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Registration number: 08884781

Central Auto Centre Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Central Auto Centre Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Central Auto Centre Ltd

Company Information

Directors

Mr G McLaughlin

Mr P McLaughlin

Registered office

80 High Street
Green Street Green
Orpington
Kent
BR6 6BJ

Accountants

Finexcel Ltd
2 Cherry Tree Walk
West Wickham
Kent
BR4 8EF

 

Central Auto Centre Ltd

(Registration number: 08884781)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

9,000

18,000

Tangible assets

6

79,401

98,617

 

88,401

116,617

Current assets

 

Stocks

7

28,659

32,255

Debtors

8

61,641

16,434

Cash at bank and in hand

 

2,050

8,226

 

92,350

56,915

Creditors: Amounts falling due within one year

9

(142,221)

(106,981)

Net current liabilities

 

(49,871)

(50,066)

Total assets less current liabilities

 

38,530

66,551

Creditors: Amounts falling due after more than one year

9

(35,833)

(45,833)

Provisions for liabilities

(1,518)

(2,191)

Net assets

 

1,179

18,527

Capital and reserves

 

Called up share capital

300

300

Retained earnings

879

18,227

Shareholders' funds

 

1,179

18,527

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.

 

Central Auto Centre Ltd

(Registration number: 08884781)
Balance Sheet as at 31 March 2023

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 16 November 2023 and signed on its behalf by:
 

.........................................
Mr G McLaughlin
Director

.........................................
Mr P McLaughlin
Director

 

Central Auto Centre Ltd

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 UK.

The address of its registered office is:
80 High Street
Green Street Green
Orpington
Kent
BR6 6BJ
United Kingdom

These financial statements were authorised for issue by the Board on 16 November 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.

 

Central Auto Centre Ltd

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

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.

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 & Machinery

20% Straight line

Fixtures & Fittings

25% Straight line

Motor Vehicles

20% 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.

 

Central Auto Centre Ltd

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

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.

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

 

Central Auto Centre Ltd

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

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.

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.

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 9 (2022 - 9).

4

Taxation

Tax charged/(credited) in the profit and loss account

 

Central Auto Centre Ltd

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

2023
£

2022
£

Current taxation

UK corporation tax

15,107

16,968

Total deferred taxation

(673)

(676)

Tax expense in the income statement

14,434

16,292

 

Central Auto Centre Ltd

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

90,000

90,000

At 31 March 2023

90,000

90,000

Amortisation

At 1 April 2022

72,000

72,000

Amortisation charge

9,000

9,000

At 31 March 2023

81,000

81,000

Carrying amount

At 31 March 2023

9,000

9,000

At 31 March 2022

18,000

18,000

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

13,227

93,716

120,770

227,713

Additions

4,764

6,278

-

11,042

At 31 March 2023

17,991

99,994

120,770

238,755

Depreciation

At 1 April 2022

11,700

84,428

32,968

129,096

Charge for the year

1,163

4,941

24,154

30,258

At 31 March 2023

12,863

89,369

57,122

159,354

Carrying amount

At 31 March 2023

5,128

10,625

63,648

79,401

At 31 March 2022

1,527

9,288

87,802

98,617

 

Central Auto Centre Ltd

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

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

28,659

32,255

8

Debtors

Current

2023
£

2022
£

Trade debtors

29,542

9,180

Prepayments

1,560

1,655

Other debtors

30,539

5,599

 

61,641

16,434

 

Central Auto Centre Ltd

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

10

22,542

-

Trade creditors

 

81,747

62,822

Taxation and social security

 

31,822

33,204

Accruals and deferred income

 

1,520

1,840

Other creditors

 

4,590

9,115

 

142,221

106,981

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

35,833

45,833

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

35,833

45,833

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

22,542

-

 

Central Auto Centre Ltd

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

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £230.00 (2022 - £277.00) per each Ordinary Shares

 

69,000

 

83,000

         

12

Related party transactions

Transactions with directors

At 31 March 2023 an amount of £15,135 (2022: £nil) was due from directors. During the year an amount of £50,000 dividends (2022: £55,000) was paid to directors.

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,792

11,750