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Company registration number: 14652036
Impress Autocentres Limited
Unaudited filleted financial statements
31 March 2024
Impress Autocentres Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Impress Autocentres Limited
Directors and other information
Directors Mr K Pearce
Mr M Copp
Company number 14652036
Registered office Unit 1 William Street
Portslade
Brighton
West Sussex
BN41 1PZ
Business address Unit 1 William Street
Portslade
West Sussex
BN41 1PZ
Accountants Keith Bellenie & Co Ltd
3 Cecilian Court
Cecilian Avenue
Worthing
West Sussex
BN14 8AP
Bankers Bank of Scotland
Impress Autocentres Limited
Statement of financial position
31 March 2024
31/03/24
Note £ £
Fixed assets
Intangible assets 5 65,000
Tangible assets 6 123,779
_______
188,779
Current assets
Stocks 7,265
Debtors 7 30,652
Cash at bank and in hand 116,775
_______
154,692
Creditors: amounts falling due
within one year 8 ( 205,371)
_______
Net current liabilities ( 50,679)
_______
Total assets less current liabilities 138,100
Creditors: amounts falling due
after more than one year 9 ( 147,168)
Accruals and deferred income ( 19,926)
_______
Net liabilities ( 28,994)
_______
Capital and reserves
Called up share capital 100
Profit and loss account ( 29,094)
_______
Shareholders deficit ( 28,994)
_______
For the period 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 November 2024 , and are signed on behalf of the board by:
Mr K Pearce
Director
Company registration number: 14652036
Impress Autocentres Limited
Statement of changes in equity
Period ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 4 July 2023 100 - 100
Loss for the period ( 29,094) ( 29,094)
_______ _______ _______
Total comprehensive income for the period - ( 29,094) ( 29,094)
_______ _______ _______
At 31 March 2024 100 ( 29,094) ( 28,994)
_______ _______ _______
Impress Autocentres Limited
Notes to the financial statements
Period ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 William Street, Portslade, Brighton, West Sussex, BN41 1PZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 25 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided .
4. Employee numbers
The average number of persons employed by the company during the period amounted to 9
5. Intangible assets
Goodwill Total
£ £
Cost
At 4 July 2023 - -
Additions 80,000 80,000
_______ _______
At 31 March 2024 80,000 80,000
_______ _______
Amortisation
At 4 July 2023 - -
Charge for the period 15,000 15,000
_______ _______
At 31 March 2024 15,000 15,000
_______ _______
Carrying amount
At 31 March 2024 65,000 65,000
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 4 July 2023 - - - -
Additions 124,670 19,236 8,000 151,906
Disposals - - ( 8,000) ( 8,000)
_______ _______ _______ _______
At 31 March 2024 124,670 19,236 - 143,906
_______ _______ _______ _______
Depreciation
At 4 July 2023 - - - -
Charge for the year 17,771 2,356 - 20,127
_______ _______ _______ _______
At 31 March 2024 17,771 2,356 - 20,127
_______ _______ _______ _______
Carrying amount
At 31 March 2024 106,899 16,880 - 123,779
_______ _______ _______ _______
7. Debtors
31/03/24
£
Trade debtors 27,365
Other debtors 3,287
_______
30,652
_______
8. Creditors: amounts falling due within one year
31/03/24
£
Bank loans and overdrafts 102,832
Trade creditors 32,142
Social security and other taxes 19,930
Other creditors 50,467
_______
205,371
_______
9. Creditors: amounts falling due after more than one year
31/03/24
£
Other creditors 147,168
_______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£
Not later than 1 year 55,000
Later than 1 year and not later than 5 years 220,000
Later than 5 years 242,917
_______
517,917
_______