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REGISTERED NUMBER: 04146315 (England and Wales)















Ipswich Accident Repair Centre Limited

Unaudited Financial Statements

For The Year Ended 31st January 2024






Ipswich Accident Repair Centre Limited (Registered number: 04146315)

Contents of the Financial Statements
For The Year Ended 31st January 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


Ipswich Accident Repair Centre Limited

Company Information
For The Year Ended 31st January 2024







DIRECTORS: R A Kerry
T S Minhas





SECRETARY: Mrs J J Grant





REGISTERED OFFICE: Unit 81 Centaur Court
Claydon Business Park
Gt. Blakenham
Ipswich
Suffolk
IP6 0NL





REGISTERED NUMBER: 04146315 (England and Wales)





ACCOUNTANTS: John Phillips & Co Limited
Accountants
Unit 81 Centaur Court
Claydon Business Park
Gt. Blakenham
Ipswich
Suffolk
IP6 0NL

Ipswich Accident Repair Centre Limited (Registered number: 04146315)

Balance Sheet
31st January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 50,000 50,000
Tangible assets 5 169,590 110,354
219,590 160,354

CURRENT ASSETS
Stocks 6 68,140 78,242
Debtors 7 293,137 262,734
Cash at bank and in hand 410,147 321,072
771,424 662,048
CREDITORS
Amounts falling due within one year 8 302,105 282,001
NET CURRENT ASSETS 469,319 380,047
TOTAL ASSETS LESS CURRENT
LIABILITIES

688,909

540,401

CAPITAL AND RESERVES
Called up share capital 9 252 252
Share premium 10 24,950 24,950
Retained earnings 10 663,707 515,199
SHAREHOLDERS' FUNDS 688,909 540,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ipswich Accident Repair Centre Limited (Registered number: 04146315)

Balance Sheet - continued
31st January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th August 2024 and were signed on its behalf by:




R A Kerry - Director



T S Minhas - Director


Ipswich Accident Repair Centre Limited (Registered number: 04146315)

Notes to the Financial Statements
For The Year Ended 31st January 2024


1. STATUTORY INFORMATION

Ipswich Accident Repair Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
The goodwill is a prior year adjustment as it relates to the transfer of the business from a sole trader in 2001 but had not accounted for in earlier accounts by the previous accountant.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over the term of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Ipswich Accident Repair Centre Limited (Registered number: 04146315)

Notes to the Financial Statements - continued
For The Year Ended 31st January 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st February 2023
and 31st January 2024 50,000
NET BOOK VALUE
At 31st January 2024 50,000
At 31st January 2023 50,000

Ipswich Accident Repair Centre Limited (Registered number: 04146315)

Notes to the Financial Statements - continued
For The Year Ended 31st January 2024


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st February 2023 83,748 195,588 17,059
Additions - 81,663 -
At 31st January 2024 83,748 277,251 17,059
DEPRECIATION
At 1st February 2023 56,005 153,213 14,612
Charge for year 3,921 22,523 634
At 31st January 2024 59,926 175,736 15,246
NET BOOK VALUE
At 31st January 2024 23,822 101,515 1,813
At 31st January 2023 27,743 42,375 2,447

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st February 2023 117,664 16,282 430,341
Additions 18,797 - 100,460
At 31st January 2024 136,461 16,282 530,801
DEPRECIATION
At 1st February 2023 79,875 16,282 319,987
Charge for year 14,146 - 41,224
At 31st January 2024 94,021 16,282 361,211
NET BOOK VALUE
At 31st January 2024 42,440 - 169,590
At 31st January 2023 37,789 - 110,354

Ipswich Accident Repair Centre Limited (Registered number: 04146315)

Notes to the Financial Statements - continued
For The Year Ended 31st January 2024


6. STOCKS
2024 2023
£    £   
Stocks 20,800 34,092
Work-in-progress 47,340 44,150
68,140 78,242

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 270,887 271,696
Bad Debt Provision - (22,313 )
Deferred tax asset 1,730 1,730
Prepayments 20,520 11,621
293,137 262,734

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 16,672
Trade creditors 166,182 159,695
Tax 62,194 54,995
Social security and other taxes 9,503 9,178
VAT 30,997 38,241
Other creditors (1,559 ) 1,559
Credit Card 32,595 172
Pension creditor 1,696 -
Directors' loan accounts 342 343
Accrued expenses 155 1,146
302,105 282,001

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
250 Ordinary £1 250 250
1 Ordinary ''B'' Non-voting £1 1 1
1 Ordinary ''C'' Non-voting £1 1 1
252 252

Ipswich Accident Repair Centre Limited (Registered number: 04146315)

Notes to the Financial Statements - continued
For The Year Ended 31st January 2024


10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1st February 2023 515,199 24,950 540,149
Profit for the year 238,508 - 238,508
Dividends (90,000 ) - (90,000 )
At 31st January 2024 663,707 24,950 688,657