Registered number
10194440
Morley Auto Services Limited
Filleted Accounts
31 May 2024
Morley Auto Services Limited
Registered number: 10194440
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 18,000 24,000
Tangible assets 4 30,452 30,823
48,452 54,823
Current assets
Stocks 8,972 8,972
Debtors 5 432 497
Investments held as current assets 6 5,000 5,000
Cash at bank and in hand 76,490 65,976
90,894 80,445
Creditors: amounts falling due within one year 7 (90,372) (82,498)
Net current assets/(liabilities) 522 (2,053)
Total assets less current liabilities 48,974 52,770
Creditors: amounts falling due after more than one year 8 (494) (111)
Provisions for liabilities (5,786) (7,599)
Net assets 42,694 45,060
Capital and reserves
Profit and loss account 42,694 45,060
Shareholder's funds 42,694 45,060
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 and delivered 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.
B J Morley
Director
Approved by the board on 20 September 2024
Morley Auto Services Limited
Notes to the Accounts
for the year ended 31 May 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 (as applied to small entities by section 1A of the standard).
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 10 years
Fixtures, fittings, tools and equipment over 4 years
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 Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 60,000
At 31 May 2024 60,000
Amortisation
At 1 June 2023 36,000
Provided during the year 6,000
At 31 May 2024 42,000
Net book value
At 31 May 2024 18,000
At 31 May 2023 24,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 100,997
Additions 10,668
At 31 May 2024 111,665
Depreciation
At 1 June 2023 70,174
Charge for the year 11,039
At 31 May 2024 81,213
Net book value
At 31 May 2024 30,452
At 31 May 2023 30,823
5 Debtors 2024 2023
£ £
Trade debtors 432 497
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 5,000 5,000
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,938 11,193
Trade creditors 58,386 57,741
Taxation and social security costs 23,557 11,981
Other creditors 1,491 1,583
90,372 82,498
8 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 494 111
9 Other information
Morley Auto Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
76 Park Street
Horsham
RH12 1BX
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