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Registration number: 05032465

South Devon Auto Repairs Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

South Devon Auto Repairs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

South Devon Auto Repairs Limited

Company Information

Director

Mr Ian Legg

Company secretary

Mrs Karen Legg

Registered office

True Street House
True Street
Berry Pomeroy
Totnes
Devon
TQ9 6LE

Accountants

Neil Wilson & Co Chartered Accountants
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

South Devon Auto Repairs Limited

(Registration number: 05032465)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,286

33,654

Current assets

 

Stocks

5

7,000

7,000

Debtors

6

83,376

35,391

Cash at bank and in hand

 

233,977

211,562

 

324,353

253,953

Creditors: Amounts falling due within one year

7

(95,540)

(93,252)

Net current assets

 

228,813

160,701

Total assets less current liabilities

 

257,099

194,355

Provisions for liabilities

(21,366)

(1,366)

Net assets

 

235,733

192,989

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

236,274

192,889

Shareholders' funds

 

236,374

192,989

Statement of financial position is out of balance

 

(641)

-

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.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 October 2023
 

 

South Devon Auto Repairs Limited

(Registration number: 05032465)
Balance Sheet as at 31 January 2023

.........................................
Mr Ian Legg
Director

 

South Devon Auto Repairs Limited

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
True Street House
True Street
Berry Pomeroy
Totnes
Devon
TQ9 6LE
England

The principal place of business is:
Brooklands Garage
Exeter Road
South Brent
Devon
TQ10 9LN

These financial statements were authorised for issue by the director on 6 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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

South Devon Auto Repairs Limited

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

Tax

The tax expense for the period comprises current 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 income 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.

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 and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

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.

 

South Devon Auto Repairs Limited

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

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.

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.

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.

 

South Devon Auto Repairs Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 5).

 

South Devon Auto Repairs Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

12,000

14,495

61,459

47,843

135,797

At 31 January 2023

12,000

14,495

61,459

47,843

135,797

Depreciation

At 1 February 2022

-

14,251

44,601

43,291

102,143

Charge for the year

-

15

4,215

1,138

5,368

At 31 January 2023

-

14,266

48,816

44,429

107,511

Carrying amount

At 31 January 2023

12,000

229

12,643

3,414

28,286

At 31 January 2022

12,000

244

16,858

4,552

33,654

Included within the net book value of land and buildings above is £12,000 (2022 - £12,000) in respect of long leasehold land and buildings.
 

 

South Devon Auto Repairs Limited

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

5

Stocks

2023
£

2022
£

Other inventories

7,000

7,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

22,474

5,208

Amounts owed by related parties

11

52,402

21,683

Other debtors

 

8,500

8,500

   

83,376

35,391

 

South Devon Auto Repairs Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

42,963

49,160

Trade creditors

 

17,684

14,519

Taxation and social security

 

19,693

14,414

Accruals and deferred income

 

2,200

2,145

Other creditors

 

13,000

13,014

 

95,540

93,252

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

42,963

49,160

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of Nil per each NewRow_0

 

111

 

222

         

Reconciliation to Dividends categories

Difference to be corrected

 

111

 

222

11

Related party transactions

 

South Devon Auto Repairs Limited

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

Transactions with the director

2023

At 1 February 2022
£

Advances to director
£

At 31 January 2023
£

Mr Ian Legg

Director loan

21,683

30,217

51,900

       
     

 

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

Mr Ian Legg

Director loan

28,129

55,640

(62,086)

21,683

         
       

 

 

South Devon Auto Repairs Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

6,552

12,480

Contributions paid to money purchase schemes

22,532

3,577

29,084

16,057

Dividends paid to the director

   

2023
£

 

2022
£

Mr Ian Legg

       

Interim dividend paid

 

-

 

9,050