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Registration number: 07685137

Silver Street Motors (Holdings) Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Silver Street Motors (Holdings) Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Silver Street Motors (Holdings) Limited

(Registration number: 07685137)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

12,703

9,955

Investment property

1,843,035

1,843,035

Investments

5

2,000

2,000

 

1,857,738

1,854,990

Current assets

 

Stocks

103,519

104,472

Debtors

6,992

12,243

Cash at bank and in hand

 

97,697

93,097

 

208,208

209,812

Creditors: Amounts falling due within one year

(125,048)

(130,854)

Net current assets

 

83,160

78,958

Net assets

 

1,940,898

1,933,948

Capital and reserves

 

Called up share capital

30,000

30,000

Profit and loss account

1,910,898

1,903,948

Total equity

 

1,940,898

1,933,948

 

Silver Street Motors (Holdings) Limited

(Registration number: 07685137)
Abridged Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 



M A Small

Director



A G Small

Director

 

Silver Street Motors (Holdings) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Cook Way Autoservice Centre
Bindon Road
Taunton
Somerset
TA2 6BJ

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Plant and machinery

20% straight line

 

Silver Street Motors (Holdings) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable property determined annually by the directors based on external valuation information. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

 

Silver Street Motors (Holdings) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Total
£

Cost or valuation

At 1 July 2023

47,137

Additions

8,085

At 30 June 2024

55,222

Depreciation

At 1 July 2023

37,182

Charge for the year

5,337

At 30 June 2024

42,519

Carrying amount

At 30 June 2024

12,703

At 30 June 2023

9,955

Investment properties

2024
£

At 1 July

1,843,035

The directors have reviewed the valuation of investment property and consider it to be a fair reflection of the market value. If the properties were realised for this amount, a tax liability for the company of approximately £nil (2023: £nil) would arise.

There has been no valuation of investment property by an independent valuer.

5

Investments

Total
£

Cost or valuation

At 1 July 2023

2,000

Provision

Carrying amount

At 30 June 2024

2,000

At 30 June 2023

2,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Silver Street Motors (Holdings) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Cross Keys (Taunton) Limited

Cookway Autoservice Centre
Bindon Road
Taunton
Somerset
TA2 6BJ

England

Ordinary

100%

100%

Norton Motor Company (Taunton) Limited

Cookway Autoservice Centre
Bindon Road
Taunton
Somerset
TA2 6BJ
England

England and Wales

Ordinary Shares

100%

100%

Subsidiary undertakings

Cross Keys (Taunton) Limited

The principal activity of Cross Keys (Taunton) Limited is property rental.

Norton Motor Company (Taunton) Limited

The principal activity of Norton Motor Company (Taunton) Limited is that of a dormant company.