Park Lane Autos Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07198856 (England and Wales)

Financial Statements

for the Year Ended 30 April 2023

for

Park Lane Autos Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Brydon

A Cranton

REGISTERED OFFICE:

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

REGISTERED NUMBER:

07198856 (England and Wales)

ACCOUNTANTS:

Mander Duffill

Chartered Accountants

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

40,654

39,078

40,654

39,078

CURRENT ASSETS

Stocks

3,110

3,225

Debtors

6

28,912

28,659

Cash at bank and in hand

103,398

65,498

135,420

97,382

CREDITORS

Amounts falling due within one year

7

65,801

45,072

NET CURRENT ASSETS

69,619

52,310

TOTAL ASSETS LESS CURRENT LIABILITIES

110,273

91,388

CREDITORS

Amounts falling due after more than one year

8

(8,333

)

(12,333

)

PROVISIONS FOR LIABILITIES

(10,164

)

(7,425

)

NET ASSETS

91,776

71,630

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

91,676

71,530

SHAREHOLDERS' FUNDS

91,776

71,630

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 January 2024 and were signed on its behalf by:

S J Brydon - Director

A Cranton - Director

1.	STATUTORY INFORMATION

Park Lane Autos Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 20% on reducing balance

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture or completion.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2022

and 30 April 2023

20,000

AMORTISATION

At 1 May 2022

and 30 April 2023

20,000

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2022

80,259

Additions

7,352

At 30 April 2023

87,611

DEPRECIATION

At 1 May 2022

41,181

Charge for year

5,776

At 30 April 2023

46,957

NET BOOK VALUE

At 30 April 2023

40,654

At 30 April 2022

39,078

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Trade debtors

5,038

4,979

Other debtors

23,874

23,680

28,912

28,659

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Trade creditors

23,644

19,390

Other creditors

42,157

25,682

65,801

45,072

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.23

30.4.22

£

£

Other creditors

8,333

12,333