Registration number: 04357896

Car Services (Grimsby) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Car Services (Grimsby) Limited

Company Information

Directors

J D Perrin K Perrin L Lundy D Lidgard T Wright S. D. Hargreaves

Company secretary

K Perrin

Registered office

King Edward Street Grimsby N E Lincolnshire DN31 3JP

Car Services (Grimsby) Limited

(Registration number: 04357896)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	10,579	14,621
Current assets
Stocks	6	19,925	18,115
Debtors	7	152,820	154,963
Cash at bank and in hand		13,478	37,568
		186,223	210,646
Creditors: Amounts falling due within one year	8	(96,526)	(123,549)
Net current assets		89,697	87,097
Total assets less current liabilities		100,276	101,718
Provisions for liabilities		(2,644)	(3,439)
Net assets		97,632	98,279
Capital and reserves
Called up share capital	9	100	100
Retained earnings		97,532	98,179
Shareholders' funds		97,632	98,279

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
 

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

......................................... J D Perrin Director

Car Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
King Edward Street
Grimsby
N E Lincolnshire
DN31 3JP

These financial statements were authorised for issue by the Board on 24 March 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements only relate to Car Services (Grimsby) Ltd.
The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss and retained earnings.

The income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Car Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Improvement to leased property	5% straight line basis
Fixtures, fittings and equipment	15% straight line basis
Computer equipment	33% straight line basis
Motor vehicles	25% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Development costs

Website development costs are recognised as an asset and amortised over their estimated useful life on a straight line basis over 4 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line basis
Website development costs	25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Car Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 18 (2023 - 15).

Car Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Goodwill  £	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2024	25,000	2,370	27,370
At 31 December 2024	25,000	2,370	27,370
Amortisation
At 1 January 2024	25,000	2,370	27,370
At 31 December 2024	25,000	2,370	27,370
Carrying amount
At 31 December 2024	-	-	-

5	Tangible assets

	Short leasehold land and buildings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	33,684	116,603	39,516	189,803
At 31 December 2024	33,684	116,603	39,516	189,803
Depreciation
At 1 January 2024	33,683	102,008	39,491	175,182
Charge for the year	-	4,017	25	4,042
At 31 December 2024	33,683	106,025	39,516	179,224
Carrying amount
At 31 December 2024	1	10,578	-	10,579
At 31 December 2023	1	14,595	25	14,621

Included within the net book value of land and buildings above is £1 (2023 - £1) in respect of short leasehold land and buildings.
 

6

Stocks

	2024 £	2023 £
Inventories	19,925	18,115

Car Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Debtors

Current	Note	2024 £	2023 £
Trade debtors		64,719	89,857
Amounts owed by related parties	11	86,970	63,392
Prepayments		1,131	1,714
		152,820	154,963

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	-	5,460
Trade creditors		36,463	44,279
Taxation and social security		54,348	68,606
Accruals and deferred income		5,025	4,785
Other creditors		690	419
		96,526	123,549

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

10	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	5,460

Car Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

11	Related party transactions

Directors' and key management compensation

The Directors' remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	98,579	97,945
Contributions paid to money purchase schemes	11,852	10,391
	110,431	108,336

Summary of transactions with parent

The parent company is Car Services (Holdings) Limited whose Registered Office is King Edward Street, Grimsby, North East Lincolnshire, DN31 3JP.

The company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is a party to the transaction is wholly owned by the group.