Autotec & David Peel Auto Electricians Ltd 04351827 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is that of motor repairs. Digita Accounts Production Advanced 6.30.9574.0 false 04351827 2022-02-01 2023-01-31 04351827 2023-01-31 04351827 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-01-31 04351827 core:CurrentFinancialInstruments 2023-01-31 04351827 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 04351827 core:Non-currentFinancialInstruments 2023-01-31 04351827 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 04351827 core:CostValuation core:Non-currentFinancialInstruments 2023-01-31 04351827 core:DisposalsDecreaseInProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2023-01-31 04351827 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-01-31 04351827 core:ProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2023-01-31 04351827 core:LandBuildings 2023-01-31 04351827 bus:SmallEntities 2022-02-01 2023-01-31 04351827 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 04351827 bus:AbridgedAccounts 2022-02-01 2023-01-31 04351827 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 04351827 bus:RegisteredOffice 2022-02-01 2023-01-31 04351827 bus:Director2 2022-02-01 2023-01-31 04351827 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-02-01 2023-01-31 04351827 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 04351827 core:Goodwill 2022-02-01 2023-01-31 04351827 core:Buildings 2022-02-01 2023-01-31 04351827 core:LandBuildings 2022-02-01 2023-01-31 04351827 core:MotorVehicles 2022-02-01 2023-01-31 04351827 core:OfficeEquipment 2022-02-01 2023-01-31 04351827 core:PlantMachinery 2022-02-01 2023-01-31 04351827 countries:England 2022-02-01 2023-01-31 04351827 2022-01-31 04351827 core:CostValuation core:Non-currentFinancialInstruments 2022-01-31 04351827 core:ProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2022-01-31 04351827 2021-02-01 2022-01-31 04351827 2022-01-31 04351827 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-01-31 04351827 core:CurrentFinancialInstruments 2022-01-31 04351827 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 04351827 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 04351827 core:LandBuildings 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04351827

Autotec & David Peel Auto Electricians Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 January 2023

 

Autotec & David Peel Auto Electricians Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 10

 

Autotec & David Peel Auto Electricians Ltd

(Registration number: 04351827)
Abridged Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,311,059

2,329,664

Current assets

 

Stocks

549,119

421,904

Debtors

1,269,249

1,176,076

Cash at bank and in hand

 

485,645

351,618

 

2,304,013

1,949,598

Prepayments and accrued income

 

46,916

41,292

Creditors: Amounts falling due within one year

7

(570,247)

(598,845)

Net current assets

 

1,780,682

1,392,045

Total assets less current liabilities

 

4,091,741

3,721,709

Creditors: Amounts falling due after more than one year

8

(502,043)

(560,691)

Provisions for liabilities

(221,210)

(219,166)

Accruals and deferred income

 

(14,940)

(9,990)

Net assets

 

3,353,548

2,931,862

Capital and reserves

 

Called up share capital

9

2,000

2,000

Revaluation reserve

554,040

565,380

Retained earnings

2,797,508

2,364,482

Shareholders' funds

 

3,353,548

2,931,862

 

Autotec & David Peel Auto Electricians Ltd

(Registration number: 04351827)
Abridged Balance Sheet as at 31 January 2023

For the financial year ending 31 January 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................
Mr J P Cubitt
Director

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Brewery Street
Off Dalton Lane
Keighley
West Yorkshire
BD21 4JQ

These financial statements were authorised for issue by the Board on 10 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% pa reducing balance

Motor vehicles

25% pa reducing balance

Office equipment

33.33% pa reducing balance

Freehold buildings

2% per annum straight line

Unit

2% per annum straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2022 - 25).

4

Intangible assets

Total
£

Cost

At 1 February 2022

15,000

At 31 January 2023

15,000

Amortisation

At 1 February 2022

15,000

At 31 January 2023

15,000

Net book value

At 31 January 2023

-

At 31 January 2022

-

5

Tangible assets

Total
£

Cost or valuation

At 1 February 2022

3,224,097

Additions

109,531

At 31 January 2023

3,333,628

Depreciation

At 1 February 2022

894,433

Charge for the year

128,136

At 31 January 2023

1,022,569

Net book value

At 31 January 2023

2,311,059

At 31 January 2022

2,329,664

Included within the net book value of land and buildings above is £1,880,000 (2022 - £1,920,000) in respect of freehold land and buildings.
 

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Revaluation

The fair value of the company's Land and buildings was revalued on 31 January 2020. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,196,000 (2022 - £1,222,000).

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

6

Investments

Total
£

Cost

At 1 February 2022

2,300

Disposals

(2,300)

At 31 January 2023

-

Provision

At 1 February 2022

2,300

Eliminated on disposals

(2,300)

At 31 January 2023

-

Net book value

At 31 January 2023

-

7

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £51,501 (2022 - £57,984).

8

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £477,043 (2022 - £525,691).

Creditors include bank loans repayable by instalments of £236,641 (2022- £287,152) due after more than five years.

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,673 (2022 - £Nil).