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COMPANY REGISTRATION NUMBER: 11554256
American Vehicle Services Ltd
Filleted Unaudited Financial Statements
31 December 2023
American Vehicle Services Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,512
4,176
Current assets
Stocks
795
1,000
Debtors
6
21,836
20,682
Cash at bank and in hand
93,691
86,725
---------
---------
116,322
108,407
Creditors: amounts falling due within one year
7
35,226
47,932
---------
---------
Net current assets
81,096
60,475
--------
--------
Total assets less current liabilities
84,608
64,651
--------
--------
Net assets
84,608
64,651
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
84,508
64,551
--------
--------
Shareholders funds
84,608
64,651
--------
--------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
American Vehicle Services Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
R A Boatwright
Director
Company registration number: 11554256
American Vehicle Services Ltd
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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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
-
25% straight line
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
5,683
6,000
11,683
Additions
462
462
-------
-------
--------
At 31 December 2023
6,145
6,000
12,145
-------
-------
--------
Depreciation
At 1 January 2023
4,976
2,531
7,507
Charge for the year
259
867
1,126
-------
-------
--------
At 31 December 2023
5,235
3,398
8,633
-------
-------
--------
Carrying amount
At 31 December 2023
910
2,602
3,512
-------
-------
--------
At 31 December 2022
707
3,469
4,176
-------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
3,992
1,123
Prepayments and accrued income
100
100
Amounts due from related undertakings
17,744
19,459
--------
--------
21,836
20,682
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,892
8,465
Accruals and deferred income
1,465
1,390
Corporation tax
5,707
5,144
Social security and other taxes
14,850
14,518
Amounts owed to related undertakings
9,312
18,415
--------
--------
35,226
47,932
--------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Related party transactions
At the year end the company was owed £17,744 (2022: £19,459) by related undertakings which is shown amongst debtors. At the year end the company owed £9,312 (2022: £18,415) to related undertakings which is shown amongst creditors.