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Registered Number: 08558961
England and Wales

 

 

 

SPEED SERVICES LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of SPEED SERVICES LIMITED for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity,  and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the member of SPEED SERVICES LIMITED, as a body, in accordance with the terms of our engagement letter dated 07 March 2025. Our work has been undertaken solely to prepare for your approval the accounts of SPEED SERVICES LIMITED and state those matters that we have agreed to state to the Board ofs of SPEED SERVICES LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SPEED SERVICES LIMITED and its members as a body for our work or for this report.

It is your duty to ensure that SPEED SERVICES LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Profit of SPEED SERVICES LIMITED. You consider that SPEED SERVICES LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of SPEED SERVICES LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................

SNP Plus Ltd

Accountants and Tax Advisors
284 Station Road
Harrow, London
HA1 2EA
07 March 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 215,490    325,759 
215,490    325,759 
Current assets      
Debtors: amounts falling due within one year 185,081    178,653 
Cash at bank and in hand 23,975    8,864 
209,056    187,517 
Creditors: amount falling due within one year (226,145)   (245,614)
Net current assets (17,089)   (58,097)
 
Total assets less current liabilities 198,401    267,662 
Creditors: amount falling due after more than one year (40,202)   (122,312)
Provisions for liabilities (41,763)   (62,502)
Net assets 116,436    82,848 
 

Capital and reserves
     
Called up share capital 4 1    1 
Profit and loss account 116,435    82,847 
Shareholders' funds 116,436    82,848 
 


For the year ended 30 June 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 07 March 2025 and were signed on its behalf by:


-------------------------------
Ganesh Bahadur Thapa
Director
2
General Information
SPEED SERVICES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08558961, registration address 284 Station Road, Harrow, HA1 2EA.

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.
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:
Motor Vehicles 20% Straight Line
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.
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 8 (2023 : 7).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Total
  £   £   £
At 01 July 2023 679,775      679,775 
Additions 28,000    4,108    32,108 
Disposals    
At 30 June 2024 707,775    4,108    711,883 
Depreciation
At 01 July 2023 354,016      354,016 
Charge for year 141,555    822    142,377 
On disposals    
At 30 June 2024 495,571    822    496,393 
Net book values
Closing balance as at 30 June 2024 212,204    3,286    215,490 
Opening balance as at 01 July 2023 325,759      325,759 


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1 Class A share of £1.00 each  
 

5.

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
£
Ganesh Bahadur Thapa111,194 130,119 
3