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REGISTERED NUMBER: 04693327 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

PRIORSLEE MOTOR SERVICES LIMITED

PRIORSLEE MOTOR SERVICES LIMITED (REGISTERED NUMBER: 04693327)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRIORSLEE MOTOR SERVICES LIMITED

COMPANY INFORMATION
for the Year Ended 31st March 2024







DIRECTORS: G Jones
Mrs S Smith
Miss E J Jones





REGISTERED OFFICE: Unit F1
Castle Trading Estate
Priorslee
Telford
Shropshire
TF2 9NP





REGISTERED NUMBER: 04693327 (England and Wales)





ACCOUNTANTS: D E Ball & Co Limited
Chartered Accountants
15 Bridge Road
Wellington
Telford
Shropshire
TF1 1EB

PRIORSLEE MOTOR SERVICES LIMITED (REGISTERED NUMBER: 04693327)

BALANCE SHEET
31st March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 558,482 547,357
558,482 547,357

CURRENT ASSETS
Stocks 34,795 26,661
Debtors 6 23,560 23,616
Cash at bank and in hand 114,245 186,658
172,600 236,935
CREDITORS
Amounts falling due within one year 7 237,274 247,542
NET CURRENT LIABILITIES (64,674 ) (10,607 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

493,808

536,750

CREDITORS
Amounts falling due after more than one
year

8

(110,087

)

(146,957

)

PROVISIONS FOR LIABILITIES (21,463 ) (16,830 )
NET ASSETS 362,258 372,963

CAPITAL AND RESERVES
Called up share capital 9 101 101
Retained earnings 362,157 372,862
SHAREHOLDERS' FUNDS 362,258 372,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PRIORSLEE MOTOR SERVICES LIMITED (REGISTERED NUMBER: 04693327)

BALANCE SHEET - continued
31st March 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 Board of Directors and authorised for issue on 7th February 2025 and were signed on its behalf by:





G Jones - Director


PRIORSLEE MOTOR SERVICES LIMITED (REGISTERED NUMBER: 04693327)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Priorslee Motor Services 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.

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 2003, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 2% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

PRIORSLEE MOTOR SERVICES LIMITED (REGISTERED NUMBER: 04693327)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 contributes to money purchase pension schemes for employees and directors. Contributions payable to the pension schemes are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 102,000
AMORTISATION
At 1st April 2023
and 31st March 2024 102,000
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

PRIORSLEE MOTOR SERVICES LIMITED (REGISTERED NUMBER: 04693327)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023 535,269 272,000 807,269
Additions - 58,504 58,504
Disposals - (11,387 ) (11,387 )
At 31st March 2024 535,269 319,117 854,386
DEPRECIATION
At 1st April 2023 134,800 125,112 259,912
Charge for year 20,305 26,546 46,851
Eliminated on disposal - (10,859 ) (10,859 )
At 31st March 2024 155,105 140,799 295,904
NET BOOK VALUE
At 31st March 2024 380,164 178,318 558,482
At 31st March 2023 400,469 146,888 547,357

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2023
and 31st March 2024 31,271
DEPRECIATION
At 1st April 2023 4,541
Charge for year 6,683
At 31st March 2024 11,224
NET BOOK VALUE
At 31st March 2024 20,047
At 31st March 2023 26,730

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 14,749 19,107
Other debtors 8,811 4,509
23,560 23,616

PRIORSLEE MOTOR SERVICES LIMITED (REGISTERED NUMBER: 04693327)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 9,900 9,900
Hire purchase contracts 19,853 2,820
Trade creditors 107,046 91,932
Taxation and social security 75,021 90,411
Other creditors 25,454 52,479
237,274 247,542

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 110,087 127,104
Hire purchase contracts - 19,853
110,087 146,957

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100
1 Ordinary A £1 1 1
101 101

10. ULTIMATE CONTROLLING PARTY

The controlling party is G Jones.