Registered number
04786436
Ernigrip Motors Limited
Filleted Accounts
30 June 2024
Ernigrip Motors Limited
Registered number: 04786436
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 14,081 18,608
Current assets
Stocks 4,000 8,000
Debtors 5 11,001 24,787
Cash at bank and in hand 141,673 174,295
156,674 207,082
Creditors: amounts falling due within one year 6 (58,729) (91,133)
Net current assets 97,945 115,949
Total assets less current liabilities 112,026 134,557
Provisions for liabilities (718) (1,655)
Net assets 111,308 132,902
Capital and reserves
Called up share capital 2 2
Profit and loss account 111,306 132,900
Shareholders' funds 111,308 132,902
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.
Julie Cox
Director
Approved by the board on 31 December 2024
Ernigrip Motors Limited
Notes to the Accounts
for the year ended 30 June 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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 31,600
At 30 June 2024 31,600
Amortisation
At 1 July 2023 31,600
At 30 June 2024 31,600
Net book value
At 30 June 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 2,481 95,706 26,420 124,607
Additions - 4,431 - 4,431
Disposals - (6,497) (1,500) (7,997)
At 30 June 2024 2,481 93,640 24,920 121,041
Depreciation
At 1 July 2023 - 81,379 24,620 105,999
Charge for the year - 7,415 500 7,915
On disposals - (5,754) (1,200) (6,954)
At 30 June 2024 - 83,040 23,920 106,960
Net book value
At 30 June 2024 2,481 10,600 1,000 14,081
At 30 June 2023 2,481 14,327 1,800 18,608
5 Debtors 2024 2023
£ £
Trade debtors 7,079 20,679
Other debtors 3,922 4,108
11,001 24,787
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 14,008 16,925
Taxation and social security costs 20,504 24,762
Other creditors 24,217 49,446
58,729 91,133
7 Controlling party
The Company is controlled by the Directors by virtue of their shareholdings.
8 Other information
Ernigrip Motors Limited is a private company limited by shares and incorporated in England. Its registered office is:
55 North Street
Middle Barton
Chipping Norton
Oxfordshire
OX7 7BH
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