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Company Registration No. 06001424 (England and Wales)
Lane Pearson Automotive Group Limited Unaudited accounts for the year ended 31 July 2024
Lane Pearson Automotive Group Limited Unaudited accounts Contents
Page
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Lane Pearson Automotive Group Limited Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
6,921 
8,379 
Current assets
Inventories
589,750 
956,818 
Debtors
42,664 
17,446 
Cash at bank and in hand
179,175 
196,549 
811,589 
1,170,813 
Creditors: amounts falling due within one year
(473,030)
(792,127)
Net current assets
338,559 
378,686 
Total assets less current liabilities
345,480 
387,065 
Creditors: amounts falling due after more than one year
(48,885)
(96,093)
Net assets
296,595 
290,972 
Capital and reserves
Called up share capital
50,000 
50,000 
Profit and loss account
246,595 
240,972 
Shareholders' funds
296,595 
290,972 
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 April 2025 and were signed on its behalf by
A.Lane Director Company Registration No. 06001424
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Lane Pearson Automotive Group Limited Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
Lane Pearson Automotive Group Limited is a private company, limited by shares, registered in England and Wales, registration number 06001424. The registered office is The Beaufort Motor Centre Wyck Beck Road, Henbury, Bristol, BS10 7JE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Nil
Plant & machinery
25% reducing balance
Motor vehicles
20% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Lane Pearson Automotive Group Limited Notes to the Accounts for the year ended 31 July 2024
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 August 2023
1,455 
16,335 
27,719 
4,098 
49,607 
At 31 July 2024
1,455 
16,335 
27,719 
4,098 
49,607 
Depreciation
At 1 August 2023
- 
15,110 
22,270 
3,848 
41,228 
Charge for the year
- 
62 
1,090 
306 
1,458 
At 31 July 2024
- 
15,172 
23,360 
4,154 
42,686 
Net book value
At 31 July 2024
1,455 
1,163 
4,359 
(56)
6,921 
At 31 July 2023
1,455 
1,225 
5,449 
250 
8,379 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
16,847 
16,902 
Accrued income and prepayments
817 
544 
Other debtors
25,000 
- 
42,664 
17,446 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
32,000 
32,000 
VAT
32,495 
17,893 
Obligations under finance leases and hire purchase contracts
55,544 
208,209 
Trade creditors
91,268 
204,922 
Taxes and social security
2,935 
12,396 
Other creditors
174,538 
183,839 
Loans from directors
84,250 
132,868 
473,030 
792,127 
Creditors due within one year include loans and obligations under finance leases and hire purchase contracts which are secured of £150,080 (2023 £312,049)
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Lane Pearson Automotive Group Limited Notes to the Accounts for the year ended 31 July 2024
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
32,000 
64,000 
Obligations under finance leases and hire purchase contracts
16,885 
32,093 
48,885 
96,093 
Creditors due after one year include loans and obligations under finance leases and hire purchase contracts which are secured of £16,885 (2023 £32,093)
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
50,000 Ordinary shares of £1 each
50,000 
50,000 
9
Average number of employees
During the year the average number of employees was 5 (2023: 5).
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