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KEITH LOWE MOTOR VEHICLE REPAIRS LIMITED

Unaudited Financial Statements

for the Year Ended 30th April 2024






KEITH LOWE MOTOR VEHICLE REPAIRS LIMITED (REGISTERED NUMBER: 07590839)






Contents of the Financial Statements
for the year ended 30th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KEITH LOWE MOTOR VEHICLE REPAIRS LIMITED

Company Information
for the year ended 30th April 2024







DIRECTOR: K Lowe





REGISTERED OFFICE: 1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH





REGISTERED NUMBER: 07590839 (England and Wales)





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

KEITH LOWE MOTOR VEHICLE REPAIRS LIMITED (REGISTERED NUMBER: 07590839)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,320 6,460
5,320 6,460

CURRENT ASSETS
Debtors 6 6,954 8,269
Cash at bank 1,385 942
8,339 9,211
CREDITORS
Amounts falling due within one year 7 2,834 3,403
NET CURRENT ASSETS 5,505 5,808
TOTAL ASSETS LESS CURRENT LIABILITIES 10,825 12,268

CREDITORS
Amounts falling due after more than one
year

8

10,343

12,206
NET ASSETS 482 62

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 481 61
SHAREHOLDERS' FUNDS 482 62

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KEITH LOWE MOTOR VEHICLE REPAIRS LIMITED (REGISTERED NUMBER: 07590839)

Balance Sheet - continued
30th April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28th January 2025 and were signed by:





K Lowe - Director


KEITH LOWE MOTOR VEHICLE REPAIRS LIMITED (REGISTERED NUMBER: 07590839)

Notes to the Financial Statements
for the year ended 30th April 2024

1. STATUTORY INFORMATION

Keith Lowe Motor Vehicle Repairs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

KEITH LOWE MOTOR VEHICLE REPAIRS LIMITED (REGISTERED NUMBER: 07590839)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transition price, less any impairment. Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to/from related parties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2023
and 30th April 2024 4,500
AMORTISATION
At 1st May 2023
and 30th April 2024 4,500
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

KEITH LOWE MOTOR VEHICLE REPAIRS LIMITED (REGISTERED NUMBER: 07590839)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st May 2023
and 30th April 2024 9,056
DEPRECIATION
At 1st May 2023 2,596
Charge for year 1,140
At 30th April 2024 3,736
NET BOOK VALUE
At 30th April 2024 5,320
At 30th April 2023 6,460

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 6,954 8,269

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 2,235 2,804
Other creditors 599 599
2,834 3,403

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 10,343 12,206

KEITH LOWE MOTOR VEHICLE REPAIRS LIMITED (REGISTERED NUMBER: 07590839)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th April 2024 and 30th April 2023:

2024 2023
£    £   
K Lowe
Balance outstanding at start of year 8,269 (4,147 )
Amounts advanced 6,953 19,964
Amounts repaid (8,269 ) (7,548 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,953 8,269