Registered number
10634676
LA MOTOR REPAIRS LTD
Filleted Accounts
29 February 2024
LA MOTOR REPAIRS LTD
Registered number: 10634676
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 22,812 26,984
Current assets
Debtors 4 155,427 101,045
Cash at bank and in hand 80,857 68,998
236,284 170,043
Creditors: amounts falling due within one year 5 (157,851) (123,479)
Net current assets 78,433 46,564
Total assets less current liabilities 101,245 73,548
Creditors: amounts falling due after more than one year 6 (14,111) (24,022)
Provisions for liabilities (1,217) (1,632)
Net assets 85,917 47,894
Capital and reserves
Called up share capital 100 100
Profit and loss account 85,817 47,794
Shareholder's funds 85,917 47,894
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L Antoniou
Director
Approved by the board on 13 November 2024
LA MOTOR REPAIRS LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Motor vehicles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 14
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 53,669 28,700 82,369
Additions 4,934 4,450 9,384
Disposals - (3,000) (3,000)
At 29 February 2024 58,603 30,150 88,753
Depreciation
At 1 March 2023 46,420 8,965 55,385
Charge for the year 7,331 5,725 13,056
On disposals - (2,500) (2,500)
At 29 February 2024 53,751 12,190 65,941
Net book value
At 29 February 2024 4,852 17,960 22,812
At 28 February 2023 7,249 19,735 26,984
4 Debtors 2024 2023
£ £
Trade debtors 99,681 74,723
Director's account 37,551 9,874
Other debtors 18,195 16,448
155,427 101,045
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 42,724 37,329
Corporation tax 49,973 35,272
Other taxers and social security costs 51,038 38,389
Other creditors 4,116 2,489
157,851 123,479
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,111 24,022
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr L Antoniou
Overdrawn director's account 9,874 37,551 (9,874) 37,551
9,874 37,551 (9,874) 37,551
The loan carries interest at the official rate and was repaid within nine months from the year end.
8 Other information
LA MOTOR REPAIRS LTD is a private company limited by shares and incorporated in England. Its registered office is:
26 Hillfield Park
London
N21 3QH
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