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REGISTERED NUMBER: 04363836 (Wales)















1ST CHOICE ACCIDENT REPAIR CENTRE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023






1ST CHOICE ACCIDENT REPAIR CENTRE LTD (REGISTERED NUMBER: 04363836)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


1ST CHOICE ACCIDENT REPAIR CENTRE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: Mr M J Summers
Mr S Coughlin
Mr C Young
Mr C A S Pearse
Mr MA Ham





REGISTERED OFFICE: Unit 10
Ipswich Road
Cardiff
CF23 9AQ





REGISTERED NUMBER: 04363836 (Wales)





ACCOUNTANTS: Davies Williams Chartered Accountants
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

1ST CHOICE ACCIDENT REPAIR CENTRE LTD (REGISTERED NUMBER: 04363836)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,719,300 1,513,838

CURRENT ASSETS
Stocks 154,100 191,105
Debtors 5 1,960,261 2,083,786
Cash at bank and in hand 379,092 396,275
2,493,453 2,671,166
CREDITORS
Amounts falling due within one year 6 1,041,545 939,282
NET CURRENT ASSETS 1,451,908 1,731,884
TOTAL ASSETS LESS CURRENT LIABILITIES 3,171,208 3,245,722

CREDITORS
Amounts falling due after more than one
year

7

(1,386,108

)

(1,544,543

)

PROVISIONS FOR LIABILITIES (19,556 ) (10,189 )
NET ASSETS 1,765,544 1,690,990

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,764,544 1,689,990
1,765,544 1,690,990

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

1ST CHOICE ACCIDENT REPAIR CENTRE LTD (REGISTERED NUMBER: 04363836)

BALANCE SHEET - continued
28TH FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th November 2023 and were signed on its behalf by:




Mr M J Summers - Director



Mr C Young - Director


1ST CHOICE ACCIDENT REPAIR CENTRE LTD (REGISTERED NUMBER: 04363836)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


1. STATUTORY INFORMATION

1st Choice Accident Repair Centre Ltd is a private company, limited by shares , registered in Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

1ST CHOICE ACCIDENT REPAIR CENTRE LTD (REGISTERED NUMBER: 04363836)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 35 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st March 2022 1,483,588 196,874 59,432 37,433 1,777,327
Additions 211,473 65,602 - 17,562 294,637
Disposals (58,496 ) (167,654 ) - (35,543 ) (261,693 )
At 28th February 2023 1,636,565 94,822 59,432 19,452 1,810,271
DEPRECIATION
At 1st March 2022 24,993 164,019 41,252 33,225 263,489
Charge for year 23,296 11,098 4,572 2,421 41,387
Eliminated on disposal (26,771 ) (153,672 ) - (33,462 ) (213,905 )
At 28th February 2023 21,518 21,445 45,824 2,184 90,971
NET BOOK VALUE
At 28th February 2023 1,615,047 73,377 13,608 17,268 1,719,300
At 28th February 2022 1,458,595 32,855 18,180 4,208 1,513,838

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 319,774 376,227
Amounts owed by connected companies 1,594,477 1,468,710
Other debtors 44,125 238,849
1,958,376 2,083,786

Amounts falling due after more than one year:
Other debtors 1,885 -

Aggregate amounts 1,960,261 2,083,786

1ST CHOICE ACCIDENT REPAIR CENTRE LTD (REGISTERED NUMBER: 04363836)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 144,522 136,622
Hire purchase contracts 7,209 5,196
Trade creditors 528,864 532,494
Taxation and social security 126,718 92,940
Other creditors 234,232 172,030
1,041,545 939,282

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1,104,705 1,248,025
Hire purchase contracts 5,124 9,611
Amounts owed by connected companies 276,279 213,470
Other creditors - 73,437
1,386,108 1,544,543

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28th February 2023 and 28th February 2022:

2023 2022
£    £   
Mr C Young
Balance outstanding at start of year - -
Amounts advanced 5,800 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,800 -