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Company registration number: 10612794
Sunray Auto Repairs Limited
Unaudited filleted financial statements
31 December 2023
Sunray Auto Repairs Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Sunray Auto Repairs Limited
Directors and other information
Director Mr Andrew Gilling
Company number 10612794
Registered office Sovereign House
82 West Street
Rochford
Essex
SS4 1As
Business address Unit 2 Robert Leonard Industrial Estate
Stock Road
Southend on Sea
Essex
SS2 5QD
Accountant Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Sunray Auto Repairs Limited
Chartered accountant's report to the director on the preparation of the
unaudited statutory financial statements of Sunray Auto Repairs Limited
Period ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Sunray Auto Repairs Limited for the period ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Sunray Auto Repairs Limited, as a body, in accordance with the terms of my engagement letter dated 13 February 2017. My work has been undertaken solely to prepare for your approval the financial statements of Sunray Auto Repairs Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Sunray Auto Repairs Limited and its director as a body for my work or for this report.
It is your duty to ensure that Sunray Auto Repairs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sunray Auto Repairs Limited. You consider that Sunray Auto Repairs Limited is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the financial statements of Sunray Auto Repairs Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
27 February 2024
Sunray Auto Repairs Limited
Statement of financial position
31 December 2023
31/12/23 28/02/23
Note £ £ £ £
Fixed assets
Intangible assets 7 7,333 9,000
Tangible assets 8 15,603 18,842
_______ _______
22,936 27,842
Current assets
Stocks 250 400
Debtors 9 17,219 23,786
Cash at bank and in hand 8,581 20,835
_______ _______
26,050 45,021
Creditors: amounts falling due
within one year 10 ( 23,541) ( 29,737)
_______ _______
Net current assets 2,509 15,284
_______ _______
Total assets less current liabilities 25,445 43,126
Creditors: amounts falling due
after more than one year 11 ( 11,206) ( 13,573)
Provisions for liabilities 12 631 206
_______ _______
Net assets 14,870 29,759
_______ _______
Capital and reserves
Called up share capital 14 100 100
Profit and loss account 14,770 29,659
_______ _______
Shareholders funds 14,870 29,759
_______ _______
For the period ending 31 December 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 financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 February 2024 , and are signed on behalf of the board by:
Mr Andrew Gilling
Director
Company registration number: 10612794
Sunray Auto Repairs Limited
Statement of changes in equity
Period ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2022 100 32,835 32,935
Profit for the period 16,824 16,824
_______ _______ _______
Total comprehensive income for the period - 16,824 16,824
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______
Total investments by and distributions to owners - ( 20,000) ( 20,000)
_______ _______ _______
At 28 February 2023 and 1 March 2023 100 29,659 29,759
Profit for the period 26,111 26,111
_______ _______ _______
Total comprehensive income for the period - 26,111 26,111
Dividends paid and payable ( 41,000) ( 41,000)
_______ _______ _______
Total investments by and distributions to owners - ( 41,000) ( 41,000)
_______ _______ _______
At 31 December 2023 100 14,770 14,870
_______ _______ _______
Sunray Auto Repairs Limited
Notes to the financial statements
Period ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sunray Auto Repairs Limited, Sovereign House, 82 West Street, Rochford, Essex, SS4 1As.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 (2023: 3 ).
5. Tax on profit
Major components of tax expense
Period Year
ended ended
31/12/23 28/02/23
£ £
Current tax:
UK current tax expense 6,549 4,718
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 425) ( 771)
_______ _______
Tax on profit 6,124 3,947
_______ _______
6. Dividends
Equity dividends
Period Year
ended ended
31/12/23 28/02/23
£ £
Dividends paid during the period (excluding those for which a liability existed at the end of the prior year) 41,000 20,000
_______ _______
7. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2023 and 31 December 2023 20,000 20,000
_______ _______
Amortisation
At 1 March 2023 11,000 11,000
Charge for the period 1,667 1,667
_______ _______
At 31 December 2023 12,667 12,667
_______ _______
Carrying amount
At 31 December 2023 7,333 7,333
_______ _______
At 28 February 2023 9,000 9,000
_______ _______
8. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 968 9,570 22,975 33,513
Additions - 211 - 211
_______ _______ _______ _______
At 31 December 2023 968 9,781 22,975 33,724
_______ _______ _______ _______
Depreciation
At 1 March 2023 549 3,926 10,196 14,671
Charge for the year 53 734 2,663 3,450
_______ _______ _______ _______
At 31 December 2023 602 4,660 12,859 18,121
_______ _______ _______ _______
Carrying amount
At 31 December 2023 366 5,121 10,116 15,603
_______ _______ _______ _______
At 28 February 2023 419 5,644 12,779 18,842
_______ _______ _______ _______
9. Debtors
31/12/23 28/02/23
£ £
Trade debtors 10,242 19,947
Other debtors 6,977 3,839
_______ _______
17,219 23,786
_______ _______
10. Creditors: amounts falling due within one year
31/12/23 28/02/23
£ £
Trade creditors 6,051 14,419
Corporation tax 6,434 4,718
Social security and other taxes 5,213 3,342
Other creditors 5,843 7,258
_______ _______
23,541 29,737
_______ _______
11. Creditors: amounts falling due after more than one year
31/12/23 28/02/23
£ £
Other creditors 11,206 13,573
_______ _______
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 March 2023 ( 206) ( 206)
Additions ( 425) ( 425)
_______ _______
At 31 December 2023 ( 631) ( 631)
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31/12/23 28/02/23
£ £
Included in provisions (note 12) ( 631) ( 206)
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
31/12/23 28/02/23
£ £
Accelerated capital allowances ( 631) ( 206)
_______ _______
14. Called up share capital
Issued, called up and fully paid
31/12/23 28/02/23
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
15. Directors advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
Period ended 31/12/23
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Andrew Gilling ( 1,817) 34,449 ( 32,739) ( 107)
_______ _______ _______ _______
Year ended 28/02/23
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Andrew Gilling ( 138) 39,611 ( 41,290) ( 1,817)
_______ _______ _______ _______
16. Controlling party
Mr A Gilling controls the company.