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REGISTERED NUMBER: 10674068 (England and Wales)















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: Mr J M Geoghegan





REGISTERED OFFICE: Atlantic House
8 Bell Lane
Uckfield
East Sussex
TN22 1QL





REGISTERED NUMBER: 10674068 (England and Wales)





ACCOUNTANTS: Swindells LLP
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 67,412 84,265
Tangible assets 5 99,954 118,644
167,366 202,909

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 6 117,665 43,935
Cash at bank and in hand 29,402 65,764
149,067 111,699
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

141,800

95,909
NET CURRENT ASSETS 7,267 15,790
TOTAL ASSETS LESS CURRENT
LIABILITIES

174,633

218,699

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

8

(106,505

)

(112,605

)

PROVISIONS FOR LIABILITIES (10,202 ) (10,137 )
NET ASSETS 57,926 95,957

Sussex Automotive Centres Limited (Registered number: 10674068)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 57,826 95,857
SHAREHOLDERS' FUNDS 57,926 95,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 March 2025 and were signed by:





Mr J M Geoghegan - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

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 6 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 168,530
AMORTISATION
At 1 April 2023 84,265
Charge for year 16,853
At 31 March 2024 101,118
NET BOOK VALUE
At 31 March 2024 67,412
At 31 March 2023 84,265

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 79,855 111,874 8,407
Additions - - 248
Disposals - - (170 )
At 31 March 2024 79,855 111,874 8,485
DEPRECIATION
At 1 April 2023 18,373 70,791 4,228
Charge for year 5,323 10,276 1,064
At 31 March 2024 23,696 81,067 5,292
NET BOOK VALUE
At 31 March 2024 56,159 30,807 3,193
At 31 March 2023 61,482 41,083 4,179

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 13,951 13,602 227,689
Additions 170 739 1,157
Disposals - - (170 )
At 31 March 2024 14,121 14,341 228,676
DEPRECIATION
At 1 April 2023 8,453 7,200 109,045
Charge for year 1,417 1,597 19,677
At 31 March 2024 9,870 8,797 128,722
NET BOOK VALUE
At 31 March 2024 4,251 5,544 99,954
At 31 March 2023 5,498 6,402 118,644

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 11,312 13,989
Other debtors 106,353 29,946
117,665 43,935

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 62,661 23,941
Taxation and social security 12,650 22,463
Other creditors 56,489 39,505
141,800 95,909

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 11,667 21,667
Other creditors 94,838 90,938
106,505 112,605

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary A £1 50 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
£    £   
Mr J M Geoghegan
Balance outstanding at start of year (322 ) (670 )
Amounts advanced 49,358 40,899
Amounts repaid (17,592 ) (40,551 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 31,444 (322 )

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.