Registered number
05094932
South Coast Body Repairs Ltd
Filleted Accounts
30 April 2024
South Coast Body Repairs Ltd
Registered number: 05094932
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 25,036 36,819
Current assets
Stocks 41,805 49,150
Debtors 4 195,831 137,196
Cash at bank and in hand 1,759 2,581
239,395 188,927
Creditors: amounts falling due within one year 5 (217,657) (200,350)
Net current assets/(liabilities) 21,738 (11,423)
Total assets less current liabilities 46,774 25,396
Creditors: amounts falling due after more than one year 6 (13,835) (26,333)
Provisions for liabilities - (650)
Net assets/(liabilities) 32,939 (1,587)
Capital and reserves
Called up share capital 2 2
Profit and loss account 32,937 (1,589)
Shareholders' funds 32,939 (1,587)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Donohue
Director
Approved by the board on 24 July 2024
South Coast Body Repairs Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over useful economic life
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 31,408 84,385 115,793
Additions - 474 474
At 30 April 2024 31,408 84,859 116,267
Depreciation
At 1 May 2023 12,563 66,411 78,974
Charge for the year 6,282 5,975 12,257
At 30 April 2024 18,845 72,386 91,231
Net book value
At 30 April 2024 12,563 12,473 25,036
At 30 April 2023 18,845 17,974 36,819
4 Debtors 2024 2023
£ £
Trade debtors 90,925 74,962
Other debtors 104,906 62,234
195,831 137,196
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 38,213 39,630
Trade creditors 99,923 85,142
Taxation and social security costs 41,511 37,527
Other creditors 38,010 38,051
217,657 200,350
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,835 26,333
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S Donohue
Directors Loan (297) 19,784 (23,735) (4,248)
(297) 19,784 (23,735) (4,248)
8 Related party transactions
Included within other creditors is a balance owed to the directors of £8,675 (2023 - £7,473). These amounts are undated, unsecured, interest free and repayable on demand.
9 Controlling party
The directors have equal control of the company, by virtue of their equal shareholdings.
# Going concern
The accounts have been prepared on a going concern basis. The 2023 accounts were also prepared on a going concern basis as the directors confirmed at that time they would continue to provide financial support to the company.
# Government grants
During the year, the business received a direct benefit from the following government grant
and assistance schemes.
Transformation, adaptation and diversification grant
The total amount received for these grants is £4,000. The accountancy policy adopted is the
accrual model. Any conditions set in relation to the grants have all been met.
The Transformation, adaptation and diversification is being written off over the
qualifying assets useful ecomonic life.
# Other information
South Coast Body Repairs Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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