Registered number
08823208
PSC Autocentres Ltd
Report and Accounts
31 December 2024
PSC Autocentres Ltd
Company Information
Director
D A Moses
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Unit 4
Kingsditch Lane
Cheltenham
Glos
Registered number
08823208
PSC Autocentres Ltd
Registered number: 08823208
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 81,000 94,500
Tangible assets 4 45,455 21,535
126,455 116,035
Current assets
Stocks 39,113 57,235
Debtors 5 15,599 8,500
Cash at bank and in hand 174,786 48,277
229,498 114,012
Creditors: amounts falling due within one year 6 (173,264) (128,371)
Net current (liabilities)/assets 56,234 (14,359)
Total assets less current liabilities 182,689 101,676
Creditors: amounts falling due after more than one year 7 - (24,167)
Net assets 182,689 77,509
Capital and reserves
Called up share capital 100 100
Profit and loss account 182,589 77,409
Shareholder's funds 182,689 77,509
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 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.
D A Moses
Director
Approved by the board on 31 January 2025
PSC Autocentres Ltd
Notes to the Accounts
for the year ended 31 December 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.
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:
Plant and machinery over 5 years
Office equipment and furniture over 5 years
Motor vehicles 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.
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 12 14
3 Intangible fixed assets
Website
£
Cost
At 1 January 2024 139,500
At 31 December 2024 139,500
Amortisation
At 1 January 2024 45,000
Provided during the year 13,500
At 31 December 2024 58,500
Net book value
At 31 December 2024 81,000
At 31 December 2023 94,500
The website is being written off in equal annual instalments over its estimated economic life of ten years.
4 Tangible fixed assets
Plant and machinery Office equipment & furniture Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 63,638 30,712 4,500 98,850
Additions 20,903 14,177 - 35,080
At 31 December 2024 84,541 44,889 4,500 133,930
Depreciation
At 1 January 2024 47,853 24,962 4,500 77,315
Charge for the year 5,218 5,942 - 11,160
At 31 December 2024 53,071 30,904 4,500 88,475
Net book value
At 31 December 2024 31,470 13,985 - 45,455
At 31 December 2023 15,785 5,750 - 21,535
5 Debtors 2024 2023
£ £
Other debtors 15,599 8,500
6 Creditors: amounts falling due within one year 2024 2023
£ £
Creditors 16,915 22,134
Other taxes and social security costs 117,848 97,792
Other creditors 38,501 8,445
173,264 128,371
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 24,167
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 36,000 36,000
9 Controlling party
The company is controlled by D A Moses.
10 Other information
PSC Autocentres Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4
Kingsditch Lane
Cheltenham
Glos
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