PRIORSLEE MOTOR SPARES LIMITED
Company registration number 07573046 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PRIORSLEE MOTOR SPARES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PRIORSLEE MOTOR SPARES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
140,000
160,000
Tangible assets
4
86,960
73,530
226,960
233,530
Current assets
Stocks
148,053
151,740
Debtors
5
195,904
199,370
Cash at bank and in hand
1,040,319
1,217,762
1,384,276
1,568,872
Creditors: amounts falling due within one year
6
(725,397)
(1,058,796)
Net current assets
658,879
510,076
Total assets less current liabilities
885,839
743,606
Provisions for liabilities
(20,041)
(15,785)
Net assets
865,798
727,821
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
865,698
727,721
Total equity
865,798
727,821
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PRIORSLEE MOTOR SPARES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Miss K L Roberts
Director
Company registration number 07573046 (England and Wales)
PRIORSLEE MOTOR SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Priorslee Motor Spares Limited is a private company limited by shares incorporated in England and Wales. The registered office is Priorslee Motor Spares Ltd, Priorslee Road, Snedshill, Telford, Shropshire, TF2 9EA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its remaining estimated useful economic life of 16 years from transition date.
Per the directors the business had been ongoing, in one form or another, for many years, and that with the new generation of the family taking over more and more of the day to day running of the business that the goodwill still has a long effective useful life. When the company was formed, the directors decided that the useful life was 16 years which will end on 30 April 2031. At that point the current directors will be of retirement age, therefore this estimated useful life is deemed to be appropriate.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
10% straight line basis
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
PRIORSLEE MOTOR SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
PRIORSLEE MOTOR SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
320,000
Amortisation and impairment
At 1 May 2023
160,000
Amortisation charged for the year
20,000
At 30 April 2024
180,000
Carrying amount
At 30 April 2024
140,000
At 30 April 2023
160,000
PRIORSLEE MOTOR SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
33,980
149,651
183,631
Additions
54,799
54,799
Disposals
(55,439)
(55,439)
At 30 April 2024
33,980
149,011
182,991
Depreciation and impairment
At 1 May 2023
23,786
86,315
110,101
Depreciation charged in the year
3,398
8,879
12,277
Eliminated in respect of disposals
(26,347)
(26,347)
At 30 April 2024
27,184
68,847
96,031
Carrying amount
At 30 April 2024
6,796
80,164
86,960
At 30 April 2023
10,194
63,336
73,530
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
180,369
186,698
Other debtors
15,535
12,672
195,904
199,370
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
204,374
207,250
Taxation and social security
104,833
81,530
Other creditors
416,190
770,016
725,397
1,058,796
PRIORSLEE MOTOR SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
28
28
28
28
Ordinary B shares of £1 each
24
24
24
24
Ordinary C shares of £1 each
24
24
24
24
Ordinary D shares of £1 each
12
12
12
12
Ordinary E Shares of £1 each
12
12
12
12
100
100
100
100
Voting rights
All shares rank equally for voting purposes. On a show of hands each member has one vote and on a poll each member has one vote per share held.
Dividend rights
Dividends may be paid to the holders of one or more classes of shares to the exclusion of the others or to all classes of shares, in each case at the same or differing rates, as determined by ordinary resolution or resolution of the directors.
Rights to capital
Each share ranks equally for any distribution made on a winding up.
Rights of redemption
No shares are redeemable.
8
Directors' transactions
At year end a balance of £650 (2023: £1,850) was owing by a director.