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Registered number: 00633541
AUTO SALES(SOUTHSEA)LIMITED
Financial Statements
For The Year Ended 28 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 00633541
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,317 6,317
6,317 6,317
CURRENT ASSETS
Stocks 5 750 1,000
Cash at bank and in hand 1,313 407
2,063 1,407
Creditors: Amounts Falling Due Within One Year 6 (61,718 ) (70,538 )
NET CURRENT ASSETS (LIABILITIES) (59,655 ) (69,131 )
TOTAL ASSETS LESS CURRENT LIABILITIES (53,338 ) (62,814 )
NET LIABILITIES (53,338 ) (62,814 )
CAPITAL AND RESERVES
Called up share capital 7 2,980 2,980
Profit and Loss Account (56,318 ) (65,794 )
SHAREHOLDERS' FUNDS (53,338) (62,814)
Page 1
Page 2
For the year ending 28 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J C Downing
Director
13/09/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
AUTO SALES(SOUTHSEA)LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 00633541 . The registered office is 81 High Street, Cosham, Hampshire, PO6 3BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 rental of commercial property. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has taken control of the goods.
Rental of commercial property
Rents receivable represent the invoiced value of rental leases provided by the company.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 29 December 2022 16,637
As at 28 December 2023 16,637
Depreciation
As at 29 December 2022 10,320
As at 28 December 2023 10,320
Net Book Value
As at 28 December 2023 6,317
As at 29 December 2022 6,317
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5. Stocks
2023 2022
£ £
Stock 750 1,000
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 61,718 70,538
61,718 70,538
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,980 2,980
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