Company Registration No. 10519008 (England and Wales)
OVERDRIVE MOTOR REPAIRS LTD
Unaudited accounts
for the year ended 31 December 2024
OVERDRIVE MOTOR REPAIRS LTD
Statement of financial position
as at 31 December 2024
Tangible assets
1,257
1,613
Cash at bank and in hand
24,992
27,562
Creditors: amounts falling due within one year
(13,986)
(14,399)
Net current assets
12,276
14,758
Total assets less current liabilities
13,533
16,371
Creditors: amounts falling due after more than one year
(10,601)
(20,765)
Provisions for liabilities
Net assets/(liabilities)
2,693
(4,901)
Called up share capital
100
100
Profit and loss account
2,593
(5,001)
Shareholders' funds
2,693
(4,901)
For the year ending 31 December 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
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 and authorised for issue on 6 January 2025 and were signed on its behalf by
Dr Nadeem Ghafoor
Director
Company Registration No. 10519008
OVERDRIVE MOTOR REPAIRS LTD
Notes to the Accounts
for the year ended 31 December 2024
OVERDRIVE MOTOR REPAIRS LTD is a private company, limited by shares, registered in England and Wales, registration number 10519008. The registered office is 266A BRADFORD ROAD, BATLEY, WF17 6JD, UNITED KINGDOM.
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the total invoice value, excluding value added tax, of sales made during the period.
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
25% on reducing balance
Fixtures & fittings
20% on reducing balance
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 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.
OVERDRIVE MOTOR REPAIRS LTD
Notes to the Accounts
for the year ended 31 December 2024
4
Tangible fixed assets
Total
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
6
Average number of employees
During the year the average number of employees was 2 (2023: 2).