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Registration number: 10095221

Village Auto Sales Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2024

 

Village Auto Sales Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 5

 

Village Auto Sales Ltd

Company Information

Director

Mr Steven Loveridge

Registered office

Suite 1B1 Argyle House
Northside
JoeL Street
Northwood Hills
Middlesex
HA6 1NW

Accountants

Ross + Partners
Chartered Certified Accountants
Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

 

Village Auto Sales Ltd

(Registration number: 10095221)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

-

86

Current assets

 

Stocks

116,000

44,250

Debtors

3,694

262

Cash at bank and in hand

 

5,820

326,614

 

125,514

371,126

Creditors: Amounts falling due within one year

(84,621)

(316,343)

Net current assets

 

40,893

54,783

Total assets less current liabilities

 

40,893

54,869

Creditors: Amounts falling due after more than one year

(10,833)

(20,131)

Net assets

 

30,060

34,738

Capital and reserves

 

Called up share capital

1

1

Retained earnings

30,059

34,737

Shareholders' funds

 

30,060

34,738

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Village Auto Sales Ltd

(Registration number: 10095221)
Abridged Balance Sheet as at 31 May 2024

Approved and authorised by the director on 27 February 2025
 

.........................................
Mr Steven Loveridge
Director

   
     
 

Village Auto Sales Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fixtures, and fittings

25% straight line basis

 

Village Auto Sales Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Stocks

stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

3

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 June 2023

784

784

At 31 May 2024

784

784

Depreciation

At 1 June 2023

698

698

Charge for the year

86

86

At 31 May 2024

784

784

Carrying amount

At 31 May 2024

-

-

At 31 May 2023

86

86

4

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1