Company registration number 05419281 (England and Wales)
FERDOTTI MOTOR SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FERDOTTI MOTOR SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FERDOTTI MOTOR SERVICES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
258,547
240,509
Current assets
Stocks
10,000
10,000
Debtors
4
372,620
376,628
Cash at bank and in hand
417,536
340,430
800,156
727,058
Creditors: amounts falling due within one year
5
(634,199)
(573,952)
Net current assets
165,957
153,106
Total assets less current liabilities
424,504
393,615
Creditors: amounts falling due after more than one year
6
(21,667)
(31,667)
Provisions for liabilities
(30,139)
(28,898)
Net assets
372,698
333,050
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
372,498
332,850
Total equity
372,698
333,050
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 30 November 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 Companies Act 2006 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.
FERDOTTI MOTOR SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
Mr Timothy Guidotti
Director
Company Registration No. 05419281
FERDOTTI MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information
Ferdotti Motor Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Pleasant Street, The Lyng, West Bromwich, West Midlands, B70 7DP.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
No depreciation policy
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
25% Straight line
Motor vehicles
25% 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
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.
1.5
Cash at bank and in hand
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. Bank overdrafts are shown within borrowings in current liabilities.
FERDOTTI MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.
Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings/Profit and Loss Account.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
26
25
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2023
165,129
369,634
534,763
Additions
102,887
102,887
Disposals
(16,545)
(16,545)
At 30 November 2024
165,129
455,976
621,105
Depreciation and impairment
At 1 December 2023
22,017
272,237
294,254
Depreciation charged in the year
8,258
68,882
77,140
Eliminated in respect of disposals
(8,836)
(8,836)
At 30 November 2024
30,275
332,283
362,558
Carrying amount
At 30 November 2024
134,854
123,693
258,547
At 30 November 2023
143,112
97,397
240,509
FERDOTTI MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
298,904
307,973
Other debtors
73,716
68,655
372,620
376,628
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
270,524
243,930
Amounts owed to group undertakings
114,651
116,197
Corporation tax
128,345
105,528
Other taxation and social security
104,601
77,735
Other creditors
16,078
30,562
634,199
573,952
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,667
31,667
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
100
100
100
100
200
200
200
200
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
119,600
139,600
FERDOTTI MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
9
Related party transactions
Transactions with related parties
During the year the company has paid rent to Ferdotti Ventures Limited, a company which Mr T Guidotti is a director and is wholly owned by Ferdotti Holdings Ltd. Rent is paid on normal commercial terms and the total rent paid for this year was £24,600 (2023: £24,600).
At the balance sheet date an amount of £Nil was owed to Ferdotti Ventures Limited.
10
Parent company
The ultimate parent company is Ferdotti Holdings Ltd, a company registered in England and Wales.
On 23rd May 2019, the entire equity share capital of Ferdotti Motor Services Limited was acquired by Ferdotti Holdings Ltd.
At the balance sheet date an amount of £114,651 was owed to Ferdotti Holdings Ltd.