Registered number
11119660
Naylor's Motor Services Limited
Filleted Accounts
31 December 2023
Naylor's Motor Services Limited
Profit and Loss Account
for the year ended 31 December 2023
2023 2022
£ £
Turnover 118,767 83,056
Cost of sales (30,322) (31,671)
Gross profit 88,445 51,385
Administrative expenses (60,082) (29,360)
Other operating income 39 35
Operating profit 28,402 22,060
Interest payable (1,205) -
Profit before taxation 27,197 22,060
Tax on profit (1,351) (4,418)
Profit for the financial year 25,846 17,642
Naylor's Motor Services Limited
Registered number: 11119660
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 50,001 50,001
Tangible assets 4 24,840 4,645
74,841 54,646
Current assets
Debtors 5 304 304
Cash at bank and in hand 39,896 24,240
40,200 24,544
Creditors: amounts falling due within one year 6 (78,304) (67,632)
Net current liabilities (38,104) (43,088)
Total assets less current liabilities 36,737 11,558
Creditors: amounts falling due after more than one year 7 (12,333) -
Net assets 24,404 11,558
Capital and reserves
Called up share capital 100 100
Profit and loss account 24,304 11,458
Shareholder's funds 24,404 11,558
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 member has 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.
Mr Lee Naylor
Director
Approved by the board on 13 June 2024
Naylor's Motor Services Limited
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost.
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:
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 25% reducing balance
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 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 50,001
At 31 December 2023 50,001
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 50,001
At 31 December 2022 50,001
Goodwill is not currently being written off.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 12,873 1,100 13,973
Additions 3,939 23,990 27,929
At 31 December 2023 16,812 25,090 41,902
Depreciation
At 1 January 2023 8,625 703 9,328
Charge for the year 1,637 6,097 7,734
At 31 December 2023 10,262 6,800 17,062
Net book value
At 31 December 2023 6,550 18,290 24,840
At 31 December 2022 4,248 397 4,645
5 Debtors 2023 2022
£ £
Other debtors 304 304
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 4,000 -
Taxation and social security costs 2,864 4,418
Other creditors 71,440 63,214
78,304 67,632
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 12,333 -
8 Related party transactions 2023 2022
£ £
Directors loan account
The director is a related party to the company
At 31st December, the company owed the related party
the following interest-free, unsecured amounts:
Amounts due to the related party 71,046 62,925
9 Other information
Naylor's Motor Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Holden House
Holden Road
Leigh
WN7 1EX
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