Company Registration No. 08244683 (England and Wales)
ABBEY CARS (ROMSEY) LTD
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ABBEY CARS (ROMSEY) LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
17,325
Tangible assets
4
89,995
77,048
107,320
77,048
Current assets
Debtors
5
76,137
52,945
Cash at bank and in hand
63,092
38,836
139,229
91,781
Creditors: amounts falling due within one year
6
(100,683)
(59,088)
Net current assets
38,546
32,693
Total assets less current liabilities
145,866
109,741
Creditors: amounts falling due after more than one year
7
(13,333)
(23,333)
Net assets
132,533
86,408
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
132,433
86,308
Total equity
132,533
86,408
ABBEY CARS (ROMSEY) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
2
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr N Etheridge
Director
Company Registration No. 08244683
ABBEY CARS (ROMSEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
3
1
Accounting policies
Company information
Abbey Cars (Romsey) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bournemouth Road, Chandler's Ford, Eastleigh, Hampshire, SO53 3DA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of two years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ABBEY CARS (ROMSEY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (Continued)
4
1.5
Financial instruments
Basic financial instruments are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Basic financial instruments classified as falling due within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
8
ABBEY CARS (ROMSEY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
Additions
29,700
At 31 March 2024
29,700
Amortisation and impairment
At 1 April 2023
Amortisation charged for the year
12,375
At 31 March 2024
12,375
Carrying amount
At 31 March 2024
17,325
At 31 March 2023
ABBEY CARS (ROMSEY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
124,789
Additions
52,317
Disposals
(28,849)
At 31 March 2024
148,257
Depreciation and impairment
At 1 April 2023
47,741
Depreciation charged in the year
24,317
Eliminated in respect of disposals
(13,796)
At 31 March 2024
58,262
Carrying amount
At 31 March 2024
89,995
At 31 March 2023
77,048
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
68,981
48,323
Other debtors
7,156
4,622
76,137
52,945
ABBEY CARS (ROMSEY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
14,948
9,689
Taxation and social security
64,993
32,463
Other creditors
10,742
6,936
100,683
59,088
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,333
23,333