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REGISTERED NUMBER: 04255770 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

PANT MOTOR BODIES LTD
TRADING AS
FIX AUTO OSWESTRY/WELSH BORDER

PANT MOTOR BODIES LTD (REGISTERED NUMBER: 04255770)
TRADING AS FIX AUTO OSWESTRY/WELSH BORDER






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

PANT MOTOR BODIES LTD
TRADING AS FIX AUTO OSWESTRY/WELSH BORDER

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: R S Hitch
Mrs I A Hitch
L S Hitch
R Edwards





SECRETARY: Mrs I A Hitch





REGISTERED OFFICE: 7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG





REGISTERED NUMBER: 04255770 (England and Wales)





ACCOUNTANTS: D.R.E. & Co. Limited
Chartered Accountants
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

PANT MOTOR BODIES LTD (REGISTERED NUMBER: 04255770)
TRADING AS FIX AUTO OSWESTRY/WELSH BORDER

BALANCE SHEET
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 111,540 125,540
Tangible assets 6 449,057 382,915
560,597 508,455

CURRENT ASSETS
Stocks 316,103 271,668
Debtors 7 351,928 649,520
Cash at bank 342,415 182,512
1,010,446 1,103,700
CREDITORS
Amounts falling due within one year 8 953,386 976,608
NET CURRENT ASSETS 57,060 127,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

617,657

635,547

CREDITORS
Amounts falling due after more than one
year

9

(349,452

)

(472,654

)

PROVISIONS FOR LIABILITIES (43,085 ) (22,469 )
NET ASSETS 225,120 140,424

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 11 225,020 140,324
SHAREHOLDERS' FUNDS 225,120 140,424

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

PANT MOTOR BODIES LTD (REGISTERED NUMBER: 04255770)
TRADING AS FIX AUTO OSWESTRY/WELSH BORDER

BALANCE SHEET - continued
31 JULY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:





L S Hitch - Director


PANT MOTOR BODIES LTD (REGISTERED NUMBER: 04255770)
TRADING AS FIX AUTO OSWESTRY/WELSH BORDER

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Pant Motor Bodies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

The accounts are for the individual entity only.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of fifteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold buildings - 2% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - varying rates between 10-25% on cost
Computer equipment - 15% 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 Income Statement, 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.


PANT MOTOR BODIES LTD (REGISTERED NUMBER: 04255770)
TRADING AS FIX AUTO OSWESTRY/WELSH BORDER

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

3. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2022 - 49 ) .

5. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 August 2022
and 31 July 2023 209,540 13,566 223,106
AMORTISATION
At 1 August 2022 84,000 13,566 97,566
Amortisation for year 14,000 - 14,000
At 31 July 2023 98,000 13,566 111,566
NET BOOK VALUE
At 31 July 2023 111,540 - 111,540
At 31 July 2022 125,540 - 125,540

The directors have considered the value of goodwill and are of the opinion that no impairment is required.

PANT MOTOR BODIES LTD (REGISTERED NUMBER: 04255770)
TRADING AS FIX AUTO OSWESTRY/WELSH BORDER

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

6. TANGIBLE FIXED ASSETS
Improvements
to Leasehold Plant and
Property buildings machinery
£    £    £   
COST OR VALUATION
At 1 August 2022 66,471 357,495 279,308
Additions - - 96,234
At 31 July 2023 66,471 357,495 375,542
DEPRECIATION
At 1 August 2022 40,640 92,950 207,352
Charge for year 6,509 7,150 26,104
At 31 July 2023 47,149 100,100 233,456
NET BOOK VALUE
At 31 July 2023 19,322 257,395 142,086
At 31 July 2022 25,831 264,545 71,956

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2022 59,131 12,019 48,806 823,230
Additions - - 16,182 112,416
At 31 July 2023 59,131 12,019 64,988 935,646
DEPRECIATION
At 1 August 2022 55,522 8,855 34,996 440,315
Charge for year 1,447 505 4,559 46,274
At 31 July 2023 56,969 9,360 39,555 486,589
NET BOOK VALUE
At 31 July 2023 2,162 2,659 25,433 449,057
At 31 July 2022 3,609 3,164 13,810 382,915

The directors, having considered the valuation of leasehold buildings, revalued the property on an open market basis on 31 July 2011. A formal lease was entered into between the company and its landlords, who are both directors of the business. In the opinion of the directors the valuation of leasehold buildings in the accounts is still valid as the landlords have notified the company in writing that they will pay the company the first £314,595 in the event the property is sold by the landlords.

This value has been adopted as the deemed cost of the assets concerned on transition to FRS 102.

The comparable amounts for leasehold buildings at original cost were;

Cost £215,354


PANT MOTOR BODIES LTD (REGISTERED NUMBER: 04255770)
TRADING AS FIX AUTO OSWESTRY/WELSH BORDER

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 328,723 451,918
Other debtors 13,480 153,162
Tax - 32,072
Prepayments and accrued income 9,725 12,368
351,928 649,520

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 64,340 225,847
Other loans - 13,296
Trade creditors 465,379 370,729
Tax 26,096 33,859
Social security and other taxes 148,061 225,845
Other creditors 149,696 41,212
Directors' current accounts 35,889 920
Deferred income 60,000 60,000
Accrued expenses 3,925 4,900
953,386 976,608

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans - 1-2 years 64,340 65,035
Bank loans - 2-5 years 107,981 159,989
Bank loans more 5 yr by instal 4,631 15,130
Deferred income 172,500 232,500
349,452 472,654

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 4,631 15,130

PANT MOTOR BODIES LTD (REGISTERED NUMBER: 04255770)
TRADING AS FIX AUTO OSWESTRY/WELSH BORDER

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank overdraft - 160,812
Bank loans 241,292 305,189
Other creditors 118,503 26,040
359,795 492,041

The bank borrowings are secured by personal guarantees pledged by the directors, equal to the value of the borrowings.

Included in creditors are bank loans and a working capital facility which is secured by way of a fixed and floating charge over the undertaking and all property and assets present and future.

11. RESERVES

Included in retained earnings is £126,598 (2022: £129,441) of profits which are not available for distribution as they are unrealised gains on revaluations.

12. OTHER COMMITMENTS

At 31 July 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £245,865 (2022 - £194,880)

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year Mr R S Hitch and Mrs I A Hitch charged the company rent totalling £25,200 (2022: £20,800) for the use of the Canal Side premises.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PANT MOTOR BODIES LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pant Motor Bodies Ltd for the year ended 31 July 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pant Motor Bodies Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pant Motor Bodies Ltd and state those matters that we have agreed to state to the Board of Directors of Pant Motor Bodies Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pant Motor Bodies Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pant Motor Bodies Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pant Motor Bodies Ltd. You consider that Pant Motor Bodies Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pant Motor Bodies Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






D.R.E. & Co. Limited
Chartered Accountants
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG


11 March 2024