Registered number
01720393
Auto Workshop (Equipment) Services Ltd
Filleted Accounts
30 June 2024
Auto Workshop (Equipment) Services Ltd
Registered number: 01720393
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 92,490 84,255
Investments 4 2,833 2,833
95,323 87,088
Current assets
Stocks 50,700 44,250
Debtors 5 178,747 201,232
Cash at bank and in hand 178,512 90,852
407,959 336,334
Creditors: amounts falling due within one year 6 (266,975) (192,510)
Net current assets 140,984 143,824
Total assets less current liabilities 236,307 230,912
Provisions for liabilities (23,121) (15,836)
Net assets 213,186 215,076
Capital and reserves
Called up share capital 100 100
Profit and loss account 213,086 214,976
Shareholders' funds 213,186 215,076
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.
Andrew Taylor
Director
Approved by the board on 27 September 2024
Auto Workshop (Equipment) Services Ltd
Notes to the Accounts
for the year ended 30 June 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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Motor vehicles 25% 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 63,376 106,454 169,830
Additions 1,761 27,453 29,214
Disposals - (13,192) (13,192)
At 30 June 2024 65,137 120,715 185,852
Depreciation
At 1 July 2023 37,626 47,949 85,575
Charge for the year 5,795 14,626 20,421
On disposals - (12,634) (12,634)
At 30 June 2024 43,421 49,941 93,362
Net book value
At 30 June 2024 21,716 70,774 92,490
At 30 June 2023 25,750 58,505 84,255
4 Investments
Other
investments
£
Cost
At 1 July 2023 2,833
At 30 June 2024 2,833
5 Debtors 2024 2023
£ £
Trade debtors 172,722 199,235
Other debtors 6,025 1,997
178,747 201,232
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,075 31,493
Trade creditors 92,602 77,147
Taxation and social security costs 80,038 77,822
Other creditors 71,260 6,048
266,975 192,510
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Peter Robson
Loan (45) 1,348 (1,348) (45)
Andrew James Taylor
Loan (121) 22,856 (22,821) (86)
Paul William Trigger
Loan (11) 2,000 (2,000) (11)
(177) 26,204 (26,169) (142)
8 Related party transactions
Mr P Robson owns the property at Unit 5a Mendip Business Park, which is rented to the company. Annual rent payments amount to £21,600 (2023: £19,800). Lettings are assessed at arms length.
9 Controlling party
The company is under the control of its directors by virtue of their shareholdings.
10 Other information
Auto Workshop (Equipment) Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5s Mendip Business Park
Mendip Road, Rooksbridge
Axbridge
Somerset
BS26 2UG
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