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Registration number: SC429299

CS Repairs Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

CS Repairs Ltd

Contents

Statement of Income and Retained Earnings

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 9

 

CS Repairs Ltd

Statement of Income and Retained Earnings for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

109,115

107,415

Cost of sales

 

(26,886)

(32,560)

Gross profit

 

82,229

74,855

Distribution costs

 

-

(171)

Administrative expenses

 

(39,798)

(43,420)

Operating profit

 

42,431

31,264

Interest payable and similar charges

 

(12)

(177)

 

(12)

(177)

Profit before tax

42,419

31,087

Taxation

 

(8,063)

(6,504)

Profit for the financial year

 

34,356

24,583

Retained earnings brought forward

 

103

20

Dividends paid

 

(29,500)

(24,500)

Retained earnings carried forward

 

4,959

103

 

CS Repairs Ltd

(Registration number: SC429299)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

49

65

Current assets

 

Debtors

6

6,765

5,181

Cash at bank and in hand

 

12,662

6,791

 

19,427

11,972

Creditors: Amounts falling due within one year

7

(14,515)

(11,932)

Net current assets

 

4,912

40

Net assets

 

4,961

105

Capital and reserves

 

Called up share capital

2

2

Retained earnings

4,959

103

Shareholders' funds

 

4,961

105

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.

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 Income Statement.

Approved and authorised by the director on 22 December 2023
 

.........................................
Mr C Smith
Director

 

CS Repairs Ltd

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

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
37 Menzieshill Road
Dundee
Tayside
DD2 1PT

These financial statements were authorised for issue by the director on 22 December 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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 sales/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.

 

CS Repairs Ltd

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

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor Vehicles

25% Straight Line

Office Equipment

25% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Licences and patents

25% Straight Line

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.

 

CS Repairs Ltd

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

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.

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 income statement 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.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

CS Repairs Ltd

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 2 (2022 - 2).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2022

14,394

14,394

At 31 March 2023

14,394

14,394

Amortisation

At 1 April 2022

14,394

14,394

At 31 March 2023

14,394

14,394

Carrying amount

At 31 March 2023

-

-

 

CS Repairs Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

784

12,495

13,279

At 31 March 2023

784

12,495

13,279

Depreciation

At 1 April 2022

719

12,495

13,214

Charge for the year

16

-

16

At 31 March 2023

735

12,495

13,230

Carrying amount

At 31 March 2023

49

-

49

At 31 March 2022

65

-

65

 

CS Repairs Ltd

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

6,524

4,271

Prepayments

241

69

Other debtors

-

841

 

6,765

5,181

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

786

Taxation and social security

 

11,878

9,886

Accruals and deferred income

 

2,520

1,260

Other creditors

 

117

-

 

14,515

11,932

 

CS Repairs Ltd

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

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

786