2023-01-012023-12-312023-12-31false07903973Swindon Car Body Repair 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Swindon Car Body Repair Limited

Registered Number
07903973
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Swindon Car Body Repair Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

C M Merritt
P V Merritt

Registered Address

Smart Car Uk 1-4 Newcombe Drive
Hawksworth Trading Estate
Swindon
SN2 1DZ

Registered Number

07903973 (England and Wales)
Swindon Car Body Repair Limited
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3266,80375,869
266,80375,869
Current assets
Stocks4276,091208,500
Debtors112,37090,948
Cash at bank and on hand378,504127,452
766,965426,900
Creditors amounts falling due within one year5(490,551)(219,116)
Net current assets (liabilities)276,414207,784
Total assets less current liabilities543,217283,653
Creditors amounts falling due after one year6(151,830)(215,966)
Provisions for liabilities7(6,236)(14,395)
Net assets385,15153,292
Capital and reserves
Called up share capital100100
Other reserves(170,014)(175,909)
Profit and loss account555,065229,101
Shareholders' funds385,15153,292
The financial statements were approved and authorised for issue by the Board of Directors on 12 April 2024, and are signed on its behalf by:
P V Merritt
Director
Registered Company No. 07903973
Swindon Car Body Repair Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
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.
Statement of compliance
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.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
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.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery10-
Fixtures and fittings-5
Vehicles20-
Office Equipment-3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year1917
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 2372,59124,3508,12813,441118,510
Additions17,161253,935-269271,365
Disposals-(48,350)--(48,350)
At 31 December 2389,752229,9358,12813,710341,525
Depreciation and impairment
At 01 January 2330,7999981,2199,62542,641
Charge for year6,32624,013-2,10632,445
On disposals-(364)--(364)
At 31 December 2337,12524,6471,21911,73174,722
Net book value
At 31 December 2352,627205,2886,9091,979266,803
At 31 December 2241,79223,3526,9093,81675,869
4.Stocks

2023

2022

££
Work in progress226,091158,500
Finished goods50,00050,000
Total276,091208,500
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables135,952119,336
Taxation and social security195,77997,684
Finance lease and HP contracts156,360-
Other creditors2,4602,096
Total490,551219,116
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.
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts151,830215,966
Total151,830215,966
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)6,23614,395
Total6,23614,395