2022-04-012023-03-312023-03-31false04654881Auto-Bodycare Service Centre 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Auto-Bodycare Service Centre Limited

Registered Number
04654881
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Auto-Bodycare Service Centre Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Barry Victor THORNTON,
Dionne THORNTON,
Russell THORNTON,

Registered Address

2 Upperton Gardens
Eastbourne
BN21 2AH

Registered Number

04654881 (England and Wales)
Auto-Bodycare Service Centre Limited
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets64,5006,000
Tangible assets72,0112,305
6,5118,305
Current assets
Stocks82,99918,164
Debtors93,7404,295
Cash at bank and on hand263274
7,00222,733
Creditors amounts falling due within one year10(36,997)(35,321)
Net current assets (liabilities)(29,995)(12,588)
Total assets less current liabilities(23,484)(4,283)
Creditors amounts falling due after one year11(24,992)(26,108)
Accruals and deferred income(2,069)(1,200)
Net assets(50,545)(31,591)
Capital and reserves
Called up share capital22
Profit and loss account(50,547)(31,593)
Shareholders' funds(50,545)(31,591)
The financial statements were approved and authorised for issue by the Board of Directors on 22 November 2023, and are signed on its behalf by:
Barry Victor THORNTON,
Director
Dionne THORNTON,
Director
Russell THORNTON,
Director

Registered Company No. 04654881
Auto-Bodycare Service Centre Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
Maintenance and repair of motor vehicles
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment25
Intangible assets policy
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.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year44
6.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 2215,00015,000
At 31 March 2315,00015,000
Amortisation and impairment
At 01 April 229,0009,000
Charge for year1,5001,500
At 31 March 2310,50010,500
Net book value
At 31 March 234,5004,500
At 31 March 226,0006,000
7.Property, plant and equipment

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 April 2258,1101,5009,45669,066
Additions300--300
At 31 March 2358,4101,5009,45669,366
Depreciation and impairment
At 01 April 2256,8021,4928,46766,761
Charge for year3452247594
At 31 March 2357,1471,4948,71467,355
Net book value
At 31 March 231,26367422,011
At 31 March 221,30889892,305
8.Stocks

2023

2022

££
Work in progress2,99918,164
Total2,99918,164
9.Debtors

2023

2022

££
Trade debtors / trade receivables134376
Other debtors3,6063,919
Total3,7404,295
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables12,84312,838
Amounts owed to related parties12,73016,974
Taxation and social security11,4245,509
Total36,99735,321
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.
11.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts15,83320,939
Other creditors9,1595,169
Total24,99226,108
12.Provisions for liabilities