Company Registration No. 01642957 (England and Wales)
DISCOUNT BODY PANELS (MIDLANDS) LIMITED
Unaudited accounts
for the year ended 31 July 2023
DISCOUNT BODY PANELS (MIDLANDS) LIMITED
Unaudited accounts
Contents
DISCOUNT BODY PANELS (MIDLANDS) LIMITED
Company Information
for the year ended 31 July 2023
Directors
Scott Rogers
Melvyn Rogers
Jeanette Marrs
Company Number
01642957 (England and Wales)
Registered Office
431 WARWICK ROAD
GREET
BIRMINGHAM
B11 2JR
Accountants
AJS Accounting Services Ltd
Greville Court Business Centre
High Street, Knowle
Solihull
West Midlands
B93 0LL
DISCOUNT BODY PANELS (MIDLANDS) LIMITED
Statement of financial position
as at 31 July 2023
Tangible assets
96,193
118,583
Inventories
105,460
97,000
Cash at bank and in hand
225,729
155,261
Creditors: amounts falling due within one year
(365,860)
(247,459)
Net current assets
102,199
114,080
Total assets less current liabilities
198,392
232,663
Provisions for liabilities
Deferred tax
(17,562)
(17,562)
Net assets
180,830
215,101
Called up share capital
100
100
Profit and loss account
180,730
215,001
Shareholders' funds
180,830
215,101
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by
Scott Rogers
Director
Company Registration No. 01642957
DISCOUNT BODY PANELS (MIDLANDS) LIMITED
Notes to the Accounts
for the year ended 31 July 2023
DISCOUNT BODY PANELS (MIDLANDS) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 01642957. The registered office is 431 WARWICK ROAD, GREET, BIRMINGHAM, B11 2JR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 July 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 August 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
not provided
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
DISCOUNT BODY PANELS (MIDLANDS) LIMITED
Notes to the Accounts
for the year ended 31 July 2023
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2022
26,153
152,200
67,922
246,275
At 31 July 2023
26,153
152,200
67,922
246,275
At 1 August 2022
-
66,945
60,747
127,692
Charge for the year
-
21,314
1,076
22,390
At 31 July 2023
-
88,259
61,823
150,082
At 31 July 2023
26,153
63,941
6,099
96,193
At 31 July 2022
26,153
85,255
7,175
118,583
Amounts falling due within one year
Trade debtors
133,027
105,434
Accrued income and prepayments
3,843
3,844
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
171,267
113,261
Taxes and social security
18,224
13,457
Proposed dividends
30,000
-
Other creditors
16,934
6,650
Loans from directors
88,782
91,600
7
Average number of employees
During the year the average number of employees was 8 (2022: 8).