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Registration number: 08209619

Lloyd Motors Aberaeron Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Lloyd Motors Aberaeron Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Lloyd Motors Aberaeron Limited

Company Information

Director

Miss Llinos Marlin Lloyd

Company secretary

Miss Llinos Marlin Lloyd

Registered office

Aeron Garage
Alban Square
Aberaeron
Ceredigion
SA46 0AQ

 

Lloyd Motors Aberaeron Limited

(Registration number: 08209619)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

78,153

99,897

Current assets

 

Stocks

6

1,436,082

1,709,579

Debtors

7

77,952

174,958

Cash at bank and in hand

 

270,726

260,339

 

1,784,760

2,144,876

Creditors: Amounts falling due within one year

8

(1,240,634)

(1,583,891)

Net current assets

 

544,126

560,985

Total assets less current liabilities

 

622,279

660,882

Provisions for liabilities

(10,000)

(19,000)

Net assets

 

612,279

641,882

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

611,279

640,882

Total equity

 

612,279

641,882

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

 

Lloyd Motors Aberaeron Limited

(Registration number: 08209619)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 19 August 2024
 

.........................................
Miss Llinos Marlin Lloyd
Company secretary and director

   
     
 

Lloyd Motors Aberaeron Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Aeron Garage
Alban Square
Aberaeron
Ceredigion
SA46 0AQ

These financial statements were authorised for issue by the director on 19 August 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.

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.

 

Lloyd Motors Aberaeron Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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

15% Reducing Balance

20% Straight Line

15% Reducing Balance

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.

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.

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.

 

Lloyd Motors Aberaeron Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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.

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.

3

Staff numbers

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

60,342

80,639

 

Lloyd Motors Aberaeron Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 January 2023

254,180

13,851

145,971

32,867

Additions

-

-

38,806

-

Disposals

-

-

(208)

-

At 31 December 2023

254,180

13,851

184,569

32,867

Depreciation

At 1 January 2023

215,858

9,514

95,927

26,299

Charge for the year

38,322

660

20,280

984

At 31 December 2023

254,180

10,174

116,207

27,283

Carrying amount

At 31 December 2023

-

3,677

68,362

5,584

At 31 December 2022

38,322

4,361

50,044

6,544

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

5,416

452,285

Additions

-

38,806

Disposals

-

(208)

At 31 December 2023

5,416

490,883

Depreciation

At 1 January 2023

4,790

352,388

Charge for the year

96

60,342

At 31 December 2023

4,886

412,730

Carrying amount

At 31 December 2023

530

78,153

At 31 December 2022

626

99,897

Included within the net book value of land and buildings above is £Nil (2022 - £38,322) in respect of long leasehold land and buildings.
 

 

Lloyd Motors Aberaeron Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

1,436,082

1,709,579

7

Debtors

2023
£

2022
£

Trade debtors

77,952

153,316

Other debtors

-

21,642

77,952

174,958

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

1,111,521

1,398,455

Trade creditors

 

51,510

70,027

Taxation and social security

 

10,945

-

Corporation tax liability

 

5,700

51,540

Other creditors

 

60,958

63,869

 

1,240,634

1,583,891

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,111,521

1,398,455