REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
EAST GRINSTEAD CRASH REPAIRS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
EAST GRINSTEAD CRASH REPAIRS LIMITED |
EAST GRINSTEAD CRASH REPAIRS LIMITED (Registered number: 06340573) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
EAST GRINSTEAD CRASH REPAIRS LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 NOVEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Annexe |
Minerva House |
Bordyke |
Tonbridge |
Kent |
TN9 1NR |
BANKERS: |
EAST GRINSTEAD CRASH REPAIRS LIMITED (Registered number: 06340573) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 NOVEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Motor Vehicle Repairers. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
£37.50 | - 30 November 2022 |
£37.50 | - 24 March 2023 |
£37.50 | - 23 June 2023 |
£37.50 | - 22 September 2023 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30 November 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
ON BEHALF OF THE BOARD: |
EAST GRINSTEAD CRASH REPAIRS LIMITED (Registered number: 06340573) |
INCOME STATEMENT |
for the Year Ended 30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
288,751 | 203,316 |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
EAST GRINSTEAD CRASH REPAIRS LIMITED (Registered number: 06340573) |
BALANCE SHEET |
30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
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. |
EAST GRINSTEAD CRASH REPAIRS LIMITED (Registered number: 06340573) |
BALANCE SHEET - continued |
30 NOVEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
EAST GRINSTEAD CRASH REPAIRS LIMITED (Registered number: 06340573) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
EAST GRINSTEAD CRASH REPAIRS LIMITED is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Goodwill is to be written off over the estimated period of useful life being 20 years. |
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 |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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. |
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. |
EAST GRINSTEAD CRASH REPAIRS LIMITED (Registered number: 06340573) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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 |
30.11.23 | 30.11.22 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
30.11.23 | 30.11.22 |
Vehicle Repair Operatives | 12 | 11 |
Office Administration | 4 | 4 |
30.11.23 | 30.11.22 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.11.23 | 30.11.22 |
£ | £ |
Depreciation - owned assets |
Goodwill amortisation |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.11.23 | 30.11.22 |
£ | £ |
Current tax: |
UK corporation tax |
Adjustment in respect of preceding year. | 96 | 108 |
Tax on profit |
UK corporation tax has been charged at 23% (2022 - 19%). |
EAST GRINSTEAD CRASH REPAIRS LIMITED (Registered number: 06340573) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 NOVEMBER 2023 |
6. | DIVIDENDS |
30.11.23 | 30.11.22 |
£ | £ |
Ordinary Shares shares of £1 each |
Interim |
7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Amortisation for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
8. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
9. | STOCKS |
30.11.23 | 30.11.22 |
£ | £ |
Work in Progress |
EAST GRINSTEAD CRASH REPAIRS LIMITED (Registered number: 06340573) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 NOVEMBER 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade Debtors |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Invoice Discounting Debenture |
Invoice Discounting Finance | 17,233 | 39,148 |
Trade Creditors |
Corporation Tax |
Social security and other taxes |
Value Added Tax | 44,796 | 41,398 |
Accrued Expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans - 2-5 years |
Directors Loan Accounts | 65,189 | 87,931 |
13. | SECURED DEBTS |
The Debenture is charged over all assets in favour of The Royal Bank of Scotland. |
14. | PROVISIONS FOR LIABILITIES |
30.11.23 | 30.11.22 |
£ | £ |
Deferred tax | 3,000 | 3,000 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Provision for the Year |
Balance at 30 November 2023 |
EAST GRINSTEAD CRASH REPAIRS LIMITED (Registered number: 06340573) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 NOVEMBER 2023 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | £ | £ |
Ordinary Shares | £1 | 1,000 | 1,000 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 November 2023 |