Registered number
10485598
RATCLIFFE ACCIDENT REPAIR CENTRE LIMITED
Filleted Accounts
30 November 2023
RATCLIFFE ACCIDENT REPAIR CENTRE LIMITED
Registered number: 10485598
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 16,399 11,551
Current assets
Stocks 6,850 7,750
Debtors 4 9,605 13,720
Cash at bank and in hand 9,428 10,083
25,883 31,553
Creditors: amounts falling due within one year 5 (80,859) (72,077)
Net current liabilities (54,976) (40,524)
Net liabilities (38,577) (28,973)
Capital and reserves
Called up share capital 100 100
Profit and loss account (38,677) (29,073)
Shareholders' funds (38,577) (28,973)
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 W M Ratcliffe
Director
Approved by the board on 21 August 2024
RATCLIFFE ACCIDENT REPAIR CENTRE LIMITED
Notes to the Accounts
for the year ended 30 November 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 receivable, net of value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
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, as follows:
Plant and machinery 15% per annum reducing balance basis
Motor vehicles 20% per annum reducing balance basis
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. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 8,053 10,700 18,753
Additions 974 6,700 7,674
At 30 November 2023 9,027 17,400 26,427
Depreciation
At 1 December 2022 4,768 2,434 7,202
Charge for the year 615 2,211 2,826
At 30 November 2023 5,383 4,645 10,028
Net book value
At 30 November 2023 3,644 12,755 16,399
At 30 November 2022 3,285 8,266 11,551
4 Debtors 2023 2022
£ £
Trade debtors and prepayments 9,605 13,720
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors and accruals 8,945 20,886
Other taxes and social security costs 4,214 7,652
Other creditors - directors' loan accounts 67,700 43,539
80,859 72,077
6 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
7 Contingent liabilities
There were no contingent liabilities in existence at the year end.
8 Controlling party
The company is under the control of the two directors who own 40% each of the issued ordinary share capital.
9 Other information
RATCLIFFE ACCIDENT REPAIR CENTRE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
12 Broomstairs Industrial Estate
Watson Street
Denton
Manchester
M34 3EN
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