BURY AUTOS LIMITED |
Notes to the Accounts |
for the year ended 31 October 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Stocks |
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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. |
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Taxation |
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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. |
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Going concern |
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The accounts have been prepared on a going concern basis, the validity of which is dependent upon the continued support of the director. The director has given assurances that this support will continue for the foreseeable future and he is hopeful that profitability will improve next year. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Taxation and social security costs |
66 |
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126 |
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Other creditors |
71,660 |
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71,730 |
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71,726 |
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71,856 |
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4 |
Other information |
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BURY AUTOS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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5 Inman Street |
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Bury |
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Lancs |
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BL9 0TP |