Company Registration No. 08112119 (England and Wales)
WATCHET MOT CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
WATCHET MOT CENTRE LIMITED
COMPANY INFORMATION
Directors
Mr D R Chamberlain
Mr H G Chamberlain
(Appointed 1 September 2024)
Mr A Cripps
(Appointed 1 November 2024)
Company number
08112119
Registered office
Central Coachworks
Churchill Way
Watchet
Somerset
TA23 0JQ
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
WATCHET MOT CENTRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WATCHET MOT CENTRE LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,199
988
Current assets
Stocks
2,750
2,750
Debtors
5
1,609
1,120
Cash at bank and in hand
38,094
40,665
42,453
44,535
Creditors: amounts falling due within one year
6
(27,961)
(38,953)
Net current assets
14,492
5,582
Total assets less current liabilities
15,691
6,570
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
15,689
6,568
Total equity
15,691
6,570
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
Mr H G Chamberlain
Director
Company Registration No. 08112119
WATCHET MOT CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
Watchet MOT Centre Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% Reducing balance
Computer equipment
3 Years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks represent contract work in progress which are stated at net realisable value.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WATCHET MOT CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2023 - 3).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
10,000
Amortisation and impairment
At 1 November 2023 and 31 October 2024
10,000
Carrying amount
At 31 October 2024
At 31 October 2023
WATCHET MOT CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
4
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 November 2023
12,341
4,782
17,123
Additions
140
529
669
At 31 October 2024
12,481
5,311
17,792
Depreciation and impairment
At 1 November 2023
11,353
4,782
16,135
Depreciation charged in the year
282
176
458
At 31 October 2024
11,635
4,958
16,593
Carrying amount
At 31 October 2024
846
353
1,199
At 31 October 2023
988
988
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
813
325
Prepayments and accrued income
796
795
1,609
1,120
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
11,359
5,024
Corporation tax
3,371
7,345
Other taxation and social security
2,437
4,303
Other creditors
8,846
20,383
Accruals and deferred income
1,948
1,898
27,961
38,953
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2