks

5

2,000

2,000

Debtors

6

2,281

8,496

Cash at bank and in hand

 

58,318

58,851

 

62,599

69,347

Creditors: Amounts falling due within one year

7

(43,343)

(42,230)

Net current assets

 

19,256

27,117

Total assets less current liabilities

 

36,569

33,639

Provisions for liabilities

(1,545)

-

Net assets

 

35,024

33,639

Capital and reserves

 

Called up share capital

8

2

2

Revaluation reserve

5,954

-

Retained earnings

29,068

33,637

Shareholders' funds

 

35,024

33,639

For the financial year ending 31 May 2024 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 30 July 2024 and signed on its behalf by:
 

 

Auto Service & Performance Ltd

(Registration number: 06595920)
Balance Sheet as at 31 May 2024

Mr Andrew James Harrison
Director

   
     
 

Auto Service & Performance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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:
Unit 2
Stukeley Road
Huntingdon
Cambridgeshire
PE29 2HG
England

These financial statements were authorised for issue by the Board on 30 July 2024.

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.

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.

 

Auto Service & Performance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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

Plant and machinery

25% per annum straight line

Motor vehicles

25% per annum reducing balance

Office equipment

25% per annum 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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

 

Auto Service & Performance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 10 (2023 - 9).

 

Auto Service & Performance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

5,119

8,000

24,330

37,449

Revaluations

-

1,000

-

1,000

Additions

53

-

7,995

8,048

At 31 May 2024

5,172

9,000

32,325

46,497

Depreciation

At 1 June 2023

4,582

6,313

20,033

30,928

Charge for the year

422

422

4,147

4,991

Impairment

-

(6,735)

-

(6,735)

At 31 May 2024

5,004

-

24,180

29,184

Carrying amount

At 31 May 2024

168

9,000

8,145

17,313

At 31 May 2023

537

1,687

4,298

6,522

Revaluation

The fair value of the company's Motor vehicles was revalued on 31 May 2024 by the directors.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,266 (2023 - £1,688).

5

Stocks

2024
£

2023
£

Other inventories

2,000

2,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,281

6,895

Other debtors

-

1,601

 

2,281

8,496

 

Auto Service & Performance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

13,714

15,192

Taxation and social security

25,863

23,350

Accruals and deferred income

3,166

3,287

Other creditors

600

401

43,343

42,230

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

5,954

5,954

The surplus/deficit on revaluation of other assets is net of deferred tax.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £248,000 (2023 - £272,000). These are in relation to lease payments due under non-cancellable operating leases.

 

Auto Service & Performance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

11

Parent and ultimate parent undertaking

The company's immediate parent is Crown Garage Limited, incorporated in England and Wales.
 
The address of the parent's Registered Office is 1 - 5 High Street, Soham, Ely, Cambridgeshire, CB7 5HB. There is no ultimate controlling party of Crown Garage Limited.