Auto Bodycraft Cheshire LTD
Company Registration No. 08182174 (England And Wales)
Unaudited Financial Statements
Year Ended 31 December 2023
AUTO BODYCRAFT CHESHIRE LTD
Auto Bodycraft Cheshire LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
AUTO BODYCRAFT CHESHIRE LTD
Auto Bodycraft Cheshire LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
400,137
409,572
Current assets
Stocks
21,000
35,000
Debtors
5
108,720
138,427
Cash at bank and in hand
230,966
173,928
360,686
347,355
Creditors: amounts falling due within one year
6
(88,851)
(89,642)
Net current assets
271,835
257,713
Total assets less current liabilities
671,972
667,285
Creditors: amounts falling due after more than one year
7
(198,364)
(201,304)
Provisions for liabilities
(19,950)
(19,000)
Net assets
453,658
446,981
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
453,656
446,979
Total equity
453,658
446,981
AUTO BODYCRAFT CHESHIRE LTD
Auto Bodycraft Cheshire LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
Mr C Brookfield
Mrs N Brookfield
Director
Director
Company registration number 08182174 (England and Wales)
AUTO BODYCRAFT CHESHIRE LTD
Auto Bodycraft Cheshire LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Auto Bodycraft Cheshire LTD is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, The Old Creamery, Station Road, Wrenbury, Cheshire CW5 8EX,
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
AUTO BODYCRAFT CHESHIRE LTD
Auto Bodycraft Cheshire LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings
No depreciation
Plant and machinery
15% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
AUTO BODYCRAFT CHESHIRE LTD
Auto Bodycraft Cheshire LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AUTO BODYCRAFT CHESHIRE LTD
Auto Bodycraft Cheshire LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
10,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
10,000
Carrying amount
At 31 December 2023
At 31 December 2022
AUTO BODYCRAFT CHESHIRE LTD
Auto Bodycraft Cheshire LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Buildings
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
309,573
169,026
1,603
28,607
508,809
Additions
6,409
11,450
17,859
Disposals
(22,950)
(22,950)
At 31 December 2023
309,573
175,435
1,603
17,107
503,718
Depreciation and impairment
At 1 January 2023
79,697
1,414
18,126
99,237
Depreciation charged in the year
14,361
189
3,062
17,612
Eliminated in respect of disposals
(13,268)
(13,268)
At 31 December 2023
94,058
1,603
7,920
103,581
Carrying amount
At 31 December 2023
309,573
81,377
9,187
400,137
At 31 December 2022
309,573
89,329
189
10,481
409,572
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
34,371
33,996
Other debtors
74,349
104,431
108,720
138,427
AUTO BODYCRAFT CHESHIRE LTD
Auto Bodycraft Cheshire LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,337
10,001
Trade creditors
6,143
3,305
Corporation tax
17,112
14,475
Other taxation and social security
18,662
12,326
Other creditors
39,597
49,535
88,851
89,642
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
198,364
201,304
8
Loans and overdrafts
2023
2022
£
£
Bank loans
205,701
211,305
Payable within one year
7,337
10,001
Payable after one year
198,364
201,304
The long-term loans are secured against the property known as 1-4 The Old Creamery, Station Road, Wrenbury, Nantwich, Cheshire.
AUTO BODYCRAFT CHESHIRE LTD
Auto Bodycraft Cheshire LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
19,950
19,000
2023
Movements in the year:
£
Liability at 1 January 2023
19,000
Charge to profit or loss
950
Liability at 31 December 2023
19,950
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Nantwich Paint and Bodyshop Supplies Limited
49,431
49,431