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Registered number: 01912224
Albert Road Service Station Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Bruce Allen LLP
Ground floor Suite
Crown House , 40 North Street
Hornchurch
Essex
RM11 1EW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01912224
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 123,822 118,563
123,822 118,563
CURRENT ASSETS
Stocks 5 14,370 15,820
Debtors 6 8,549 13,047
Cash at bank and in hand 232,641 215,104
255,560 243,971
Creditors: Amounts Falling Due Within One Year 7 (68,022 ) (54,384 )
NET CURRENT ASSETS (LIABILITIES) 187,538 189,587
TOTAL ASSETS LESS CURRENT LIABILITIES 311,360 308,150
NET ASSETS 311,360 308,150
CAPITAL AND RESERVES
Called up share capital 8 140 140
Capital redemption reserve 60 60
Profit and Loss Account 311,160 307,950
SHAREHOLDERS' FUNDS 311,360 308,150
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For the year ending 31 May 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 Profit and Loss Account.
On behalf of the board
Mr Lee Callis
Director
21st November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Albert Road Service Station Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01912224 . The registered office is Bruce Allen Llp Ground Floor Suite, Crown House, 40 North Street, Hornchurch, Essex, RM11 1EW.
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 0%
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 20% on reducing balance
Computer Equipment 20% on reducing balance
2.4. 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.
2.5. 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.
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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 June 2023 17,673 96,178 160,623 15,706
Additions - 8,638 34,494 -
Disposals - - (16,083 ) -
As at 31 May 2024 17,673 104,816 179,034 15,706
Depreciation
As at 1 June 2023 - 79,409 80,976 13,747
Provided during the period - 3,811 26,878 392
Disposals - - (9,456 ) -
As at 31 May 2024 - 83,220 98,398 14,139
Net Book Value
As at 31 May 2024 17,673 21,596 80,636 1,567
As at 1 June 2023 17,673 16,769 79,647 1,959
Computer Equipment Total
£ £
Cost
As at 1 June 2023 23,184 313,364
Additions 422 43,554
Disposals - (16,083 )
As at 31 May 2024 23,606 340,835
Depreciation
As at 1 June 2023 20,669 194,801
Provided during the period 587 31,668
Disposals - (9,456 )
As at 31 May 2024 21,256 217,013
Net Book Value
As at 31 May 2024 2,350 123,822
As at 1 June 2023 2,515 118,563
5. Stocks
2024 2023
£ £
Finished goods 14,370 15,820
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,309 11,807
Other debtors 1,240 1,240
8,549 13,047
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 39,163 22,444
Corporation tax 2,708 9,992
Other taxes and social security 2,355 1,672
VAT 19,085 16,327
Other creditors 764 192
Accruals and deferred income 3,940 3,750
Directors' loan accounts 7 7
68,022 54,384
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 140 140
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