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Registered Number: 02993967
England and Wales

 

 

 

PYLLE MOTOR SPARES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2023

End date: 30 November 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 115,467    137,439 
Investments 4 2,437,525    2,437,525 
2,552,992    2,574,964 
Current assets      
Debtors 5 555,200    599,050 
Cash at bank and in hand 383,080    412,446 
938,280    1,011,496 
Creditors: amount falling due within one year 6 (27,571)   (50,788)
Net current assets 910,709    960,708 
 
Total assets less current liabilities 3,463,701    3,535,672 
Provisions for liabilities 7 (77,259)   (81,434)
Net assets 3,386,442    3,454,238 
 

Capital and reserves
     
Called up share capital 8 30,000    30,000 
Reserves 9 291,160    291,160 
Profit and loss account 3,065,282    3,133,078 
Shareholders' funds 3,386,442    3,454,238 
 


For the year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 10 February 2025 and were signed on its behalf by:


-------------------------------
Mrs S R Rossiter
Director
1
General Information
Pylle Motor Spares Limited is a private company, limited by shares, registered in England and Wales, registration number 02993967, registration address Woodstock House, Pylle, Shepton Mallet, BA4 6TA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 10 Year Straight Line
Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £   £
At 01 December 2023 89,560    910,668    52,394    53,774    1,106,396 
Additions        
Disposals        
At 30 November 2024 89,560    910,668    52,394    53,774    1,106,396 
Depreciation
At 01 December 2023 89,560    798,554    38,803    42,040    968,957 
Charge for year   16,813    3,399    1,760    21,972 
On disposals        
At 30 November 2024 89,560    815,367    42,202    43,800    990,929 
Net book values
Closing balance as at 30 November 2024   95,301    10,192    9,974    115,467 
Opening balance as at 01 December 2023   112,114    13,591    11,734    137,439 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 December 2023 2,437,525    2,437,525 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 30 November 2024 2,437,525    2,437,525 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 2,600    5,850 
Other Debtors 532,600    593,200 
Director: Mrs S R Rossiter 10,000   
Director: Mr E J Rossiter 10,000   
555,200    599,050 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 21,578    11,335 
Accrued Expenses 2,301    3,531 
Director: Mrs S R Rossiter   35,000 
VAT 3,692    922 
27,571    50,788 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 77,259    81,434 
77,259    81,434 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
18,000 Class A shares of £1.00 each 18,000    18,000 
11,999 Class B shares of £1.00 each 11,999    11,999 
1 Class C share of £1.00 each  
30,000    30,000 

9.

Reserves

2024
£
  2023
£
Revaluation Reserve b/fwd 291,160    291,160 
291,160    291,160 

10.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Loan to family member8,000 18,000 84,981 92,981 

Interest was charged at the rate of 2%, the loan is unsecured with no repayment terms.
11.

Exceptional Item

Investments

Investments comprises of 11 properties. At 30 November 2024 the fair value of the properties in the financial statements was reviewed by the directors based on their knowledge of the properties and documented trends in the local property market. During the year ended 30 November 2024 the revaluation in the year of £nil (2023 - £nil) was credited to the profit and loss account in accordance with FRS 102.
12.

Director’s loan

Director's benefits: advances, credit and guarantees

During the year £10,000 was advanced to a director and £nil was subsequently repaid. The balance owed at the beginning of the year was £nil and at the end of the year was £10,000. This loan is interest free, unsecured and has no repayment terms.

During the year £10,000 was advanced to a director and £nil was subsequently repaid. The balance owed at the beginning of the year was £nil and at the end of the year was £10,000. This loan is interest free, unsecured and has no repayment terms.
2