Registered number
12897023
Port Solent Valeting Centre Ltd
Filleted Accounts
30 September 2024
Port Solent Valeting Centre Ltd
Registered number: 12897023
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 24,000 -
Tangible assets 4 3,113 2,266
27,113 2,266
Current assets
Debtors 5 22,716 12,110
Cash at bank and in hand 24,660 24,356
47,376 36,466
Creditors: amounts falling due within one year 6 (28,564) (27,364)
Net current assets 18,812 9,102
Total assets less current liabilities 45,925 11,368
Creditors: amounts falling due after more than one year 7 (44,939) -
Provisions for liabilities (591) (663)
Net assets 395 10,705
Capital and reserves
Called up share capital 200 200
Profit and loss account 195 10,505
Shareholders' funds 395 10,705
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 members have 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.
Y Lami
Director
Approved by the board on 26 February 2025
Port Solent Valeting Centre Ltd
Notes to the Accounts
for the year ended 30 September 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 5 years
Office equipment over 3 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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 16 10
3 Intangible fixed assets £
Franchise:
Cost
At 1 October 2023 16,169
Additions 30,000
At 30 September 2024 46,169
Amortisation
At 1 October 2023 16,169
Provided during the year 6,000
At 30 September 2024 22,169
Net book value
At 30 September 2024 24,000
The Franchise fee is being written off in equal annual instalments over the length of the franchise agreement.
4 Tangible fixed assets
Plant and machinery etc Office equipment Total
£ £ £
Cost
At 1 October 2023 4,510 3,796 8,306
Additions 1,932 583 2,515
Disposals - (999) (999)
At 30 September 2024 6,442 3,380 9,822
Depreciation
At 1 October 2023 2,453 3,587 6,040
Charge for the year 1,271 396 1,667
On disposals - (998) (998)
At 30 September 2024 3,724 2,985 6,709
Net book value
At 30 September 2024 2,718 395 3,113
At 30 September 2023 2,057 209 2,266
5 Debtors 2024 2023
£ £
Trade debtors 8,654 11,872
Other debtors 14,062 238
22,716 12,110
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,233 -
Trade creditors 1,543 3,086
Taxation and social security costs 18,175 21,418
Other creditors 2,613 2,860
28,564 27,364
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 44,939 -
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 9,089 -
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Y Lami
Directors loan (705) 50,545 (37,617) 12,223
(705) 50,545 (37,617) 12,223
# Related party transactions
Included in other debtors is the amount of £12,223 owed to the company by the director (2023- £705 owed to the director by the company ). This amount is undated, unsecured and repayable upon demand.
# Controlling party
The Company was under the control of the Director, Mr Y Lami who has a beneficial interest (directly and indirectly) in 100% of the share capital throughout the year.
# Other information
Port Solent Valeting Centre Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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