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Registration number: 06513817

Fred Brown Car Repairs Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Fred Brown Car Repairs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Fred Brown Car Repairs Limited

Company Information

Directors

Mrs A J Brown

Mr F K Brown

Mr A R Brown

Company secretary

Mrs A J Brown

Registered office

Appleton House
25 Rectory Road
West Bridgford
Nottingham
Nottinghamshire
NG2 6BE

Accountants

Vanilla Accounting Limited
Appleton House
25 Rectory Road
West Bridgford
Nottingham
NG2 6BE

 

Fred Brown Car Repairs Limited

(Registration number: 06513817)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

40,000

48,000

Tangible assets

6

24,246

26,973

 

64,246

74,973

Current assets

 

Stocks

7

3,400

9,700

Debtors

8

34,663

44,915

Cash at bank and in hand

 

94,416

88,387

 

132,479

143,002

Creditors: Amounts falling due within one year

9

(161,962)

(165,817)

Net current liabilities

 

(29,483)

(22,815)

Total assets less current liabilities

 

34,763

52,158

Creditors: Amounts falling due after more than one year

9

(24,012)

(33,401)

Provisions for liabilities

(4,607)

(5,125)

Net assets

 

6,144

13,632

Capital and reserves

 

Called up share capital

10

400

400

Retained earnings

5,744

13,232

Shareholders' funds

 

6,144

13,632

For the financial year ending 31 March 2023 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 11 September 2023 and signed on its behalf by:
 

 

Fred Brown Car Repairs Limited

(Registration number: 06513817)
Balance Sheet as at 31 March 2023

.........................................
Mr A R Brown
Director

 

Fred Brown Car Repairs Limited

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

1

General information

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

The address of its registered office is:
Appleton House
25 Rectory Road
West Bridgford
Nottingham
Nottinghamshire
NG2 6BE
United Kingdom

These financial statements were authorised for issue by the Board on 11 September 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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Fred Brown Car Repairs Limited

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

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

Fittings, fixtures and equipment

25% reducing balance

Motor vehicles

25% reducing balance

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.

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

Goodwill

10% straight line

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.

 

Fred Brown Car Repairs Limited

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

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Fred Brown Car Repairs Limited

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

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.

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 14 (2022 - 13).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,082

7,772

Amortisation expense

8,000

8,000

 

Fred Brown Car Repairs Limited

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

129,465

129,465

At 31 March 2023

129,465

129,465

Amortisation

At 1 April 2022

81,465

81,465

Amortisation charge

8,000

8,000

At 31 March 2023

89,465

89,465

Carrying amount

At 31 March 2023

40,000

40,000

At 31 March 2022

48,000

48,000

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

9,277

10,500

95,607

115,384

Additions

1,173

-

4,180

5,353

At 31 March 2023

10,450

10,500

99,787

120,737

Depreciation

At 1 April 2022

6,079

10,500

71,832

88,411

Charge for the year

1,092

-

6,988

8,080

At 31 March 2023

7,171

10,500

78,820

96,491

Carrying amount

At 31 March 2023

3,279

-

20,967

24,246

At 31 March 2022

3,198

-

23,775

26,973

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

3,400

9,700

 

Fred Brown Car Repairs Limited

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

8

Debtors

Current

2023
£

2022
£

Trade debtors

22,166

32,593

Prepayments

5,497

5,322

Other debtors

7,000

7,000

 

34,663

44,915

 

Fred Brown Car Repairs Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

10,000

10,000

Trade creditors

 

35,500

45,497

Taxation and social security

 

52,463

42,352

Accruals and deferred income

 

1,985

2,267

Other creditors

 

62,014

65,701

 

161,962

165,817

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

24,012

33,401

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

400

400

400

400

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,012

33,401

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

 

Fred Brown Car Repairs Limited

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

12

Parent and ultimate parent undertaking

The company is controlled by the directors.

 The ultimate controlling party is Mr F K Brown, Mrs A J Brown and Mr A R Brown.