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COMPANY REGISTRATION NUMBER: 04664382
Churchfield Motor Repairs Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2022
Churchfield Motor Repairs Ltd
Financial Statements
Year ended 31st March 2022
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Churchfield Motor Repairs Ltd
Officers and Professional Advisers
The board of directors
Mr C E Marshall
Mrs B A Marshall
Company secretary
Mrs B A Marshall
Registered office
550 Valley Road
Basford
Nottingham
NG5 1JJ
Accountants
ADS Accountancy Limited
Chartered Certified Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
NatWest Bank Plc
134 Front Street
Arnold
Nottingham
NG5 7BF
Churchfield Motor Repairs Ltd
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
168
228
Current assets
Stocks
100
100
Debtors
6
1,205
3,041
Cash at bank and in hand
46,712
35,675
--------
--------
48,017
38,816
Creditors: amounts falling due within one year
7
18,173
19,652
--------
--------
Net current assets
29,844
19,164
--------
--------
Total assets less current liabilities
30,012
19,392
Creditors: amounts falling due after more than one year
8
4,037
Provisions
Taxation including deferred tax
32
449
--------
--------
Net assets
25,943
18,943
--------
--------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
25,941
18,941
--------
--------
Shareholders funds
25,943
18,943
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31st March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Churchfield Motor Repairs Ltd
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 1 September 2022 , and are signed on behalf of the board by:
Mrs B A Marshall
Director
Company registration number: 04664382
Churchfield Motor Repairs Ltd
Notes to the Financial Statements
Year ended 31st March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover in the profit and loss account represents amounts invoiced for work performed during the year, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more or a right to pay less tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Defined contribution plans
The company operates the auto enrolment pension scheme for its employees. The pension costs are shown in the profit and loss account.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
4. Intangible assets
Goodwill
£
Cost
At 1st April 2021 and 31st March 2022
6,000
-------
Amortisation
At 1st April 2021 and 31st March 2022
6,000
-------
Carrying amount
At 31st March 2022
-------
At 31st March 2021
-------
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1st April 2021 and 31st March 2022
1,915
3,883
5,798
-------
-------
-------
Depreciation
At 1st April 2021
1,723
3,847
5,570
Charge for the year
48
12
60
-------
-------
-------
At 31st March 2022
1,771
3,859
5,630
-------
-------
-------
Carrying amount
At 31st March 2022
144
24
168
-------
-------
-------
At 31st March 2021
192
36
228
-------
-------
-------
6. Debtors
2022
2021
£
£
Trade debtors
1,045
564
Other debtors
160
2,477
-------
-------
1,205
3,041
-------
-------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
1,200
6,000
Trade creditors
6,753
5,757
Corporation tax
3,712
3,829
Social security and other taxes
3,966
4,066
Other creditors
2,542
--------
--------
18,173
19,652
--------
--------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
4,037
-------
----
9. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Directors' advances, credits and guarantees
At the statement of financial position date the company owed the directors £2,380 (2021: the directors owed the company £2,177). The directors loan is unsecured and interest free.