REGISTERED NUMBER: |
Sussex Automotive Centres Limited |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
Sussex Automotive Centres Limited |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
Sussex Automotive Centres Limited (Registered number: 10674068) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Sussex Automotive Centres Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Atlantic House |
8 Bell Lane |
Bellbrook Industrial Estate |
Uckfield |
East Sussex |
TN22 1QL |
Sussex Automotive Centres Limited (Registered number: 10674068) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Sussex Automotive Centres Limited (Registered number: 10674068) |
Balance Sheet - continued |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Sussex Automotive Centres Limited (Registered number: 10674068) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Sussex Automotive Centres Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents revenue, net of VAT, from commercial transactions under which the company supplies customers the goods and services that it is in business to provide and it is recognised when it obtains, through performance under contract, the right to consideration for those goods and services. |
Goodwill |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - straight line over 15 years |
Plant and machinery | - 25% on reducing balance |
Fixtures and fittings | - 25% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Computer equipment | - 25% on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Sussex Automotive Centres Limited (Registered number: 10674068) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company contributes to its employees' personal pension schemes. Contributions payable to these pension schemes are charged to the profit and loss account in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Sussex Automotive Centres Limited (Registered number: 10674068) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Sussex Automotive Centres Limited (Registered number: 10674068) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 50 | 50 |
Ordinary B | £1 | 50 | 50 |
100 | 100 |
10. | OTHER FINANCIAL COMMITMENTS |
At the balance sheet date the company had outstanding operating lease commitments totalling £430,050 (2023: £467,508). |
Sussex Automotive Centres Limited (Registered number: 10674068) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
The loan is unsecured and repayable on demand. Interest has been charged at HMRC's official interest rate of 2.25% and amounted to £284 for the year (2023: £nil). |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date a shareholder with a participating interest owed the company £50,704 (2023: £172). Interest has been charged at HMRC's official interest rate of 2.25% and amounted to £460 for the year (2023: £nil). |
During the year the company paid no dividends to its director (2023: £32,000). |
13. | POST BALANCE SHEET EVENTS |
Following the end of year, the company declared a dividend of £60,000. |