LANE'S AUTO REPAIRS LTD. 13278933 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is AUTO REPAIRS Digita Accounts Production Advanced 6.30.9574.0 true true 13278933 2023-04-01 2024-03-31 13278933 2024-03-31 13278933 bus:OrdinaryShareClass1 2024-03-31 13278933 core:RetainedEarningsAccumulatedLosses 2024-03-31 13278933 core:ShareCapital 2024-03-31 13278933 core:CurrentFinancialInstruments 2024-03-31 13278933 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13278933 core:BetweenTwoFiveYears 2024-03-31 13278933 core:WithinOneYear 2024-03-31 13278933 core:FurnitureFittingsToolsEquipment 2024-03-31 13278933 core:MotorVehicles 2024-03-31 13278933 core:OtherPropertyPlantEquipment 2024-03-31 13278933 bus:SmallEntities 2023-04-01 2024-03-31 13278933 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13278933 bus:FilletedAccounts 2023-04-01 2024-03-31 13278933 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13278933 bus:RegisteredOffice 2023-04-01 2024-03-31 13278933 bus:Director1 2023-04-01 2024-03-31 13278933 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13278933 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13278933 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 13278933 core:MotorVehicles 2023-04-01 2024-03-31 13278933 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 13278933 countries:England 2023-04-01 2024-03-31 13278933 2023-03-31 13278933 core:FurnitureFittingsToolsEquipment 2023-03-31 13278933 core:MotorVehicles 2023-03-31 13278933 core:OtherPropertyPlantEquipment 2023-03-31 13278933 2022-04-01 2023-03-31 13278933 2023-03-31 13278933 bus:OrdinaryShareClass1 2023-03-31 13278933 core:RetainedEarningsAccumulatedLosses 2023-03-31 13278933 core:ShareCapital 2023-03-31 13278933 core:CurrentFinancialInstruments 2023-03-31 13278933 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13278933 core:BetweenTwoFiveYears 2023-03-31 13278933 core:WithinOneYear 2023-03-31 13278933 core:FurnitureFittingsToolsEquipment 2023-03-31 13278933 core:MotorVehicles 2023-03-31 13278933 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13278933

LANE'S AUTO REPAIRS LTD.

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

LANE'S AUTO REPAIRS LTD.

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

LANE'S AUTO REPAIRS LTD.

(Registration number: 13278933)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

24,833

12,801

Current assets

 

Stocks

5

4,700

5,051

Debtors

6

5,075

655

Cash at bank and in hand

 

172,843

114,613

 

182,618

120,319

Creditors: Amounts falling due within one year

7

(56,807)

(62,478)

Net current assets

 

125,811

57,841

Total assets less current liabilities

 

150,644

70,642

Provisions for liabilities

(6,208)

(2,560)

Net assets

 

144,436

68,082

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

144,336

67,982

Shareholders' funds

 

144,436

68,082

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.

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 24 September 2024 and signed on its behalf by:
 

.........................................
Mrs Candice Elizabeth Vivien June Lane
Director

 

LANE'S AUTO REPAIRS LTD.

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.

The address of its registered office is:
UNIT !
KNIGHTS BUSINESS CENTRE
TRENANT INDUSTRIAL ESTATE
WADEBRIDGE
CORNWALL
PL27 6HB
England

These financial statements were authorised for issue by the Board on 24 September 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

LANE'S AUTO REPAIRS LTD.

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

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:

Asset class

Depreciation method and rate

Furnitur,fittings,tools and equipment

10% net book value

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

LANE'S AUTO REPAIRS LTD.

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 6 (2023 - 8).

 

LANE'S AUTO REPAIRS LTD.

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

14,853

-

-

14,853

Additions

-

5,829

8,962

14,791

At 31 March 2024

14,853

5,829

8,962

29,644

Depreciation

At 1 April 2023

2,052

-

-

2,052

Charge for the year

1,280

583

896

2,759

At 31 March 2024

3,332

583

896

4,811

Carrying amount

At 31 March 2024

11,521

5,246

8,066

24,833

At 31 March 2023

12,801

-

-

12,801

5

Stocks

2024
£

2023
£

Other inventories

4,700

5,051

6

Debtors

Current

2024
£

2023
£

Trade debtors

5,075

655

 

5,075

655

7

Creditors

Creditors: amounts falling due within one year

 

LANE'S AUTO REPAIRS LTD.

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

339

32,789

Trade creditors

 

16,177

9,541

Taxation and social security

 

32,878

17,149

Accruals and deferred income

 

7,413

3,000

Other creditors

 

-

(1)

 

56,807

62,478

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share class 1 of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

339

32,789

10

Obligations under leases and hire purchase contracts

Operating leases

A property lease was granted on 1st June 2021 for three years at a rent of £19,000 per annum. A new rent for 3 years is being discussed at the previous rent level.There was an initial rent free period when the company started trading.. Some equipment was leased over a five year period.

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

24,215

24,215

Later than one year and not later than five years

45,823

24,121

70,038

48,336

The amount of non-cancellable operating lease payments recognised as an expense during the year was £24,215 (2023 - £24,215).