Company Registration No. 04327034 (England and Wales)
NEU - SERVO REPAIRS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
NEU - SERVO REPAIRS LTD.
COMPANY INFORMATION
Directors
Mr P L Robinson
Mr S D Clare
Mr A J Rider
Mr L A Robinson
(Appointed 10 August 2022)
Company number
04327034
Registered office
Unit 41
Sugarbrook Road
Aston Fields Industrial Estate
Bromsgrove
Worcestershire
B60 3DN
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
47 High Street
Bromsgrove
Worcestershire
B61 8AW
NEU - SERVO REPAIRS LTD.
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
NEU - SERVO REPAIRS LTD.
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEU - SERVO REPAIRS LTD. FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neu - Servo Repairs Ltd. for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Neu - Servo Repairs Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Neu - Servo Repairs Ltd. and state those matters that we have agreed to state to the Board of Directors of Neu - Servo Repairs Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neu - Servo Repairs Ltd. and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Neu - Servo Repairs Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Neu - Servo Repairs Ltd.. You consider that Neu - Servo Repairs Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Neu - Servo Repairs Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
15 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NEU - SERVO REPAIRS LTD.
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
224,906
208,323
Current assets
Debtors
5
636,338
532,816
Cash at bank and in hand
1,249,745
801,589
1,886,083
1,334,405
Creditors: amounts falling due within one year
6
(1,272,106)
(658,607)
Net current assets
613,977
675,798
Total assets less current liabilities
838,883
884,121
Creditors: amounts falling due after more than one year
7
(81,033)
(125,297)
Provisions for liabilities
9
(22,626)
(24,091)
Net assets
735,224
734,733
Capital and reserves
Called up share capital
10
84
84
Share premium account
47,952
47,952
Capital redemption reserve
18
18
Profit and loss reserves
687,170
686,679
Total equity
735,224
734,733

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

NEU - SERVO REPAIRS LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2023 and are signed on its behalf by:
Mr P L Robinson
Director
Company Registration No. 04327034
NEU - SERVO REPAIRS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Neu - Servo Repairs Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Unit 41, Sugarbrook Road, Aston Fields Industrial Estate, Bromsgrove, Worcestershire, B60 3DN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised evenly over its expected life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
Nil
Plant and machinery
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Office equipment
20% on reducing balance
Motor vehicles
25% on cost

No depreciation is provided on improvements to property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.

NEU - SERVO REPAIRS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 17 (2022 - 16).

NEU - SERVO REPAIRS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1,564
Amortisation and impairment
At 1 April 2022 and 31 March 2023
1,564
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
NEU - SERVO REPAIRS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
52,374
232,498
40,406
66,774
269,219
661,271
Additions
-
0
28,167
68
4,801
86,858
119,894
Disposals
-
0
-
0
-
0
-
0
(36,146)
(36,146)
At 31 March 2023
52,374
260,665
40,474
71,575
319,931
745,019
Depreciation and impairment
At 1 April 2022
-
0
180,921
21,233
42,254
208,540
452,948
Depreciation charged in the year
-
0
15,951
3,847
5,866
64,335
89,999
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(22,834)
(22,834)
At 31 March 2023
-
0
196,872
25,080
48,120
250,041
520,113
Carrying amount
At 31 March 2023
52,374
63,793
15,394
23,455
69,890
224,906
At 31 March 2022
52,374
51,577
19,173
24,520
60,679
208,323
NEU - SERVO REPAIRS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Tangible fixed assets
(Continued)
- 8 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
22,387
47,367
Office equipment
7,373
9,216
29,760
56,583
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
599,899
502,658
Other debtors
36,439
30,158
636,338
532,816
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,673
15,838
Trade creditors
289,663
274,621
Amounts owed to group undertakings
492,463
22,095
Taxation and social security
253,590
152,733
Other creditors
220,717
193,320
1,272,106
658,607
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,442
43,233
Other creditors
53,591
82,064
81,033
125,297
NEU - SERVO REPAIRS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
90,539
115,506
Bank loans
43,115
59,071
133,654
174,577
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
22,626
24,091
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
82 Ordinary 'A' of £1 each
82
82
2 Ordinary 'B' of £1 each
2
2
84
84
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12
Control

Ultimate parent company

 

The ultimate parent company is PLJR Enterprises Limited, a company registered in England and Wales.

Ultimate controlling party

 

There is no ultimate controlling party by virtue of no controlling interest in the ultimate parent company.

2023-03-312022-04-01false15 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr P L RobinsonMr S D ClareMr A J RiderMr L A Robinson043270342022-04-012023-03-3104327034bus:Director12022-04-012023-03-3104327034bus:Director22022-04-012023-03-3104327034bus:Director32022-04-012023-03-3104327034bus:Director42022-04-012023-03-3104327034bus:RegisteredOffice2022-04-012023-03-3104327034bus:Agent12022-04-012023-03-31043270342023-03-31043270342022-03-3104327034core:LeaseholdImprovements2023-03-3104327034core:PlantMachinery2023-03-3104327034core:FurnitureFittings2023-03-3104327034core:ComputerEquipment2023-03-3104327034core:MotorVehicles2023-03-3104327034core:LeaseholdImprovements2022-03-3104327034core:PlantMachinery2022-03-3104327034core:FurnitureFittings2022-03-3104327034core:ComputerEquipment2022-03-3104327034core:MotorVehicles2022-03-3104327034core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104327034core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3104327034core:CurrentFinancialInstruments2023-03-3104327034core:CurrentFinancialInstruments2022-03-3104327034core:Non-currentFinancialInstruments2023-03-3104327034core:Non-currentFinancialInstruments2022-03-3104327034core:ShareCapital2023-03-3104327034core:ShareCapital2022-03-3104327034core:SharePremium2023-03-3104327034core:SharePremium2022-03-3104327034core:CapitalRedemptionReserve2023-03-3104327034core:CapitalRedemptionReserve2022-03-3104327034core:RetainedEarningsAccumulatedLosses2023-03-3104327034core:RetainedEarningsAccumulatedLosses2022-03-3104327034core:ShareCapitalOrdinaryShares2023-03-3104327034core:ShareCapitalOrdinaryShares2022-03-3104327034core:Goodwill2022-04-012023-03-3104327034core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3104327034core:PlantMachinery2022-04-012023-03-3104327034core:FurnitureFittings2022-04-012023-03-3104327034core:ComputerEquipment2022-04-012023-03-3104327034core:MotorVehicles2022-04-012023-03-3104327034core:NetGoodwill2022-03-3104327034core:NetGoodwill2023-03-3104327034core:NetGoodwill2022-03-3104327034core:LeaseholdImprovements2022-03-3104327034core:PlantMachinery2022-03-3104327034core:FurnitureFittings2022-03-3104327034core:ComputerEquipment2022-03-3104327034core:MotorVehicles2022-03-31043270342022-03-3104327034core:LeaseholdImprovements2022-04-012023-03-3104327034bus:OrdinaryShareClass12023-03-3104327034bus:OrdinaryShareClass22023-03-3104327034bus:OrdinaryShareClass12022-04-012023-03-3104327034bus:OrdinaryShareClass22022-04-012023-03-3104327034bus:PrivateLimitedCompanyLtd2022-04-012023-03-3104327034bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3104327034bus:FRS1022022-04-012023-03-3104327034bus:AuditExemptWithAccountantsReport2022-04-012023-03-3104327034bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP