Registered number
04089928
PAUL'S AUTO REPAIRS LIMITED
Filleted Accounts
31 December 2023
PAUL'S AUTO REPAIRS LIMITED
Registered number: 04089928
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 513,271 353,828
Current assets
Stocks 3,320 24,755
Debtors 4 301,163 320,367
Cash at bank and in hand 198,300 9,909
502,783 355,031
Creditors: amounts falling due within one year 5 (305,948) (160,304)
Net current assets 196,835 194,727
Total assets less current liabilities 710,106 548,555
Creditors: amounts falling due after more than one year 6 - (12,300)
Net assets 710,106 536,255
Capital and reserves
Called up share capital 100 100
Profit and loss account 710,006 536,155
Shareholders' funds 710,106 536,255
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 G Haddad Ms P Haddad
Director Director
Approved by the board on 12 August 2024
PAUL'S AUTO REPAIRS 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 work done and from the rendering of services.
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 over its expected useful life using the reducing balancr method as follows:
Building improvement 12.50%
Equipment and tools 15.00%
Motor vehicle 25.00%
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.
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 money purchase scheme are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 25 24
3 Tangible fixed assets
Building improvements Equipment and tools Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 533,107 269,559 131,649 934,315
Additions 237,478 8,104 - 245,582
At 31 December 2023 770,585 277,663 131,649 1,179,897
Depreciation
At 1 January 2023 346,543 170,582 63,362 580,487
Charge for the year 53,005 16,062 17,072 86,139
At 31 December 2023 399,548 186,644 80,434 666,626
Net book value
At 31 December 2023 371,037 91,019 51,215 513,271
At 31 December 2022 186,564 98,977 68,287 353,828
4 Debtors 2023 2022
£ £
Trade debtors 301,163 320,367
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 14,550 25,230
Trade creditors 60,541 -
Taxation and social security costs 184,446 74,947
Other creditors 46,411 60,127
305,948 160,304
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 12,300
7 Controlling party
The company was controlled throughout the current and previous period by it directors
Mr G Haddad and Ms P Haddad who between them own 70% of the ordinary share capital
of the companhy and members of their immediate family who own the remaining 30%
8 Other information
PAUL'S AUTO REPAIRS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
165 Nunhead Grove
London
SE15 3LS
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