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Registration number: 08013077

Autocare Services (Exeter) Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Company Information

Directors

Mrs L M Gentry

Mr G D Gentry

Registered office

Unit 6
Hennock Road North
Marsh Barton Trading Estate
Exeter
Devon
EX2 8NJ

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Balance Sheet as at 30 April 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

60,605

68,181

Tangible assets

5

32,617

39,556

Investment property

6

240,000

240,000

 

333,222

347,737

Current assets

 

Stocks

7

2,500

2,500

Debtors

8

139,172

10,846

Cash at bank and in hand

 

120,743

144,938

 

262,415

158,284

Creditors: Amounts falling due within one year

9

(189,978)

(138,594)

Net current assets

 

72,437

19,690

Total assets less current liabilities

 

405,659

367,427

Creditors: Amounts falling due after more than one year

9

(70,843)

(85,090)

Provisions for liabilities

(8,070)

(8,108)

Net assets

 

326,746

274,229

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

325,746

273,229

Total equity

 

326,746

274,229

For the financial 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 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.

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Balance Sheet as at 30 April 2024

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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 January 2025 and signed on its behalf by:
 

.........................................
Mrs L M Gentry
Director

.........................................
Mr G D Gentry
Director

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Unit 6
Hennock Road North
Marsh Barton Trading Estate
Exeter
Devon
EX2 8NJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Prior period adjustment

A prior period adjustment has been made to recognise a capital asset that was prevously incorrectly written off against profits in the period in which the expenditure was incurred.

To present more reliable and relevant information to stakeholders, an adjustment has been made to recognise the historic costs as a capital asset, together with its associated depreciation, in line with the relevant accounting standards (FRS102 Section 17).

The effect of this change is to recognise a capital asset within the balance comparatives at the year-end 30 April 2023 at a NBV of £20,250. A corresponding adjustment has been made to the brought forward and carried forward profit and loss reserves.


 

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Leasehold improvements

25% reducing balance

Investment property

Not depreciated

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

151,512

151,512

At 30 April 2024

151,512

151,512

Amortisation

At 1 May 2023

83,331

83,331

Amortisation charge

7,576

7,576

At 30 April 2024

90,907

90,907

Carrying amount

At 30 April 2024

60,605

60,605

At 30 April 2023

68,181

68,181

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

6,685

3,925

76,817

87,427

Additions

-

650

4,955

5,605

At 30 April 2024

6,685

4,575

81,772

93,032

Depreciation

At 1 May 2023

5,014

2,888

39,969

47,871

Charge for the year

1,671

422

10,451

12,544

At 30 April 2024

6,685

3,310

50,420

60,415

Carrying amount

At 30 April 2024

-

1,265

31,352

32,617

At 30 April 2023

1,671

1,037

36,848

39,556

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Included within the net book value of land and buildings above is £Nil (2023 - £1,671) in respect of long leasehold land and buildings.
 

6

Investment properties

2024
£

At 1 May

240,000

At 30 April

240,000

The directors have considered the market values of other similar properties to determine the fair value of investment property. There has been no valuation of investment property by an independent valuer.

7

Stocks

2024
£

2023
£

Other stocks

2,500

2,500

8

Debtors

2024
£

2023
£

Trade debtors

20,912

9,793

Other debtors

116,420

-

Prepayments and accrued income

1,840

1,053

Total current trade and other debtors

139,172

10,846

 

Autocare Services (Exeter) Limited
(Registration number: 08013077)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Creditors

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

10

5,288

5,289

Trade creditors

 

11,493

13,487

Taxation and social security

 

78,776

39,479

Other creditors

 

91,437

77,833

Accrued expenses

 

2,984

2,506

 

189,978

138,594

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

70,843

85,090

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,288

5,289

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

70,843

85,090