Easypaint Accident Repair Centre Limited
Registered number: 07882858
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 39,190 15,371
Current assets
Debtors 4 59,690 40,662
Cash at bank and in hand 76,561 83,434
136,251 124,096
Creditors: amounts falling due within one year 5 (76,571) (48,328)
Net current assets 59,680 75,768
Total assets less current liabilities 98,870 91,139
Creditors: amounts falling due after more than one year 6 (8,333) (18,333)
Net assets 90,537 72,806
Capital and reserves
Called up share capital 1 1
Profit and loss account 90,536 72,805
Shareholders' funds 90,537 72,806
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.
S.H. Watts
Director
Approved by the board on 8 August 2024
Easypaint Accident Repair Centre Limited
Notes to the Accounts
for the year ended 31 December 2023
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 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 56,540 28,133 84,673
Additions 1,883 35,000 36,883
At 31 December 2023 58,423 63,133 121,556
Depreciation
At 1 January 2023 50,153 19,149 69,302
Charge for the year 2,068 10,996 13,064
At 31 December 2023 52,221 30,145 82,366
Net book value
At 31 December 2023 6,202 32,988 39,190
At 31 December 2022 6,387 8,984 15,371
4 Debtors 2023 2022
£ £
Trade debtors 55,921 37,346
Other debtors 3,769 3,316
59,690 40,662
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 24,583 -
Trade creditors 14,910 7,685
Taxation and social security costs 19,968 24,979
Other creditors 7,110 5,664
76,571 48,328
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,333 18,333
7 Other information
Easypaint Accident Repair Centre Limited is a private company limited by shares and incorporated in England. Its registered office is:
Holly House
220 New London Road
Chelmsford
CM2 9AE
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