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Company Registration No. 07772376 (England and Wales)
Farnsfield Autocentre Ltd Unaudited accounts for the year ended 30 September 2024
Farnsfield Autocentre Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
- 2 -
Farnsfield Autocentre Ltd Company Information for the year ended 30 September 2024
Directors
Simon Abbott Simon Paul Abbott
Company Number
07772376 (England and Wales)
Registered Office
Farnsfield Autocentre Southwell Road Farnsfield Newark Nottinghamshire NG22 8EB
Accountants
Grace Heathfield + Co Ltd 13 Forest Close Cotgrave Nottinghamshire NG12 3JN
- 3 -
Farnsfield Autocentre Ltd Statement of financial position as at 30 September 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
17,363 
24,380 
Current assets
Inventories
10,000 
10,000 
Debtors
5
252,795 
225,029 
Cash at bank and in hand
30,703 
16,754 
293,498 
251,783 
Creditors: amounts falling due within one year
6
(116,055)
(95,875)
Net current assets
177,443 
155,908 
Total assets less current liabilities
194,806 
180,288 
Creditors: amounts falling due after more than one year
7
(8,552)
(58,640)
Provisions for liabilities
Deferred tax
(631)
(1,194)
Net assets
185,623 
120,454 
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
185,613 
120,444 
Shareholders' funds
185,623 
120,454 
For the year ending 30 September 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 directors acknowledge their 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 of Directors and authorised for issue on 20 June 2025 and were signed on its behalf by
Simon Abbott Director Company Registration No. 07772376
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Farnsfield Autocentre Ltd Notes to the Accounts for the year ended 30 September 2024
1
Statutory information
Farnsfield Autocentre Ltd is a private company, limited by shares, registered in England and Wales, registration number 07772376. The registered office is Farnsfield Autocentre Southwell Road, Farnsfield, Newark, Nottinghamshire, NG22 8EB.
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.
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.
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:
Plant & machinery
30% reducing balance
Motor vehicles
30% straight line
Fixtures & fittings
33% reducing balance
Computer equipment
40% reducing balance
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.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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.
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Farnsfield Autocentre Ltd Notes to the Accounts for the year ended 30 September 2024
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 October 2023
196,374 
1,500 
40,397 
13,018 
251,289 
Additions
1,540 
- 
- 
- 
1,540 
Disposals
(2,595)
- 
- 
- 
(2,595)
At 30 September 2024
195,319 
1,500 
40,397 
13,018 
250,234 
Depreciation
At 1 October 2023
174,420 
450 
39,344 
12,695 
226,909 
Charge for the year
6,802 
450 
347 
129 
7,728 
On disposals
(1,766)
- 
- 
- 
(1,766)
At 30 September 2024
179,456 
900 
39,691 
12,824 
232,871 
Net book value
At 30 September 2024
15,863 
600 
706 
194 
17,363 
At 30 September 2023
21,954 
1,050 
1,053 
323 
24,380 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
47,488 
19,005 
Accrued income and prepayments
(191)
1,590 
Other debtors
4,667 
5,212 
51,964 
25,807 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
199,236 
199,222 
Other debtors
1,595 
- 
200,831 
199,222 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
51,353 
46,924 
VAT
6,956 
5,222 
Trade creditors
22,553 
28,526 
Taxes and social security
26,699 
6,082 
Other creditors
2,349 
3,210 
Loans from directors
1,613 
1,218 
Accruals
4,532 
4,693 
116,055 
95,875 
- 6 -
Farnsfield Autocentre Ltd Notes to the Accounts for the year ended 30 September 2024
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
7,039 
58,640 
Other creditors
1,513 
- 
8,552 
58,640 
8
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost expense represents contributions payable by the company to the fund. Contributions totalling £4,472 (2023: £3,578) were payable to the fund at the balance sheet date and are included in Other creditors.
9
Controlling party
Farnsfield Autocentre Holdings Ltd Southwell Road Farnsfield Nottinghamshire NG22 8EB
10
Average number of employees
During the year the average number of employees was 6 (2023: 6).
- 7 -