Registered number
08874428
Reliance Auto Test Limited
Filleted Accounts
31 March 2024
Reliance Auto Test Limited
Registered number: 08874428
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 25,000 27,500
Tangible assets 4 19,689 26,280
44,689 53,780
Current assets
Stocks 123,955 100,000
Debtors 5 340,296 421,163
464,251 521,163
Creditors: amounts falling due within one year 6 (253,663) (382,480)
Net current assets 210,588 138,683
Total assets less current liabilities 255,277 192,463
Creditors: amounts falling due after more than one year 7 (95,265) (38,677)
Net assets 160,012 153,786
Capital and reserves
Called up share capital 100 100
Profit and loss account 159,912 153,686
Shareholders' funds 160,012 153,786
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.
S Smith
Director
Approved by the board on 30 May 2024
Reliance Auto Test Limited
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 10 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 50,000
At 31 March 2024 50,000
Amortisation
At 1 April 2023 22,500
Provided during the year 2,500
At 31 March 2024 25,000
Net book value
At 31 March 2024 25,000
At 31 March 2023 27,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 5,965 53,482 22,000 81,447
At 31 March 2024 5,965 53,482 22,000 81,447
Depreciation
At 1 April 2023 3,119 44,715 7,333 55,167
Charge for the year 1,192 4,199 1,200 6,591
At 31 March 2024 4,311 48,914 8,533 61,758
Net book value
At 31 March 2024 1,654 4,568 13,467 19,689
At 31 March 2023 2,846 8,767 14,667 26,280
5 Debtors 2024 2023
£ £
Trade debtors 49,518 43,911
Amounts owed by associated undertakings 277,724 364,348
Other debtors 13,054 12,904
340,296 421,163
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 82,127 69,792
Trade creditors 58,671 57,145
Taxation and social security costs 108,299 226,035
Shareholders loan account 1,236 831
Other creditors 3,330 28,677
253,663 382,480
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 95,265 38,677
8 Other information
Reliance Auto Test Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Star
Church Street
Princes Risborough
Bucks
HP27 9AA
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