Company Registration No. 05127936 (England and Wales)
The Car Electrical Centre Limited
Unaudited accounts
for the year ended 31 May 2024
The Car Electrical Centre Limited
Unaudited accounts
Contents
The Car Electrical Centre Limited
Company Information
for the year ended 31 May 2024
Company Number
05127936 (England and Wales)
Registered Office
118 Andlers Ash Road
Liss
GU33 7LS
Accountants
Ashby & Company
Flat 5
2 Courts Hill Road
Haslemere
Surrey
GU27 2EG
The Car Electrical Centre Limited
Statement of financial position
as at 31 May 2024
Tangible assets
25,976
30,839
Cash at bank and in hand
110,705
305,399
Creditors: amounts falling due within one year
(104,165)
(68,884)
Net current assets
334,478
258,525
Total assets less current liabilities
360,454
289,364
Provisions for liabilities
Deferred tax
(5,332)
(6,792)
Net assets
355,122
282,572
Called up share capital
100
100
Profit and loss account
355,022
282,472
Shareholders' funds
355,122
282,572
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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 18 November 2024 and were signed on its behalf by
Mr S Roberts
Director
Company Registration No. 05127936
The Car Electrical Centre Limited
Notes to the Accounts
for the year ended 31 May 2024
The Car Electrical Centre Limited is a private company, limited by shares, registered in England and Wales, registration number 05127936. The registered office is 118 Andlers Ash Road, Liss, GU33 7LS.
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover is measured at the fair value of the consideration received or receivable for the provision of motor vehicle repair services in the normal course of business. Turnover is shown net of VAT, returns, rebates and trade discounts.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% reducing balance
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. Basic financial instruments are recognised at amortised cost.
The Car Electrical Centre Limited
Notes to the Accounts
for the year ended 31 May 2024
3
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2023
73,056
7,600
1,261
81,917
Additions
1,066
2,000
1,701
4,767
At 31 May 2024
74,122
9,600
2,962
86,684
At 1 June 2023
45,278
5,683
117
51,078
Charge for the year
8,736
563
331
9,630
At 31 May 2024
54,014
6,246
448
60,708
At 31 May 2024
20,108
3,354
2,514
25,976
At 31 May 2023
27,778
1,917
1,144
30,839
Amounts falling due within one year
5
Creditors: amounts falling due within one year
2024
2023
Trade creditors
43,660
41,396
Taxes and social security
2,939
2,945
Other creditors
57,566
24,543
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
7
Transactions with related parties
During the year the company paid rent at a market rate of £3,000 (2023: £34,000) for commercial property used in the company's normal course of business. The commercial property was owned by the controlling parties of the company.
During the year the company paid rent at a market rate of £33,500 (2023: £nil) for commercial property used in the company's normal course of business. The commercial property is now owned by a company under common control.
At the balance sheet date the company was owed £295,562 (2023: £nil) by a company under company control. The loan is unsecured, interest free and repayable on demand.
The Car Electrical Centre Limited
Notes to the Accounts
for the year ended 31 May 2024
8
Average number of employees
During the year the average number of employees was 7 (2023: 7).