Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31false2022-06-01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseMaintenance and repair of motor vehicles88 07319029 2022-06-01 2023-05-31 07319029 2023-05-31 07319029 2022-05-31 07319029 2022-06-01 2023-05-31 07319029 2021-06-01 2022-05-31 07319029 2023-05-31 07319029 2022-05-31 07319029 c:Director2 2022-06-01 2023-05-31 07319029 d:Buildings d:ShortLeaseholdAssets 2022-06-01 2023-05-31 07319029 d:Buildings d:ShortLeaseholdAssets 2023-05-31 07319029 d:Buildings d:ShortLeaseholdAssets 2022-05-31 07319029 d:PlantMachinery 2022-06-01 2023-05-31 07319029 d:PlantMachinery 2023-05-31 07319029 d:PlantMachinery 2022-05-31 07319029 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 07319029 d:FurnitureFittings 2022-06-01 2023-05-31 07319029 d:FurnitureFittings 2023-05-31 07319029 d:FurnitureFittings 2022-05-31 07319029 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 07319029 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 07319029 d:CurrentFinancialInstruments 2023-05-31 07319029 d:CurrentFinancialInstruments 2022-05-31 07319029 d:Non-currentFinancialInstruments 2023-05-31 07319029 d:Non-currentFinancialInstruments 2022-05-31 07319029 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 07319029 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 07319029 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 07319029 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 07319029 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 07319029 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 07319029 d:ShareCapital 2023-05-31 07319029 d:ShareCapital 2022-05-31 07319029 d:RetainedEarningsAccumulatedLosses 2023-05-31 07319029 d:RetainedEarningsAccumulatedLosses 2022-05-31 07319029 c:FRS102 2022-06-01 2023-05-31 07319029 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 07319029 c:FullAccounts 2022-06-01 2023-05-31 07319029 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07319029 2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 07319029










BLACKWATER AUTOWORKS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED MAY 31, 2023

 
BLACKWATER AUTOWORKS LTD
REGISTERED NUMBER: 07319029

STATEMENT OF FINANCIAL POSITION
AS AT MAY 31, 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
66,174
70,466

  
66,174
70,466

Current assets
  

Stocks
 5 
4,379
3,250

Debtors: amounts falling due within one year
 6 
27,274
22,262

Cash at bank and in hand
 7 
38,675
65,123

  
70,328
90,635

Creditors: amounts falling due within one year
 8 
(124,921)
(108,677)

Net current liabilities
  
 
 
(54,593)
 
 
(18,042)

Total assets less current liabilities
  
11,581
52,424

Creditors: amounts falling due after more than one year
 9 
(36,458)
(41,940)

  

Net (liabilities)/assets
  
(24,877)
10,484


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(24,977)
10,384

  
(24,877)
10,484


Page 1

 
BLACKWATER AUTOWORKS LTD
REGISTERED NUMBER: 07319029
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT MAY 31, 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on April 10, 2024.





Bhim Gurung
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
BLACKWATER AUTOWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 31, 2023

1.


General information

Blackwater Autoworks Limited is a private company limited by shares and incorporated in England and Wales. The registered office address of the company is 207 Equitable House, 7 General Gordon Square, London, England, SE18 6FH.
The principal activity of the company is that of repair and maintenance of motor vehicles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BLACKWATER AUTOWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 31, 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line / reducing balance method.

Depreciation is provided on the following basis:

S/Term Leasehold Property
-
Over the term of lease of 15 years
Plant & machinery
-
15% reducing balance method
Fixtures, fittings & equipments
-
25% reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections
Page 4

 
BLACKWATER AUTOWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 31, 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 5

 
BLACKWATER AUTOWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 31, 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
BLACKWATER AUTOWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 31, 2023

2.Accounting policies (continued)

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 7

 
BLACKWATER AUTOWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 31, 2023

2.Accounting policies (continued)

 
2.15

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).


4.


Tangible fixed assets





S/Term Leasehold Property
Plant & machinery
Fixtures, fittings & equipments
Total

£
£
£
£



Cost or valuation


At 1 June 2022
27,325
133,950
17,086
178,361


Additions
-
5,413
1,218
6,631



At May 31, 2023

27,325
139,363
18,304
184,992



Depreciation


At 1 June 2022
23,573
71,722
12,600
107,895


Charge for the year on owned assets
2,733
6,764
1,426
10,923



At May 31, 2023

26,306
78,486
14,026
118,818



Net book value



At May 31, 2023
1,019
60,877
4,278
66,174



At May 31, 2022
3,752
62,228
4,486
70,466

Page 8

 
BLACKWATER AUTOWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 31, 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
4,379
3,250

4,379
3,250


Page 9

 
BLACKWATER AUTOWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 31, 2023

6.


Debtors

2023
2022
£
£


Trade debtors
19,774
14,228

Other debtors
7,500
8,034

27,274
22,262



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
38,675
65,123

38,675
65,123



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
12,564
17,570

Trade creditors
29,673
13,050

Corporation tax
-
2,220

Other taxation and social security
9,144
9,960

Other creditors
71,973
64,310

Accruals and deferred income
1,567
1,567

124,921
108,677


2023
2022
£
£

Other taxation and social security

PAYE/NI control
1,952
1,828

VAT control
7,192
8,132

9,144
9,960


Page 10

 
BLACKWATER AUTOWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 31, 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
36,458
41,940

36,458
41,940



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
12,564
17,570


12,564
17,570

Amounts falling due 1-2 years

Bank loans
36,458
41,940


36,458
41,940



49,022
59,510



11.


Pension commitments

The company operates defined contribution pension scheme for its employees. The assets of the scheme are held in a separately from those of the company in independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £1,545 (2022: £780). The amount outstanding at the year-end were £337 (2022: £180) and are included in other creditors. 


12.


Related party transactions

During the year, the company paid consulting fees of £25,967 (2022: £21,600) to the director of the Company.

 
Page 11