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Registration number: 07864353

Nash Motor Vehicle Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Nash Motor Vehicle Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Nash Motor Vehicle Services Limited

(Registration number: 07864353)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

38,692

28,514

Current assets

 

Stocks

4,129

8,432

Debtors

6

2,034

4,821

Cash at bank and in hand

 

39,144

45,258

 

45,307

58,511

Creditors: Amounts falling due within one year

7

(48,574)

(55,260)

Net current (liabilities)/assets

 

(3,267)

3,251

Total assets less current liabilities

 

35,425

31,765

Creditors: Amounts falling due after more than one year

7

(20,767)

(24,804)

Provisions for liabilities

(7,597)

(5,800)

Net assets

 

7,061

1,161

Capital and reserves

 

Called up share capital

100

100

Retained earnings

6,961

1,061

Shareholders' funds

 

7,061

1,161

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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.

 

Nash Motor Vehicle Services Limited

(Registration number: 07864353)
Balance Sheet as at 31 March 2024

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

.........................................
Mr M Nash
Director

 

Nash Motor Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
27 Park Road
Faringdon
Oxfordshire
SN7 7BP
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

 

Nash Motor Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Freehold property

10% straight line

Plant and machinery

25% reducing balance

Office equipment

25% straight line

Motor vehicle

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Nash Motor Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

26,000

26,000

At 31 March 2024

26,000

26,000

Amortisation

At 1 April 2023

26,000

26,000

At 31 March 2024

26,000

26,000

Carrying amount

At 31 March 2024

-

-

 

Nash Motor Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

4,995

45,187

10,256

34,800

95,238

Additions

-

-

1,078

23,250

24,328

Disposals

-

-

-

(1,500)

(1,500)

At 31 March 2024

4,995

45,187

11,334

56,550

118,066

Depreciation

At 1 April 2023

3,995

37,123

8,927

16,679

66,724

Charge for the year

499

2,016

981

10,239

13,735

Eliminated on disposal

-

-

-

(1,085)

(1,085)

At 31 March 2024

4,494

39,139

9,908

25,833

79,374

Carrying amount

At 31 March 2024

501

6,048

1,426

30,717

38,692

At 31 March 2023

1,000

8,064

1,329

18,121

28,514

Included within the net book value of land and buildings above is £500 (2023 - £1,000) in respect of freehold land and buildings.
 

6

Debtors

Current

2024
£

2023
£

Trade debtors

762

3,016

Prepayments

1,272

1,805

 

2,034

4,821

 

Nash Motor Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

4,680

4,680

Trade creditors

 

16,633

19,110

Taxation and social security

 

18,712

21,285

Other creditors

 

8,549

10,185

 

48,574

55,260

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

20,767

24,804

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,680

4,680

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

20,767

24,804

 

Nash Motor Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr M Nash

Loan to the director

10,099

(10,099)

-

Mrs D Nash

Loan to the director

10,099

(10,099)

-