Registered number
04723966
Crescent Motoring Services Ltd
Filleted Accounts
31 March 2024
Crescent Motoring Services Ltd
Registered number: 04723966
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 41,301 54,402
Current assets
Stocks 5,000 5,000
Debtors 5 61,416 97,365
Cash at bank and in hand 100,270 35,303
166,686 137,668
Creditors: amounts falling due within one year 6 (127,342) (89,789)
Net current assets 39,344 47,879
Total assets less current liabilities 80,645 102,281
Creditors: amounts falling due after more than one year 7 (16,667) (26,667)
Provisions for liabilities (7,848) (10,337)
Net assets 56,130 65,277
Capital and reserves
Called up share capital 90 90
Capital redemption reserve 10 10
Profit and loss account 56,030 65,177
Shareholders' funds 56,130 65,277
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.
L Watson
Director
Approved by the board on 9 July 2024
Crescent Motoring Services Ltd
Notes to the Accounts
for the year ended 31 March 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:
Leasehold land and buildings over 10 years
Plant and machinery over 4 years and 15% reducing balance
Fixtures, fittings, tools and equipment over 5 years and 33% 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.
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 April 2023 8,900
At 31 March 2024 8,900
Amortisation
At 1 April 2023 8,900
At 31 March 2024 8,900
Net book value
At 31 March 2024 -
Goodwill has been 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 April 2023 21,147 89,547 40,972 151,666
Additions - 2,985 - 2,985
At 31 March 2024 21,147 92,532 40,972 154,651
Depreciation
At 1 April 2023 17,812 66,943 12,509 97,264
Charge for the year 669 6,212 9,205 16,086
At 31 March 2024 18,481 73,155 21,714 113,350
Net book value
At 31 March 2024 2,666 19,377 19,258 41,301
At 31 March 2023 3,335 22,604 28,463 54,402
5 Debtors 2024 2023
£ £
Trade debtors 40,561 47,357
Other debtors 20,855 50,008
61,416 97,365
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 70,177 48,870
Taxation and social security costs 43,786 29,425
Other creditors 3,379 1,494
127,342 89,789
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,667 26,667
8 Controlling party
The company is controlled by the company directors, Mr and Mrs Watson, by virtue of their shareholding.
9 Other information
Crescent Motoring Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
41 Wetmore Road
Burton on Trent
Staffordshire
DE14 1SN
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