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REGISTERED NUMBER: 01611795 (England and Wales)















T.B.E. (MOTOR SERVICES) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






T.B.E. (MOTOR SERVICES) LIMITED (REGISTERED NUMBER: 01611795)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 8


T.B.E. (MOTOR SERVICES) LIMITED (REGISTERED NUMBER: 01611795)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 6,664 8,331
Tangible assets 5 1,040,345 1,049,331
Investments 6 1,251 1,251
1,048,260 1,058,913

CURRENT ASSETS
Stocks 7 44,495 37,276
Debtors 8 124,479 126,081
Investments 9 1,805,899 1,805,899
Cash at bank 50,281 58,286
2,025,154 2,027,542
CREDITORS
Amounts falling due within one year 10 (1,271,206 ) (1,690,986 )
NET CURRENT ASSETS 753,948 336,556
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,802,208

1,395,469

PROVISIONS FOR LIABILITIES (49,820 ) (49,820 )
NET ASSETS 1,752,388 1,345,649

CAPITAL AND RESERVES
Called up share capital 82,500 82,500
Revaluation reserve 330,837 430,837
Retained earnings 1,339,051 832,312
1,752,388 1,345,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

T.B.E. (MOTOR SERVICES) LIMITED (REGISTERED NUMBER: 01611795)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





A Mantle - Director


T.B.E. (MOTOR SERVICES) LIMITED (REGISTERED NUMBER: 01611795)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

T.B.E. (Motor Services) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01611795

Registered office: 35-37 Lawton Road
Alsager
Stoke on Trent
Staffordshire
ST7 2AA

The principal activity of the company during the year was retail trade of motor vehicle parts and accessories.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the entity.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidence by disposals during current and prior accounting periods.

T.B.E. (MOTOR SERVICES) LIMITED (REGISTERED NUMBER: 01611795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

GOODWILL
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - at variable rates on reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% straight line

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

T.B.E. (MOTOR SERVICES) LIMITED (REGISTERED NUMBER: 01611795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


T.B.E. (MOTOR SERVICES) LIMITED (REGISTERED NUMBER: 01611795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

IMPAIRMENT OF FIXED ASSETS
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 43,000
AMORTISATION
At 1 April 2022 34,669
Charge for year 1,667
At 31 March 2023 36,336
NET BOOK VALUE
At 31 March 2023 6,664
At 31 March 2022 8,331

T.B.E. (MOTOR SERVICES) LIMITED (REGISTERED NUMBER: 01611795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2022 1,000,000 355,520 42,324 7,816 1,405,660
Additions - 1,695 - - 1,695
At 31 March 2023 1,000,000 357,215 42,324 7,816 1,407,355
DEPRECIATION
At 1 April 2022 - 315,944 33,964 6,421 356,329
Charge for year - 7,864 2,090 727 10,681
At 31 March 2023 - 323,808 36,054 7,148 367,010
NET BOOK VALUE
At 31 March 2023 1,000,000 33,407 6,270 668 1,040,345
At 31 March 2022 1,000,000 39,576 8,360 1,395 1,049,331

Cost or valuation at 31 March 2023 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2019 377,166 - - - 377,166
Cost 622,834 357,215 42,324 7,816 1,030,189
1,000,000 357,215 42,324 7,816 1,407,355

6. INVESTMENTS
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 1 1,250 1,251
NET BOOK VALUE
At 31 March 2023 1 1,250 1,251
At 31 March 2022 1 1,250 1,251

7. STOCKS
31.3.23 31.3.22
£    £   
Stocks 44,495 37,276

T.B.E. (MOTOR SERVICES) LIMITED (REGISTERED NUMBER: 01611795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 47,891 47,692
Amounts owed by group undertakings 74,368 74,368
Other debtors 1,920 3,680
Prepayments and accrued income 300 341
124,479 126,081

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

9. INVESTMENTS
31.3.23 31.3.22
£    £   
Other investments 1,805,899 1,805,899

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 50,645 53,431
Amounts owed to group undertakings 1,042,596 1,503,346
Tax 97,782 56,603
Social security and other taxes 4,234 2,062
VAT 49,138 39,993
Other creditors 2,314 14,215
Directors' loan accounts 17,672 14,836
Accruals and deferred income 6,825 6,500
1,271,206 1,690,986

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

A charge exists dated 21 January 2019 in favour of T.B.E. Group Limited incorporating a fixed and floating charge over all assets of the company.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies as the subsidiary is a wholly owned subsidiary.

12. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the Board.

13. ULTIMATE CONTROLLING PARTY

The company considers T.B.E. Group Limited to be the ultimate holding company.