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Registration number: 05997689

Auto-serve Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Auto-serve Properties Ltd

(Registration number: 05997689)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

779,052

474,944

Current assets

 

Debtors

5

10,253

22,514

Cash at bank and in hand

 

20,709

14,659

 

30,962

37,173

Creditors: Amounts falling due within one year

6

(19,020)

(91,053)

Net current assets/(liabilities)

 

11,942

(53,880)

Total assets less current liabilities

 

790,994

421,064

Creditors: Amounts falling due after more than one year

6

(748,994)

(325,905)

Net assets

 

42,000

95,159

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

41,900

95,059

Shareholders' funds

 

42,000

95,159

For the financial year ending 30 November 2023 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 1 February 2024 and signed on its behalf by:
 

.........................................
Mr S Glaze
Director

 

Auto-serve Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
240 Oldbury Road
West Bromwich
West Midlands
B70 9BJ

These financial statements were authorised for issue by the Board on 1 February 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 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.

 

Auto-serve Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

Freehold property

2% 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.

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.

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.

 

Auto-serve Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 December 2022

583,526

583,526

Additions

391,129

391,129

Disposals

(81,000)

(81,000)

At 30 November 2023

893,655

893,655

Depreciation

At 1 December 2022

108,582

108,582

Charge for the year

7,641

7,641

Eliminated on disposal

(1,620)

(1,620)

At 30 November 2023

114,603

114,603

Carrying amount

At 30 November 2023

779,052

779,052

At 30 November 2022

474,944

474,944

Included within the net book value of land and buildings above is £779,052 (2022 - £474,944) in respect of freehold land and buildings.
 

 

Auto-serve Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

5,400

4,200

Prepayments

-

3,500

Other debtors

4,853

14,814

 

10,253

22,514

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,899

22,700

Trade creditors

 

-

60,000

Taxation and social security

 

1,461

4,853

Accruals and deferred income

 

11,660

3,500

 

19,020

91,053

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

555,416

265,665

Loans owed to a company with a participating interest

 

193,578

60,240

 

748,994

325,905

 

Auto-serve Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

555,416

265,665

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,899

22,700

9

Related party transactions

The company was under the control of Mr S Glaze throughout the current and previous year. Mr S Glaze is the managing director, and with family holdings is a shareholder.

The company charged rent of £51,000 during the year to Auto-Serve Garages Ltd of which Mr S Glaze is a director, and with family holdings is also a shareholder. Rent charged is at full market value and at arms length. The creditor at the end of the year with Auto-Serve Garages Ltd amounts to £193,578.