Company Registration No. 08487132 (England and Wales)
ABBEYGATE AUTO SERVICES LIMITED
Unaudited accounts
for the year ended 30 June 2024
ABBEYGATE AUTO SERVICES LIMITED
Unaudited accounts
Contents
ABBEYGATE AUTO SERVICES LIMITED
Company Information
for the year ended 30 June 2024
Directors
L D Summers
I R Summers
Company Number
08487132 (England and Wales)
Registered Office
UNIT 27 STATION HILL
THURSTON
BURY ST. EDMUNDS
SUFFOLK
IP31 3QU
ENGLAND
Accountants
ABBEYGATE ACCOUNTANCY LTD
UNIT 27 STATION HILL
THURSTON
BURY ST. EDMUNDS
ENGLAND
IP31 3QU
ABBEYGATE AUTO SERVICES LIMITED
Statement of financial position
as at 30 June 2024
Tangible assets
101,669
80,755
Cash at bank and in hand
79,548
96,164
Creditors: amounts falling due within one year
(64,991)
(71,245)
Net current assets
92,343
103,650
Total assets less current liabilities
194,012
184,405
Creditors: amounts falling due after more than one year
-
(10,150)
Provisions for liabilities
Deferred tax
(18,736)
(11,026)
Net assets
175,276
163,229
Called up share capital
100
100
Profit and loss account
175,176
163,129
Shareholders' funds
175,276
163,229
For the 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 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by
L D Summers
Director
Company Registration No. 08487132
ABBEYGATE AUTO SERVICES LIMITED
Notes to the Accounts
for the year ended 30 June 2024
ABBEYGATE AUTO SERVICES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08487132. The registered office is UNIT 27 STATION HILL, THURSTON, BURY ST. EDMUNDS, SUFFOLK, IP31 3QU, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Stocks have been valued at the lower of cost and estimated selling price less costs to sell.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance method and 10 years straight line
Motor vehicles
25% on reducing balance method
Computer equipment
25% on reducing balance method
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
ABBEYGATE AUTO SERVICES LIMITED
Notes to the Accounts
for the year ended 30 June 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2023
49,859
84,445
7,207
141,511
Additions
1,740
55,167
2,265
59,172
Disposals
-
(29,995)
-
(29,995)
At 30 June 2024
51,599
109,617
9,472
170,688
At 1 July 2023
36,730
21,409
2,617
60,756
Charge for the year
3,464
9,822
1,226
14,512
On disposals
-
(6,249)
-
(6,249)
At 30 June 2024
40,194
24,982
3,843
69,019
At 30 June 2024
11,405
84,635
5,629
101,669
At 30 June 2023
13,129
63,036
4,590
80,755
Amounts falling due within one year
Trade debtors
30,939
32,405
Accrued income and prepayments
9,791
6,395
Other debtors
20,556
23,431
ABBEYGATE AUTO SERVICES LIMITED
Notes to the Accounts
for the year ended 30 June 2024
6
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
-
3,480
Trade creditors
41,636
35,499
Taxes and social security
12,501
20,881
Loans from directors
3,744
3,120
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
-
10,150
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Average number of employees
During the year the average number of employees was 7 (2023: 6).