Harding Auto Services Ltd 05709143 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of servicing and repairs of motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true true 05709143 2023-04-01 2024-03-31 05709143 2024-03-31 05709143 core:CurrentFinancialInstruments 2024-03-31 05709143 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05709143 core:Non-currentFinancialInstruments 2024-03-31 05709143 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05709143 core:LandBuildings 2024-03-31 05709143 core:MotorVehicles 2024-03-31 05709143 core:OtherPropertyPlantEquipment 2024-03-31 05709143 bus:SmallEntities 2023-04-01 2024-03-31 05709143 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05709143 bus:FilletedAccounts 2023-04-01 2024-03-31 05709143 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05709143 bus:RegisteredOffice 2023-04-01 2024-03-31 05709143 bus:Director3 2023-04-01 2024-03-31 05709143 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05709143 core:LandBuildings 2023-04-01 2024-03-31 05709143 core:LeaseholdImprovements 2023-04-01 2024-03-31 05709143 core:MotorCars 2023-04-01 2024-03-31 05709143 core:MotorVehicles 2023-04-01 2024-03-31 05709143 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05709143 core:PlantMachinery 2023-04-01 2024-03-31 05709143 countries:EnglandWales 2023-04-01 2024-03-31 05709143 2023-03-31 05709143 core:LandBuildings 2023-03-31 05709143 core:MotorVehicles 2023-03-31 05709143 core:OtherPropertyPlantEquipment 2023-03-31 05709143 2022-04-01 2023-03-31 05709143 2023-03-31 05709143 core:CurrentFinancialInstruments 2023-03-31 05709143 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05709143 core:CurrentFinancialInstruments core:PriorPeriodIncreaseDecrease 2023-03-31 05709143 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05709143 core:Non-currentFinancialInstruments core:PriorPeriodIncreaseDecrease 2023-03-31 05709143 core:LandBuildings 2023-03-31 05709143 core:MotorVehicles 2023-03-31 05709143 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 05709143

Harding Auto Services Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Harding Auto Services Ltd

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

332,722

351,034

Current assets

 

Stocks

5

43,950

41,250

Debtors

6

135,441

95,516

Cash at bank and in hand

 

7

7

 

179,398

136,773

Creditors: Amounts falling due within one year

7

(210,727)

(223,242)

Net current liabilities

 

(31,329)

(86,469)

Total assets less current liabilities

 

301,393

264,565

Creditors: Amounts falling due after more than one year

7

(176,342)

(141,547)

Provisions for liabilities

(75,239)

(66,292)

Net assets

 

49,812

56,726

Capital and reserves

 

Called up share capital

100

100

Retained earnings

49,712

56,626

Shareholders' funds

 

49,812

56,726

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Harding Auto Services Ltd

Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

.........................................

Mr M Harding

Director

Company registration number: 05709143

 

Harding Auto Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Robins
17 Falmouth Close
Camberley
Surrey
GU15 1EA

The principal activity of the company is that of servicing and repairs of motor vehicles.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 March 2024 and had net assets at that date amounting to £49,812.

Having made enquiries the directors have reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue upon the completion of vehicle servicing or repairs when it is probable that future economic benefits will flow to the entity.

Government grants

Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

Harding Auto Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Over period of lease

Plant & machinery

5% - 20% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Harding Auto Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Research and development

Research and development expenditure is written off to the statement of income and retained earnings as incurred.

3

Staff numbers

The average number of persons employed by the company during the year was 15 (2023 - 13).

 

Harding Auto Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Leasehold improvements
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

24,604

7,458

463,802

495,864

Additions

-

-

14,892

14,892

At 31 March 2024

24,604

7,458

478,694

510,756

Depreciation

At 1 April 2023

24,267

6,776

113,787

144,830

Charge for the year

84

170

32,950

33,204

At 31 March 2024

24,351

6,946

146,737

178,034

Carrying amount

At 31 March 2024

253

512

331,957

332,722

At 31 March 2023

337

682

350,015

351,034

5

Stocks

2024
£

2023
£

Stock

43,950

41,250

6

Debtors

2024
£

2023
£

Trade debtors

15,360

6,053

Other debtors

120,081

89,463

135,441

95,516

 

Harding Auto Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

57,176

40,752

Trade creditors

 

38,457

7,337

Taxation and social security

 

65,262

36,674

Other creditors

 

49,832

138,479

 

210,727

223,242

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

176,342

141,547

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank loans

39,747

31,200

Bank overdrafts

17,429

9,552

57,176

40,752

2024
£

2023
£

Non-current loans and borrowings

Bank loans

176,342

141,547

Bank loans and overdrafts are secured by a fixed and floating charge over the assets and undertakings of the company.

9

Financial commitments, guarantees and contingencies

Operating lease commitments

The total amount of financial commitments not included in the statement of financial position is £180,000 (2023 - £235,000).