Registered number
10394131
Carworx Portsmouth Ltd
Report and Accounts
31 May 2024
Carworx Portsmouth Ltd
Registered number: 10394131
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - 7,548
Current assets
Debtors 4 300 1,368
Cash at bank and in hand 4,723 3,875
5,023 5,243
Creditors: amounts falling due within one year 5 (45,765) (52,869)
Net current liabilities (40,742) (47,626)
Total assets less current liabilities (40,742) (40,078)
Creditors: amounts falling due after more than one year 6 - (10,000)
Net liabilities (40,742) (50,078)
Capital and reserves
Called up share capital 200 200
Profit and loss account (40,942) (50,278)
Shareholders' funds (40,742) (50,078)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mrs K Langley
Director
Approved by the board on 15 November 2024
Carworx Portsmouth Ltd
Notes to the Accounts
for the period from 1 October 2023 to 31 May 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:
Motor vehicles over 5 years straight line basis
Plant and machinery over 5 years straight line basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 20,932 16,667 37,599
Disposals (20,932) (16,667) (37,599)
At 31 May 2024 - - -
Depreciation
At 1 October 2023 18,884 11,167 30,051
On disposals (18,884) (11,167) (30,051)
At 31 May 2024 - - -
Net book value
At 31 May 2024 - - -
At 30 September 2023 2,048 5,500 7,548
4 Debtors 2024 2023
£ £
Trade debtors 295 82
Other debtors 5 1,286
300 1,368
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 6,000
Trade creditors 562 1,041
Other taxes and social security costs 246 234
Other creditors 44,957 45,594
45,765 52,869
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 10,000
7 Controlling party note
The company is under the control of joint directors Mr and Mrs Langley.
8 Related party transactions
Included within other creditors is a balance owed to the directors of £44,042 (2023 £42,898). This amount is undated, unsecured, interest free and repayable on demand.
9 Going concern
These accounts have been prepared on a going concern basis. The directors have confirmed that they will continue to provide financial support to the company until such time as it's position improves.
10 Other information
Carworx Portsmouth Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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