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COMPANY REGISTRATION NUMBER: 01935239
Auto Village Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Auto Village Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
52,703
108,301
Current assets
Stocks
654,307
955,796
Debtors
6
68,666
36,219
Cash at bank and in hand
682,789
430,027
------------
------------
1,405,762
1,422,042
Creditors: amounts falling due within one year
7
850,327
888,901
------------
------------
Net current assets
555,435
533,141
---------
---------
Total assets less current liabilities
608,138
641,442
Provisions
Taxation including deferred tax
13,176
16,878
---------
---------
Net assets
594,962
624,564
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
594,762
624,364
---------
---------
Shareholders funds
594,962
624,564
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Auto Village Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
Mr B K Flowerdew
Mr A P Jones
Director
Director
Company registration number: 01935239
Auto Village Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chamberlains Farm Barn, The Street, Eriswell, Brandon, Suffolk, IP27 9BD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents vehicles sold and related commissions receivable during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over the 11 year life of the lease
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor and Vehicle
-
25% reducing balance
Stocks
Stocks are valued at the lower of cost, based on purchase price, and net realisable value, after making due allowance for obsolete and slow moving items.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
365,635
40,757
9,859
58,421
474,672
Additions
1,513
1,513
Disposals
( 11,004)
( 11,004)
---------
--------
-------
--------
---------
At 30 April 2024
365,635
31,266
9,859
58,421
465,181
---------
--------
-------
--------
---------
Depreciation
At 1 May 2023
324,158
18,585
8,164
15,464
366,371
Charge for the year
41,477
3,390
254
10,768
55,889
Disposals
( 9,782)
( 9,782)
---------
--------
-------
--------
---------
At 30 April 2024
365,635
12,193
8,418
26,232
412,478
---------
--------
-------
--------
---------
Carrying amount
At 30 April 2024
19,073
1,441
32,189
52,703
---------
--------
-------
--------
---------
At 30 April 2023
41,477
22,172
1,695
42,957
108,301
---------
--------
-------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
18,807
15,103
Other debtors
49,859
21,116
--------
--------
68,666
36,219
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
99,869
Trade creditors
628,822
678,814
Social security and other taxes
24,634
63,838
Other creditors
196,871
46,380
---------
---------
850,327
888,901
---------
---------
8. Other financial commitments
The total future minimum lease payments under non-cancellable operating leases is £ 373,438 (2023: £ 15,334 ).
9. Directors' advances, credits and guarantees
During the current year the company made advances to the directors as detailed below.
2024 2023
£ £
Advances 624
Balance due to the company at the year end 624
No interest has been charged on the outstanding balance.
10. Related party transactions
A director has given a personal guarantee to the company's bankers to cover the overdraft and cheque negotiation facilities extended to the company, the maximum amount covered by the personal guarantee is £340,000.