Registered number
11442929
Steve's Auto Lancing Limited
Filleted Accounts
31 July 2024
Steve's Auto Lancing Limited
Registered number: 11442929
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 186,570 124,453
Current assets
Stocks 7,250 7,250
Debtors 5 68,843 96,019
Cash at bank and in hand 241,323 165,888
317,416 269,157
Creditors: amounts falling due within one year 6 (98,541) (86,620)
Net current assets 218,875 182,537
Total assets less current liabilities 405,445 306,990
Creditors: amounts falling due after more than one year 7 (6,286) (17,293)
Net assets 399,159 289,697
Capital and reserves
Called up share capital 100 100
Profit and loss account 399,059 289,597
Shareholders' funds 399,159 289,697
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 S Denyer
Director
Approved by the board on 5 September 2024
Steve's Auto Lancing Limited
Notes to the Accounts
for the year ended 31 July 2024
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 less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings not depreciated
Plant and machinery over 4 years
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 20,000
At 31 July 2024 20,000
Amortisation
At 1 August 2023 20,000
At 31 July 2024 20,000
Net book value
At 31 July 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 20,991 97,956 118,475 237,422
Additions - 45,667 69,437 115,104
At 31 July 2024 20,991 143,623 187,912 352,526
Depreciation
At 1 August 2023 - 65,831 47,138 112,969
Charge for the year - 26,247 26,740 52,987
At 31 July 2024 - 92,078 73,878 165,956
Net book value
At 31 July 2024 20,991 51,545 114,034 186,570
At 31 July 2023 20,991 32,125 71,337 124,453
5 Debtors 2024 2023
£ £
Trade debtors 32,002 33,457
Other debtors 36,841 62,562
68,843 96,019
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,000 6,000
Obligations under finance lease and hire purchase contracts 5,008 4,806
Trade creditors 3,098 5,680
Taxation and social security costs 81,706 67,212
Other creditors 2,729 2,922
98,541 86,620
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,000 11,000
Obligations under finance lease and hire purchase contracts 1,286 6,293
6,286 17,293
8 Other information
Steve's Auto Lancing Limited is a private company limited by shares and incorporated in England. Its registered office is:
130 Crabtree Lane
Lancing
West Sussex
BN15 9PW
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