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COMPANY REGISTRATION NUMBER: 13064633
OUNDLE MOT AND SERVICE CENTRE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
OUNDLE MOT AND SERVICE CENTRE LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
33,588
CURRENT ASSETS
Debtors
6
12,882
Cash at bank and in hand
17,169
100
--------
----
30,051
100
CREDITORS: amounts falling due within one year
7
57,076
--------
----
NET CURRENT (LIABILITIES)/ASSETS
( 27,025)
100
--------
----
TOTAL ASSETS LESS CURRENT LIABILITIES
6,563
100
PROVISIONS
1,793
-------
----
NET ASSETS
4,770
100
-------
----
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
4,670
-------
----
SHAREHOLDERS FUNDS
4,770
100
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OUNDLE MOT AND SERVICE CENTRE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr J C Nall
Director
Company registration number: 13064633
OUNDLE MOT AND SERVICE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Meadows & Co Limited, Headlands House, 1 Kings Court, Kettering Parkway, Kettering, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Computer equipment
-
33% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 4 (2022: Nil).
5. TANGIBLE ASSETS
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2023
Additions
37,407
2,688
40,095
--------
-------
--------
At 31 December 2023
37,407
2,688
40,095
--------
-------
--------
Depreciation
At 1 January 2023
Charge for the year
5,611
896
6,507
--------
-------
--------
At 31 December 2023
5,611
896
6,507
--------
-------
--------
Carrying amount
At 31 December 2023
31,796
1,792
33,588
--------
-------
--------
At 31 December 2022
--------
-------
--------
6. DEBTORS
2023
2022
£
£
Trade debtors
5,531
Other debtors
7,351
--------
----
12,882
--------
----
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,754
Social security and other taxes
28,013
Other creditors
13,309
--------
----
57,076
--------
----
8. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
137,500
---------
----
9. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The director has advanced monies to the company. At 31 December 2023 the amount due from the company was £ 8,014 .