Company Registration No. 06836061 (England and Wales)
Place2Place Cars Limited
Unaudited accounts
for the year ended 31 July 2024
Place2Place Cars Limited
Unaudited accounts
Contents
Place2Place Cars Limited
Company Information
for the year ended 31 July 2024
Company Number
06836061 (England and Wales)
Registered Office
123 Cross Lane East
Gravesend
Kent
DA12 5HA
Accountants
King & Taylor
123 Cross Lane East
Gravesend
Kent
DA12 5HA
Place2Place Cars Limited
Statement of financial position
as at 31 July 2024
Tangible assets
91,170
70,138
Cash at bank and in hand
51,682
18,080
Creditors: amounts falling due within one year
(89,048)
(67,969)
Net current liabilities
(13,507)
(25,155)
Total assets less current liabilities
77,663
44,983
Creditors: amounts falling due after more than one year
(24,526)
(46,808)
Net assets/(liabilities)
53,137
(1,825)
Called up share capital
1
1
Profit and loss account
53,136
(1,826)
Shareholders' funds
53,137
(1,825)
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 September 2024 and were signed on its behalf by
S J McGuirk
Director
Company Registration No. 06836061
Place2Place Cars Limited
Notes to the Accounts
for the year ended 31 July 2024
Place2Place Cars Limited is a private company, limited by shares, registered in England and Wales, registration number 06836061. The registered office is 123 Cross Lane East, Gravesend , Kent, DA12 5HA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
15% Reducing balance basis
Fixtures & fittings
25% Reducing balance basis
Computer equipment
25% Reducing balance basis
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Place2Place Cars Limited
Notes to the Accounts
for the year ended 31 July 2024
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2023
139,179
1,271
11,783
152,233
Additions
34,249
534
934
35,717
At 31 July 2024
173,428
1,805
12,717
187,950
At 1 August 2023
71,318
1,207
9,570
82,095
Charge for the year
13,954
87
644
14,685
At 31 July 2024
85,272
1,294
10,214
96,780
At 31 July 2024
88,156
511
2,503
91,170
At 31 July 2023
67,861
64
2,213
70,138
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
19,444
36,601
Amounts falling due within one year
Deferred tax asset
18,273
18,344
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,236
10,024
Obligations under finance leases and hire purchase contracts
6,607
11,003
Taxes and social security
19,422
3,142
Loans from directors
39,089
30,849
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
14,693
26,683
Place2Place Cars Limited
Notes to the Accounts
for the year ended 31 July 2024
8
Average number of employees
During the year the average number of employees was 9 (2023: 10).