General Information
360 Automotive Gloucester Ltd is a private company, limited by shares, registered in England and Wales, registration number 08895606, registration address Unit 2B Riga Wharf, Bristol Road, Gloucester, Gloucestershire, GL2 5DH.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
25% Reducing Balance
|
| Motor Vehicles |
20% Straight Line
|
| Fixtures and Fittings |
20% Reducing Balance
|
| Computer Equipment |
33% Straight Line
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
| 2. |
Average number of employees
Average number of employees during the year was 7 (2024 : 6).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2024 |
55,462 |
|
16,200 |
|
16,465 |
|
- |
|
88,127 |
| Additions |
9,971 |
|
1,700 |
|
- |
|
690 |
|
12,361 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2025 |
65,433 |
|
17,900 |
|
16,465 |
|
690 |
|
100,488 |
| Depreciation |
| At 01 April 2024 |
50,117 |
|
11,480 |
|
9,393 |
|
- |
|
70,990 |
| Charge for year |
4,926 |
|
1,520 |
|
1,414 |
|
230 |
|
8,090 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2025 |
55,043 |
|
13,000 |
|
10,807 |
|
230 |
|
79,080 |
| Net book values |
| Closing balance as at 31 March 2025 |
10,390 |
|
4,900 |
|
5,658 |
|
460 |
|
21,408 |
| Opening balance as at 01 April 2024 |
5,345 |
|
4,720 |
|
7,072 |
|
- |
|
17,137 |
|
| 4. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
50
Class A shares of £1.00 each |
50 |
|
50 |
|
50 |
|
50 |
|
2
|