Registered number
02343603
TW Autoservices (Glos) Limited
Filleted Accounts
30 June 2024
TW Autoservices (Glos) Limited
Registered number: 02343603
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 12,730 12,370
Current assets
Stocks 2,600 2,600
Debtors 4 24,908 18,914
Cash at bank and in hand 69,587 80,009
97,095 101,523
Creditors: amounts falling due within one year 5 (35,393) (62,964)
Net current assets 61,702 38,559
Net assets 74,432 50,929
Capital and reserves
Called up share capital 100 100
Profit and loss account 74,332 50,829
Shareholder's funds 74,432 50,929
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.
D C Watts
Director
Approved by the board on 31 August 2024
TW Autoservices (Glos) Limited
Notes to the Accounts
for the year ended 30 June 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.
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
Office equipment over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 3 3
3 Tangible fixed assets
Plant and machinery Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 47,794 2,363 6,600 56,757
Additions 2,600 - - 2,600
At 30 June 2024 50,394 2,363 6,600 59,357
Depreciation
At 1 July 2023 35,424 2,363 6,600 44,387
Charge for the year 2,240 - - 2,240
At 30 June 2024 37,664 2,363 6,600 46,627
Net book value
At 30 June 2024 12,730 - - 12,730
At 30 June 2023 12,370 - - 12,370
4 Debtors 2024 2023
£ £
Trade debtors 24,908 18,914
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 11,945 8,921
Taxation and social security costs 11,129 11,862
Directors loan account - 30,112
Other creditors 12,319 12,069
35,393 62,964
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 18,276 18,276
7 Controlling party
The company is controlled by the director.
8 Other information
TW Autoservices (Glos) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3
321 Bristol Road
Gloucester
Glos
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