Registered number
08617513
Brake & Service World Letchworth Limited
Filleted Accounts
31 December 2022
Brake & Service World Letchworth Limited
Registered number: 08617513
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 40,837 40,837
Tangible assets 4 64,794 44,234
105,631 85,071
Current assets
Stocks 96,497 78,497
Debtors 5 195,100 159,427
Cash at bank and in hand 8,841 20,868
300,438 258,792
Creditors: amounts falling due within one year 6 (115,996) (104,591)
Net current assets 184,442 154,201
Total assets less current liabilities 290,073 239,272
Creditors: amounts falling due after more than one year 7 (125,895) (97,505)
Net assets 164,178 141,767
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 30,412 30,412
Profit and loss account 133,666 111,255
Shareholders' funds 164,178 141,767
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Webber
Director
Approved by the board on 29 September 2023
Brake & Service World Letchworth Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 20 20
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 40,837
At 31 December 2022 40,837
Amortisation
At 31 December 2022 -
Net book value
At 31 December 2022 40,837
At 31 December 2021 40,837
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold Office Equip & Fixtures & Fittings Plant Machinery & Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 - 14,141 81,705 95,846
Additions 11,000 19,384 5,000 35,384
At 31 December 2022 11,000 33,525 86,705 131,230
Depreciation
At 1 January 2022 - 11,168 40,444 51,612
Charge for the year 1,100 4,472 9,252 14,824
At 31 December 2022 1,100 15,640 49,696 66,436
Net book value
At 31 December 2022 9,900 17,885 37,009 64,794
At 31 December 2021 - 2,973 41,261 44,234
5 Debtors 2022 2021
£ £
Trade debtors 66,847 47,379
Amounts owed by group undertakings and undertakings in which the company has a participating interest 128,253 112,048
195,100 159,427
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 93,904 68,629
Taxation and social security costs 22,092 35,962
115,996 104,591
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 52,462 69,114
Other creditors 73,433 28,391
125,895 97,505
8 Revaluation reserve 2022 2021
£ £
At 1 January 2022 30,412 30,412
At 31 December 2022 30,412 30,412
9 Other information
Brake & Service World Letchworth Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Chaul End Lane
Luton
Beds
LU4 8EZ
Brake & Service World Letchworth Limited 08617513 false 2022-01-01 2022-12-31 2022-12-31 VT Final Accounts April 2022 T Webber No description of principal activity 08617513 2021-01-01 2021-12-31 08617513 core:WithinOneYear 2021-12-31 08617513 core:AfterOneYear 2021-12-31 08617513 core:ShareCapital 2021-12-31 08617513 core:OtherReservesSubtotal 2021-12-31 08617513 core:RetainedEarningsAccumulatedLosses 2021-12-31 08617513 core:RevaluationReserve 2020-12-31 08617513 2022-01-01 2022-12-31 08617513 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08617513 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 08617513 bus:Director40 2022-01-01 2022-12-31 08617513 1 2022-01-01 2022-12-31 08617513 2 2022-01-01 2022-12-31 08617513 core:LandBuildings 2022-01-01 2022-12-31 08617513 core:PlantMachinery 2022-01-01 2022-12-31 08617513 core:Vehicles 2022-01-01 2022-12-31 08617513 countries:England 2022-01-01 2022-12-31 08617513 bus:FRS102 2022-01-01 2022-12-31 08617513 bus:FullAccounts 2022-01-01 2022-12-31 08617513 2022-12-31 08617513 core:WithinOneYear 2022-12-31 08617513 core:AfterOneYear 2022-12-31 08617513 core:ShareCapital 2022-12-31 08617513 core:OtherReservesSubtotal 2022-12-31 08617513 core:RetainedEarningsAccumulatedLosses 2022-12-31 08617513 core:Goodwill 2022-12-31 08617513 core:LandBuildings 2022-12-31 08617513 core:PlantMachinery 2022-12-31 08617513 core:Vehicles 2022-12-31 08617513 core:RevaluationReserve 2022-12-31 08617513 2021-12-31 08617513 core:Goodwill 2021-12-31 08617513 core:LandBuildings 2021-12-31 08617513 core:PlantMachinery 2021-12-31 08617513 core:Vehicles 2021-12-31 08617513 core:RevaluationReserve 2021-12-31 iso4217:GBP xbrli:pure