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Registrar

Registration number: 02779500

Chelmsford Accident Repair Specialists Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2022

 

Chelmsford Accident Repair Specialists Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Chelmsford Accident Repair Specialists Limited

Company Information

Directors

MJM Kirkham

DJH Ashwell

Registered office

Rivermead Industrial Estate
Bishop Hall Lane
Chelmsford
Essex
CM1 1PD

Bankers

Royal Bank of Scotland
26 High Street
Chelmsford
Essex
CM1 1YJ

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Chelmsford Accident Repair Specialists Limited

(Registration number: 02779500)
Balance Sheet as at 31 July 2022

Note

2022
£

(As restated)

2021
£

Fixed assets

 

Intangible assets

4

73,617

83,317

Tangible assets

5

770,810

401,642

Investments

6

50

50

 

844,477

485,009

Current assets

 

Stocks

7

219,390

84,590

Debtors

8

3,509,348

3,509,678

Cash at bank and in hand

 

39,825

286,883

 

3,768,563

3,881,151

Creditors: Amounts falling due within one year

9

(620,547)

(440,876)

Net current assets

 

3,148,016

3,440,275

Total assets less current liabilities

 

3,992,493

3,925,284

Creditors: Amounts falling due after more than one year

9

(1,030,941)

(833,082)

Provisions for liabilities

(46,324)

(19,755)

Net assets

 

2,915,228

3,072,447

Capital and reserves

 

Called up share capital

10

3

3

Capital redemption reserve

1

1

Retained earnings

2,915,224

3,072,443

Shareholders' funds

 

2,915,228

3,072,447

 

Chelmsford Accident Repair Specialists Limited

(Registration number: 02779500)
Balance Sheet as at 31 July 2022

For the financial year ended 31 July 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 

MJM Kirkham
Director

 

Chelmsford Accident Repair Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

1

General information

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

The address of its registered office is: Rivermead Industrial Estate, Bishop Hall Lane, Chelmsford, Essex, CM1 1PD.

The principal place of business is: Rivermead Industrial Estate, Bishop Hall Lane, Chelmsford, Essex, CM1 1PD.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Prior period errors

Interest charged to group companies and dividend payable to group companies were incorrectly distributed in the prior year and have been subsequently corrected.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Interest receivable from group companies (P&L)

-

166,562

-

Amounts owed by group undertakings

(296,212)

(296,212)

-

Dividends delcared

-

129,650

-

Profit and loss accounts brought forward

296,212

-

-

    

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of specialists car repairs in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Government grants

Government grants have been recognised within the profit and loss account for the accounting period they relate to.

Tax

Current Tax is recognised in the profit and loss account, 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.

 

Chelmsford Accident Repair Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation 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

Fixtures and fittings

25% Reducing Balance

Motor vehicles

25% Reducing Balance

Computer equipment

25% Reducing Balance

Improvements to property

10% Reducing Balance

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.

Intangible assets

Intangible assets are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Franchise fees

Straight line over 10 years

Goodwill

Straight line over 10 years

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.

 

Chelmsford Accident Repair Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

Leases

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.

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.

 

Chelmsford Accident Repair Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

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 directors) during the year, was 38 (2021 - 36).

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 August 2021

115,000

12,000

127,000

At 31 July 2022

115,000

12,000

127,000

Amortisation

At 1 August 2021

37,083

6,600

43,683

Amortisation charge

8,500

1,200

9,700

At 31 July 2022

45,583

7,800

53,383

Carrying amount

At 31 July 2022

69,417

4,200

73,617

At 31 July 2021

77,917

5,400

83,317

 

Chelmsford Accident Repair Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

5

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2021

47,667

35,953

419,921

340,237

843,778

Additions

-

-

43,550

457,564

501,114

At 31 July 2022

47,667

35,953

463,471

797,801

1,344,892

Depreciation

At 1 August 2021

4,767

31,929

188,316

217,124

442,136

Charge for the year

4,290

1,006

62,825

63,825

131,946

At 31 July 2022

9,057

32,935

251,141

280,949

574,082

Carrying amount

At 31 July 2022

38,610

3,018

212,330

516,852

770,810

At 31 July 2021

42,900

4,024

231,605

123,113

401,642

Included within the net book value of land and buildings above is £38,610 (2021 - £42,900) in respect of short leasehold land and buildings.
 

 

Chelmsford Accident Repair Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

6

Investments

2022
£

2021
£

Investments in subsidiaries

50

50

Subsidiaries

£

Cost or valuation

At 1 August 2021

50

Provision

Carrying amount

At 31 July 2022

50

At 31 July 2021

50

7

Stocks

2022
£

2021
£

Work in progress

204,890

74,720

Stocks

14,500

9,870

219,390

84,590

 

Chelmsford Accident Repair Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

8

Debtors

2022
£

(As restated)

2021
£

Trade debtors

364,279

210,823

Amounts owed by group undertakings

3,116,378

3,254,456

Other debtors

25,833

42,555

Prepayments and accrued income

2,858

1,844

3,509,348

3,509,678

Debtors include amounts owed by group undertakings which are repayable on demand but are unlikely to be repaid in full in the next 12 months.

9

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowing

11

338,565

157,084

Trade creditors

 

240,157

130,064

Social security and other taxes

 

-

47,090

Other creditors

 

39,140

53,634

Corporation tax

 

-

42,462

Accruals and deferred income

 

2,685

10,542

 

620,547

440,876

Creditors include loans and net obligations under finance lease and hire purchase contracts which are secured of £308,351 (2021 - £157,084).


Creditors falling due within one year include amounts owed to group undertakings which are repayable on demand but are unlikely to be repaid in full in the next 12 months.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

11

1,030,941

833,082

Creditors include loans and net obligations under finance lease and hire purchase contracts which are secured of £1,030,941 (2021 - £833,082).

 

Chelmsford Accident Repair Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A Shares of £1 each

2

2

2

2

Ordinary B Shares of £0.50 each

2

1

2

1

 

4

3

4

3

11

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

207,208

103,167

Other borrowings

131,357

53,917

338,565

157,084

2022
£

2021
£

Non-current loans and borrowings

Hire purchase contracts

517,655

257,928

Other borrowings

513,286

575,154

1,030,941

833,082

12

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 £614,974 (2021 - £284,833).