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Registered number: 05919480
New Farm Motor Services Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Behegan Lynes
Accountancy & Taxation Advisers
Bank Chambers
Brook Street
Bishops Waltham
Hampshire
SO32 1AX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05919480
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,306 19,502
16,306 19,502
CURRENT ASSETS
Stocks 5 3,750 3,000
Debtors 6 19,288 19,791
Cash at bank and in hand 137,715 121,976
160,753 144,767
Creditors: Amounts Falling Due Within One Year 7 (48,864 ) (45,665 )
NET CURRENT ASSETS (LIABILITIES) 111,889 99,102
TOTAL ASSETS LESS CURRENT LIABILITIES 128,195 118,604
Creditors: Amounts Falling Due After More Than One Year 8 (8,776 ) (19,074 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,098 ) (3,705 )
NET ASSETS 116,321 95,825
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 116,221 95,725
SHAREHOLDERS' FUNDS 116,321 95,825
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R S Norris
Director
29 May 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
New Farm Motor Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05919480 . The registered office is Bank Chambers, Brook Street, Bishops Waltham, Southampton, Hampshire, SO32 1AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% on cost
Leasehold 10% on cost
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 33% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Financial Instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme.  Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2.8.
Employee benefits
Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
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4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 September 2023 2,382 11,698 57,302 2,500
Disposals - - (3,160 ) -
As at 31 August 2024 2,382 11,698 54,142 2,500
Depreciation
As at 1 September 2023 2,382 11,698 38,784 1,546
Provided during the period - - 2,748 239
Disposals - - (2,961 ) -
As at 31 August 2024 2,382 11,698 38,571 1,785
Net Book Value
As at 31 August 2024 - - 15,571 715
As at 1 September 2023 - - 18,518 954
Computer Equipment Total
£ £
Cost
As at 1 September 2023 2,130 76,012
Disposals - (3,160 )
As at 31 August 2024 2,130 72,852
Depreciation
As at 1 September 2023 2,100 56,510
Provided during the period 10 2,997
Disposals - (2,961 )
As at 31 August 2024 2,110 56,546
Net Book Value
As at 31 August 2024 20 16,306
As at 1 September 2023 30 19,502
5. Stocks
2024 2023
£ £
Stock 3,750 3,000
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Page 6
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 18,072 18,673
Other debtors 1,216 1,118
19,288 19,791
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,516 16,288
Bank loans and overdrafts 11,185 10,043
Other creditors 2,801 3,041
Taxation and social security 19,362 16,293
48,864 45,665
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,776 19,074
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 19,961 29,117
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
90 Ordinary Shares of £ 1.00 each 90 90
10 Ordinary B shares of £ 1.00 each 10 10
100 100
11. Ultimate Controlling Party
The company is owned and controlled by R S Norris, the director of the company.
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