Registered number
07364566
North East 4 x 4 Ltd
Filleted Accounts
31 August 2024
North East 4 x 4 Ltd
Registered number: 07364566
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 45,686 53,537
Current assets
Stocks 19,990 24,379
Debtors 5 66,411 72,000
Cash at bank and in hand 138,587 164,862
224,988 261,241
Creditors: amounts falling due within one year 6 (208,443) (220,894)
Net current assets 16,545 40,347
Total assets less current liabilities 62,231 93,884
Creditors: amounts falling due after more than one year 7 (20,229) (29,895)
Net assets 42,002 63,989
Capital and reserves
Called up share capital 6 6
Profit and loss account 41,996 63,983
Shareholders' funds 42,002 63,989
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W Portues
Director
Approved by the board on 28 May 2025
North East 4 x 4 Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 60,000
At 31 August 2024 60,000
Amortisation
At 1 September 2023 60,000
At 31 August 2024 60,000
Net book value
At 31 August 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 12,792 94,523 26,057 133,372
Additions - 371 - 371
At 31 August 2024 12,792 94,894 26,057 133,743
Depreciation
At 1 September 2023 - 58,085 21,750 79,835
Charge for the year - 6,430 1,792 8,222
At 31 August 2024 - 64,515 23,542 88,057
Net book value
At 31 August 2024 12,792 30,379 2,515 45,686
At 31 August 2023 12,792 36,438 4,307 53,537
5 Debtors 2024 2023
£ £
Trade debtors 6,411 12,000
Other debtors 60,000 60,000
66,411 72,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 13,954 8,868
Obligations under finance lease and hire purchase contracts 19,718 28,516
Trade creditors 141,765 123,082
Taxation and social security costs 3,197 27,006
Other creditors 29,809 33,422
208,443 220,894
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,229 29,895
8 Other information
North East 4 x 4 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Hugo House
Ross Road
Stockton on Tees
TS18 2NH
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