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Registered Number: 09518453
England and Wales

 

 

 

PADDOX AUTOPARTS & CYCLES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Director Simon Brand
Registered Number 09518453
Registered Office 52 Millfields Avenue
Hillmorton
Rugby
CV21 4HJ
Accountants Beagle Accounting Limited
23a High Street
Welford
Northants
NN6 6HT
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 March 2024.
Principal activities
Principal activity of the company during the financial year continued to be motor and cycles sales and repairs. 
Director
The director who served the company throughout the year was as follows:
Simon Brand
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Simon Brand
Director

Date approved: 08 April 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Beagle Accounting Limited
31 March 2024



....................................................
Beagle Accounting Limited
23a High Street
Welford
Northants
NN6 6HT
08 April 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3   7,049 
Tangible fixed assets 4   471 
  7,520 
Current assets      
Stocks 5   20,262 
Debtors 6 5    657 
Cash at bank and in hand 402    1,517 
407    22,436 
Creditors: amount falling due within one year 7 (406)   (12,273)
Net current assets 1    10,163 
 
Total assets less current liabilities 1    17,683 
Net assets 1    17,683 
 

Capital and reserves
     
Called up share capital 8 1    1 
Profit and loss account   17,682 
Shareholder's funds 1    17,683 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 08 April 2024 and were signed by:


-------------------------------
Simon Brand
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 April 2022 1  22,101  22,102 
Profit for the year 14,831  14,831 
Total comprehensive income for the year 14,831  14,831 
Dividends (19,250) (19,250)
Total investments by and distributions to owners (19,250) (19,250)
At 31 March 2023 1  17,682  17,683 
At 01 April 2023 1  17,682  17,683 
Profit for the year (8,516) (8,516)
Total comprehensive income for the year (8,516) (8,516)
Dividends (9,166) (9,166)
Total investments by and distributions to owners (9,166) (9,166)
At 31 March 2024 1 
5
General Information
Paddox Autoparts & Cycles Limited is a private company, limited by shares, registered in England and Wales, registration number 09518453, registration address 52 Millfields Avenue, Hillmorton, Rugby, CV21 4HJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 18 Reducing Balance
Computer Equipment 18 Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 8,811    8,811 
Additions  
Disposals (8,811)   (8,811)
At 31 March 2024  
Amortisation
At 01 April 2023 1,762    1,762 
Charge for year 877    877 
On disposals (2,639)   (2,639)
At 31 March 2024  
Net book values
At 31 March 2024  
At 31 March 2023 7,049    7,049 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 April 2023 1,200    451    1,651 
Additions    
Disposals (1,200)   (451)   (1,651)
At 31 March 2024    
Depreciation
At 01 April 2023 779    401    1,180 
Charge for year 75    9    84 
On disposals (854)   (410)   (1,264)
At 31 March 2024    
Net book values
Closing balance as at 31 March 2024    
Opening balance as at 01 April 2023 421    50    471 


5.

Stocks

2024
£
  2023
£
Stocks   20,262 
  20,262 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income   638 
PAYE & Social Security   19 
Directors' Current Accounts  
5    657 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors   6,172 
Corporation Tax   3,710 
Accrued Expenses 390    730 
Other Creditors (1)   (2)
Directors' Current Accounts   36 
VAT 17    1,627 
406    12,273 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1 Class A share of £1.00 each  
 

6