Registered number
06066096
CHAPLANE ACCIDENT REPAIR CENTRE LTD
Filleted Accounts
31 March 2024
CHAPLANE ACCIDENT REPAIR CENTRE LTD
Registered number: 06066096
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 905,378 712,374
Current assets
Stocks 40,421 43,049
Debtors 4 308,640 420,235
Investments held as current assets 5 221,145 200,889
Cash at bank and in hand 754,113 720,756
1,324,319 1,384,929
Creditors: amounts falling due within one year 6 (258,340) (329,230)
Net current assets 1,065,979 1,055,699
Total assets less current liabilities 1,971,357 1,768,073
Provisions for liabilities (18,560) (14,400)
Net assets 1,952,797 1,753,673
Capital and reserves
Called up share capital 10,002 10,002
Capital reserve 7 1,243,663 1,243,663
Profit and loss account 699,132 500,008
Shareholders' funds 1,952,797 1,753,673
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.
A R Chapman
Director
Approved by the board on 2 August 2024
CHAPLANE ACCIDENT REPAIR CENTRE LTD
Notes to the Accounts
for the year ended 31 March 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 2% of the building element
Plant and machinery over 4 to 6 years
Motor vehicles 25% reducing method
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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 20 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 845,158 358,407 152,600 1,356,165
Additions 187,101 30,543 23,850 241,494
Disposals - (11,102) - (11,102)
At 31 March 2024 1,032,259 377,848 176,450 1,586,557
Depreciation
At 1 April 2023 242,673 301,582 99,536 643,791
Charge for the year 12,903 17,249 17,838 47,990
On disposals - (10,602) - (10,602)
At 31 March 2024 255,576 308,229 117,374 681,179
Net book value
At 31 March 2024 776,683 69,619 59,076 905,378
At 31 March 2023 602,485 56,825 53,064 712,374
Land and buildings -The directors believes that the value reflects the current market value and no revaluation is required.
4 Debtors 2024 2023
£ £
Trade debtors 290,756 357,964
Other debtors 17,884 62,271
308,640 420,235
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 221,145 200,889
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments 20,256 (27,349)
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 124,747 172,364
Taxation and social security costs 124,878 145,239
Other creditors 8,715 11,627
258,340 329,230
7 Other reserve 2024 2023
£ £
At 1 April 2023 1,243,663 1,243,663
At 31 March 2024 1,243,663 1,243,663
The other reserve records the value of assets taken over from a voluntarily liquidated company, in 2008
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 47,338 47,987
9 Other information
CHAPLANE ACCIDENT REPAIR CENTRE LTD is a private company limited by shares and incorporated in England. Its registered office is:
8 Blue Barns Business Park
Old Ipswich Road, Ardleigh
Colchester
Essex
CO7 7FX
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