Company registration number 03520734 (England and Wales)
SPRING LANE SERVICE STATION (ERDINGTON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SPRING LANE SERVICE STATION (ERDINGTON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SPRING LANE SERVICE STATION (ERDINGTON) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
62,860
65,519
Current assets
Debtors
5
229,374
225,921
Cash at bank and in hand
312,851
311,519
542,225
537,440
Creditors: amounts falling due within one year
6
(112,801)
(91,502)
Net current assets
429,424
445,938
Total assets less current liabilities
492,284
511,457
Provisions for liabilities
(100)
Net assets
492,284
511,357
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
491,284
510,357
Total equity
492,284
511,357
The notes on pages 3 to 6 form part of these financial statements.
SPRING LANE SERVICE STATION (ERDINGTON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Mr D Connolly
Mr P C Connolly
Director
Director
Company registration number 03520734 (England and Wales)
SPRING LANE SERVICE STATION (ERDINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Spring Lane Service Station (Erdington) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 88 Hill Village Road, Sutton Coldfield, West Midlands, England, B75 5BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Leasehold improvements
10% on cost
Plant and equipment
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SPRING LANE SERVICE STATION (ERDINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
14,500
Amortisation and impairment
At 1 April 2023 and 31 March 2024
14,500
Carrying amount
At 31 March 2024
At 31 March 2023
SPRING LANE SERVICE STATION (ERDINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
77,353
41,978
119,331
Additions
1,529
1,529
Disposals
(4,200)
(4,200)
At 31 March 2024
77,353
39,307
116,660
Depreciation and impairment
At 1 April 2023
27,354
26,458
53,812
Depreciation charged in the year
4,011
4,011
Eliminated in respect of disposals
(4,023)
(4,023)
At 31 March 2024
27,354
26,446
53,800
Carrying amount
At 31 March 2024
49,999
12,861
62,860
At 31 March 2023
49,999
15,520
65,519
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
82,100
78,462
Other debtors
147,274
147,459
229,374
225,921
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
52,167
42,767
Corporation tax
37,365
24,817
Other taxation and social security
13,654
16,263
Other creditors
9,615
7,655
112,801
91,502
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
SPRING LANE SERVICE STATION (ERDINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Called up share capital
(Continued)
- 6 -
8
Related party transactions
During the year the company has paid rents to the director amounting to £30,000 (2023: £29,900).