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Registered number: 10713284
Autospeed Servicing & Mot Limited
Financial Statements
For The Year Ended 30 April 2024
William Price & Co
Chartered Accountants
Westbury Court Church Road
Westbury-on-Trym
Bristol
BS9 3EF
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 10713284
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,001 63,997
Tangible Assets 5 65,944 68,621
68,945 132,618
CURRENT ASSETS
Stocks 6 18,152 18,533
Debtors 7 2,965 3,017
Cash at bank and in hand 5,330 9,989
26,447 31,539
Creditors: Amounts Falling Due Within One Year 8 (301,456 ) (331,215 )
NET CURRENT ASSETS (LIABILITIES) (275,009 ) (299,676 )
TOTAL ASSETS LESS CURRENT LIABILITIES (206,064 ) (167,058 )
Creditors: Amounts Falling Due After More Than One Year 9 (62,092 ) (82,156 )
NET LIABILITIES (268,156 ) (249,214 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account (268,256 ) (249,314 )
SHAREHOLDERS' FUNDS (268,156) (249,214)
Page 1
Page 2
For the year ending 30 April 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L Rossiter
Director
7 October 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 May 2022 100 (217,103 ) (217,003)
Loss for the year and total comprehensive income - (32,211 ) (32,211)
As at 30 April 2023 and 1 May 2023 100 (249,314 ) (249,214)
Loss for the year and total comprehensive income - (18,942 ) (18,942)
As at 30 April 2024 100 (268,256 ) (268,156)
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Autospeed Servicing & Mot Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10713284 . The registered office is 162 High Street, Portishead, Bristol, BS20 6PY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
These accounts have been prepared on a going concern basis as, due to the continued support of the company finance providers', the directors believe that this is appropriate.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets comprise website costs and are amortised at 15% per annum on a straight line basis.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10%
Motor Vehicles 20%
Fixtures & Fittings 10%
Page 4
Page 5
2.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 11)
11 11
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 May 2023 294,011 12,000 306,011
As at 30 April 2024 294,011 12,000 306,011
Amortisation
As at 1 May 2023 234,814 7,200 242,014
Provided during the period 59,196 1,800 60,996
As at 30 April 2024 294,010 9,000 303,010
Net Book Value
As at 30 April 2024 1 3,000 3,001
As at 1 May 2023 59,197 4,800 63,997
Page 5
Page 6
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 100,873 30,000 3,057 133,930
Additions 8,229 7,887 - 16,116
As at 30 April 2024 109,102 37,887 3,057 150,046
Depreciation
As at 1 May 2023 40,087 24,000 1,222 65,309
Provided during the period 10,910 7,577 306 18,793
As at 30 April 2024 50,997 31,577 1,528 84,102
Net Book Value
As at 30 April 2024 58,105 6,310 1,529 65,944
As at 1 May 2023 60,786 6,000 1,835 68,621
6. Stocks
2024 2023
£ £
Stock 18,152 18,533
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,965 3,017
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,155 -
Trade creditors 84,737 85,593
Bank loans and overdrafts 121,621 141,394
Other taxes and social security 10,392 15,902
VAT 25,676 23,632
Other creditors 39,303 35,883
Accruals and deferred income 3,250 5,206
Directors' loan accounts 13,322 23,605
301,456 331,215
Page 6
Page 7
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,733 -
Bank loans 57,359 82,156
62,092 82,156
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,155 -
Later than one year and not later than five years 4,733 -
7,888 -
7,888 -
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 7