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Registration number: 06864302

Car Body Work Specialist Ltd

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Car Body Work Specialist Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Car Body Work Specialist Ltd

Company Information

Director

Mr CL Jarvis

Registered office

Grange Industrial Estate
Llanfrechfa Way
Cwmbran
Gwent
NP44 8HQ

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Car Body Work Specialist Ltd

(Registration number: 06864302)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

35,824

34,226

Current assets

 

Stocks

5

26,895

16,250

Debtors

25,997

29,873

Cash at bank and in hand

 

53,088

7,706

 

105,980

53,829

Prepayments and accrued income

 

3,340

3,339

Creditors: Amounts falling due within one year

(122,776)

(90,224)

Net current liabilities

 

(13,456)

(33,056)

Total assets less current liabilities

 

22,368

1,170

Creditors: Amounts falling due after more than one year

(13,000)

(29,000)

Accruals and deferred income

 

(2,395)

(2,220)

Net assets/(liabilities)

 

6,973

(30,050)

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

5,973

(31,050)

Shareholders' funds/(deficit)

 

6,973

(30,050)

 

Car Body Work Specialist Ltd

(Registration number: 06864302)
Abridged Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 July 2023
 

.........................................

Mr CL Jarvis
Director

 

Car Body Work Specialist Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Grange Industrial Estate
Llanfrechfa Way
Cwmbran
Gwent
NP44 8HQ

These financial statements were authorised for issue by the director on 21 July 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Car Body Work Specialist Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% straight line basis

Motor vehicles

20% straight line basis

Fixtures and fittings

20% straight line basis

Leasehold improvements

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Car Body Work Specialist Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 6).

 

Car Body Work Specialist Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

12,916

1,760

7,300

44,568

66,544

Additions

-

-

3,110

7,539

10,649

At 31 March 2023

12,916

1,760

10,410

52,107

77,193

Depreciation

At 1 April 2022

1,292

352

2,960

27,715

32,319

Charge for the year

1,292

352

2,238

5,168

9,050

At 31 March 2023

2,584

704

5,198

32,883

41,369

Carrying amount

At 31 March 2023

10,332

1,056

5,212

19,224

35,824

At 31 March 2022

11,625

1,408

4,340

16,853

34,226

Included within the net book value of land and buildings above is £10,332 (2022 - £11,625) in respect of short leasehold land and buildings.
 

 

Car Body Work Specialist Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

5

Stocks

2023
£

2022
£

Work in progress

11,945

-

Finished goods and goods for resale

14,950

16,250

26,895

16,250

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

7

Related party transactions

Key management personnel

Director

Summary of transactions with key management

During the year the director made unsecured, interest free, repayable on demand loans to the company. At the balance sheet date, the amount owed to the director was £51,617 (2022 - £25,637).