Registered number
SC521261
Repair Wizards Ltd
246 Stonelaw Road
Rutherglen
Glasgow
Filleted Accounts
for the year ended 31 March 2023
Prepared by :
Yousaf & Co Ltd
Chartered Certified Accountants
298-300 Maxwell Road
Glasgow
G41 1PJ
IA/R130 -23
Repair Wizards Ltd
Registered number: SC521261
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,758 10,592
Current assets
Stocks 3,647 3,259
Cash at bank and in hand 12,358 14,563
16,005 17,822
Creditors: amounts falling due within one year 4 (1,276) (1,721)
Net current assets 14,729 16,101
Total assets less current liabilities 24,487 26,693
Creditors: amounts falling due after more than one year 5 (1,567) (4,765)
Net assets 22,920 21,928
Capital and reserves
Called up share capital 100 100
Profit and loss account 22,820 21,828
Shareholders' funds 22,920 21,928
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Umair Hakeem
Director
Approved by the board on 23 August 2023
Repair Wizards Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures & fittings
£
Cost
At 1 April 2022 17,501
Additions 250
At 31 March 2023 17,751
Depreciation
At 1 April 2022 6,909
Charge for the year 1,084
At 31 March 2023 7,993
Net book value
At 31 March 2023 9,758
At 31 March 2022 10,592
4 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 652 1,097
Other creditors 624 624
1,276 1,721
5 Creditors: amounts falling due after one year 2023 2022
£ £
Director's Loan Account 1,567 4,765
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