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Registered number: 00967640
Cross Roads Service Station Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Cross Roads Service Station Limited for the year ended 31 March 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cross Roads Service Station Limited which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Cross Roads Service Station Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Cross Roads Service Station Limited and state those matters that we have agreed to state to the directors of Cross Roads Service Station Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cross Roads Service Station Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Cross Roads Service Station Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Cross Roads Service Station Limited . You consider that Cross Roads Service Station Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Cross Roads Service Station Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
28 October 2024
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Statement of Financial Position
Registered number: 00967640
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 100,648 103,420
Investment Properties 5 782,489 629,125
Investments 6 3,000 3,000
886,137 735,545
CURRENT ASSETS
Stocks 7 5,300 17,600
Debtors 8 97,750 91,205
Cash at bank and in hand 21,331 25,356
124,381 134,161
Creditors: Amounts Falling Due Within One Year 9 (20,979 ) (20,017 )
NET CURRENT ASSETS (LIABILITIES) 103,402 114,144
TOTAL ASSETS LESS CURRENT LIABILITIES 989,539 849,689
PROVISIONS FOR LIABILITIES
Deferred Taxation (178,893 ) (106,820 )
NET ASSETS 810,646 742,869
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Fair value reserve 13 536,679 455,389
Income Statement 272,967 286,480
SHAREHOLDERS' FUNDS 810,646 742,869
Page 2
Page 3
For the 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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr P M Wright
Director
Mr S D Wright
Director
Mrs J Wright
Director
28 October 2024
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Cross Roads Service Station Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00967640 . The registered office is 599/601 Tanworth Lane, Shirley, Solihull., B90 4JE.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Straight line over 25 years
Fixtures & Fittings 10% on cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 April 2023 289,997 14,540 304,537
As at 31 March 2024 289,997 14,540 304,537
Depreciation
As at 1 April 2023 186,577 14,540 201,117
Provided during the period 2,772 - 2,772
As at 31 March 2024 189,349 14,540 203,889
Net Book Value
As at 31 March 2024 100,648 - 100,648
As at 1 April 2023 103,420 - 103,420
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 629,125
Revaluations 153,364
As at 31 March 2024 782,489
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 66,916 66,916
The investment properties were valued on 31 March 2024 by the directors.
Page 5
Page 6
6. Investments
Unlisted
£
Cost
As at 1 April 2023 3,000
As at 31 March 2024 3,000
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 3,000
As at 1 April 2023 3,000
7. Stocks
2024 2023
£ £
Finished goods 5,300 17,600
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 22,595 17,350
Amounts owed by group undertakings 65,155 63,855
Other debtors 10,000 10,000
97,750 91,205
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 535 -
Other creditors 3,165 3,185
Taxation and social security 17,279 16,832
20,979 20,017
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 106,820 106,820
Deferred taxation 72,073 72,073
Balance at 31 March 2024 178,893 178,893
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11. Share Capital
2024 2023
Allotted, called up and fully paid £ £
200 Ordinary Shares of £ 1 each 200 200
350 Ordinary A shares of £ 1 each 350 350
350 Ordinary B shares of £ 1 each 350 350
50 Ordinary C shares of £ 1 each 50 50
50 Ordinary D shares of £ 1 each 50 50
1,000 1,000
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Paul Wright 10,000 10,000 10,000 - 10,000
The above loan is unsecured and interest free. It will be repaid by 31 December 2024.
13. Reserves
Fair Value Reserve
£
As at 1 April 2023 455,389
Transfer to profit and loss 81,290
As at 31 March 2024 536,679
14. Related Party Transactions
During the year, total dividends of £89,120 (2023 - £75,000) were paid to the directors.
A director of the company has loaned the company money which is unsecured, interest free, and repayable on demand. At the end of the year the outstanding amount was £1,110 (2023 - £1,110).
The company has loaned money to its subsidiary company totalling £65,115 (2023 - £63,855) which is unsecured, interest free, and repayable on demand.
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