Company Registration No. 11796085 (England and Wales)
MANUAL GEARBOX REPAIRS LIMITED
Unaudited accounts
for the year ended 31 March 2023
MANUAL GEARBOX REPAIRS LIMITED
Unaudited accounts
Contents
MANUAL GEARBOX REPAIRS LIMITED
Company Information
for the year ended 31 March 2023
Company Number
11796085 (England and Wales)
Registered Office
Unit 7 & 8 Dragon Auto Centre Phoenix Wa
Swansea Enterprise Park
Swansea
SA7 9FU
Wales
Accountants
Cadre Advisory Ltd
Embassy Offices, Stangate House
Stanwell Road
Penarth
CF64 2AA
MANUAL GEARBOX REPAIRS LIMITED
Statement of financial position
as at 31 March 2023
Intangible assets
6,602
7,702
Tangible assets
49,700
36,555
Cash at bank and in hand
64,902
88,019
Creditors: amounts falling due within one year
(55,756)
(59,889)
Net current assets
17,021
35,309
Total assets less current liabilities
73,323
79,566
Creditors: amounts falling due after more than one year
(36,117)
(49,730)
Provisions for liabilities
Deferred tax
(9,442)
(6,945)
Called up share capital
100
100
Profit and loss account
27,664
22,791
Shareholders' funds
27,764
22,891
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 and authorised for issue on 21 November 2023 and were signed on its behalf by
Darran Hughes
Director
Company Registration No. 11796085
MANUAL GEARBOX REPAIRS LIMITED
Notes to the Accounts
for the year ended 31 March 2023
MANUAL GEARBOX REPAIRS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11796085. The registered office is Unit 7 & 8 Dragon Auto Centre Phoenix Wa, Swansea Enterprise Park, Swansea, SA7 9FU, Wales.
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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:
Plant & machinery
10% on cost
Motor vehicles
10% on cost
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Reducing Balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
MANUAL GEARBOX REPAIRS LIMITED
Notes to the Accounts
for the year ended 31 March 2023
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
11,500
28,303
2,499
1,195
43,497
Additions
-
19,385
-
-
19,385
At 31 March 2023
11,500
47,688
2,499
1,195
62,882
At 1 April 2022
3,450
2,376
753
363
6,942
Charge for the year
1,150
4,446
436
208
6,240
At 31 March 2023
4,600
6,822
1,189
571
13,182
At 31 March 2023
6,900
40,866
1,310
624
49,700
At 31 March 2022
8,050
25,927
1,746
832
36,555
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,165
10,165
Obligations under finance leases and hire purchase contracts
3,321
3,321
Trade creditors
26,328
25,646
Taxes and social security
4,999
7,473
Other creditors
2,318
1,466
Loans from directors
260
1,548
MANUAL GEARBOX REPAIRS LIMITED
Notes to the Accounts
for the year ended 31 March 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
15,338
18,659
9
Average number of employees
During the year the average number of employees was 5 (2022: 5).