Registered number
08765413
Regent Autos Limited
Filleted Accounts
30 November 2023
Regent Autos Limited
Registered number: 08765413
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 3,080 4,312
Tangible assets 4 11,972 12,997
15,052 17,309
Current assets
Stocks 6,180 7,869
Debtors 5 25,798 20,971
Cash at bank and in hand 180,654 166,793
212,632 195,633
Creditors: amounts falling due within one year 6 (77,152) (72,334)
Net current assets 135,480 123,299
Total assets less current liabilities 150,532 140,608
Provisions for liabilities (2,274) (2,469)
Net assets 148,258 138,139
Capital and reserves
Called up share capital 2 2
Profit and loss account 148,256 138,137
Shareholders' funds 148,258 138,139
The director is 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 director acknowledges his 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.
M Buckle
Director
Approved by the board on 28 August 2024
Regent Autos Limited
Notes to the Accounts
for the year ended 30 November 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.
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:
Leased property 20% straight line
Plant and machinery 20% straight line
Fixtures, fittings, tools and equipment 25 per cent reducing balance
Motor vehicles 25 per cent 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 6,160
At 30 November 2023 6,160
Amortisation
At 1 December 2022 1,848
Provided during the year 1,232
At 30 November 2023 3,080
Net book value
At 30 November 2023 3,080
At 30 November 2022 4,312
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures and fittings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 12,343 63,037 11,979 87,359
Additions - 3,076 - 3,076
At 30 November 2023 12,343 66,113 11,979 90,435
Depreciation
At 1 December 2022 6,287 58,137 9,938 74,362
Charge for the year 1,516 2,074 511 4,101
At 30 November 2023 7,803 60,211 10,449 78,463
Net book value
At 30 November 2023 4,540 5,902 1,530 11,972
At 30 November 2022 6,056 4,900 2,041 12,997
5 Debtors 2023 2022
£ £
Trade debtors 24,820 20,191
Other debtors 978 780
25,798 20,971
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 32,762 24,287
Taxation and social security costs 14,830 17,868
Other creditors 29,560 30,179
77,152 72,334
7 Other information
Regent Autos Limited is a private company limited by shares and incorporated in England. Its registered office is:
20 - 22 Wenlock Road
London
England
N1 7GU
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