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Registered number: 06330793
S W Auto'S (Service & Repairs) Limited
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06330793
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,375 4,500
Tangible Assets 5 56,479 69,269
59,854 73,769
CURRENT ASSETS
Stocks 6 3,879 3,624
Debtors 7 242,368 236,085
Cash at bank and in hand 71,165 72,704
317,412 312,413
Creditors: Amounts Falling Due Within One Year 8 (182,411 ) (189,579 )
NET CURRENT ASSETS (LIABILITIES) 135,001 122,834
TOTAL ASSETS LESS CURRENT LIABILITIES 194,855 196,603
Creditors: Amounts Falling Due After More Than One Year 9 (12,930 ) (22,902 )
NET ASSETS 181,925 173,701
CAPITAL AND RESERVES
Called up share capital 10 110 110
Profit and Loss Account 181,815 173,591
SHAREHOLDERS' FUNDS 181,925 173,701
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S Wills
Director
31 March 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
S W Auto'S (Service & Repairs) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06330793 . The registered office is 550 Valley Road, Nottingham, Nottinghamshire, NG5 1JJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 6)
8 6
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 22,500
As at 31 August 2024 22,500
Amortisation
As at 1 September 2023 18,000
Provided during the period 1,125
As at 31 August 2024 19,125
Net Book Value
As at 31 August 2024 3,375
As at 1 September 2023 4,500
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 10,450 95,791 11,595 73,643 191,479
Additions 2,797 - 2,455 - 5,252
As at 31 August 2024 13,247 95,791 14,050 73,643 196,731
Depreciation
As at 1 September 2023 1,568 54,082 3,675 62,885 122,210
Provided during the period 1,752 10,426 2,596 3,268 18,042
As at 31 August 2024 3,320 64,508 6,271 66,153 140,252
Net Book Value
As at 31 August 2024 9,927 31,283 7,779 7,490 56,479
As at 1 September 2023 8,882 41,709 7,920 10,758 69,269
6. Stocks
2024 2023
£ £
Stock 3,879 3,624
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 240,790 234,585
Other debtors - M Bramante 58 -
S Court Loan 1,520 1,500
242,368 236,085
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 54,334 87,649
Bank loans and overdrafts 8,663 8,663
Corporation tax 20,959 21,081
Other taxes and social security 17,546 5,965
VAT 74,886 47,117
Pension Control 3,251 1,329
C Wills Saving 200 2,969
Accruals and deferred income 1,892 1,756
Director's loan account 680 12,929
Bills of exchange - 121
182,411 189,579
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 12,930 22,902
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 110 110
11. Related Party Transactions
At the balance sheet date, the company owed the Director £680 (2023: £12,929). The amount is unsecured, interest-free, with no fixed repayment date.
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