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Company registration number: 06823872
Total Repair Service Ltd
Unaudited filleted financial statements
31 March 2024
Total Repair Service Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Total Repair Service Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 178,352 108,511
_______ _______
178,352 108,511
Current assets
Stocks 67,857 49,427
Debtors 6 266,459 439,458
Cash at bank and in hand 147,855 31,256
_______ _______
482,171 520,141
Creditors: amounts falling due
within one year 7 ( 425,930) ( 413,521)
_______ _______
Net current assets 56,241 106,620
_______ _______
Total assets less current liabilities 234,593 215,131
Creditors: amounts falling due
after more than one year 8 ( 109,381) ( 87,333)
Provisions for liabilities ( 33,887) ( 25,889)
_______ _______
Net assets 91,325 101,909
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 91,225 101,809
_______ _______
Shareholders funds 91,325 101,909
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Ms R C Matthews
Director
Company registration number: 06823872
Total Repair Service Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 24,628 24,728
Profit for the year 149,785 149,785
_______ _______ _______
Total comprehensive income for the year - 149,785 149,785
Dividends paid and payable ( 72,604) ( 72,604)
_______ _______ _______
Total investments by and distributions to owners - ( 72,604) ( 72,604)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 101,809 101,909
Profit for the year 68,005 68,005
_______ _______ _______
Total comprehensive income for the year - 68,005 68,005
Dividends paid and payable ( 78,589) ( 78,589)
_______ _______ _______
Total investments by and distributions to owners - ( 78,589) ( 78,589)
_______ _______ _______
At 31 March 2024 100 91,225 91,325
_______ _______ _______
Total Repair Service Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 25a Plympton Park, 10 Bell Close, Plymouth, Devon, PL7 4FD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Improvements to property - over the term of the lease
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Principle Activity
The principle activy of the company is that of property maintenance services
4. Staff costs
The average number of persons employed by the company during the year amounted to 26 (2023: 23 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 803,759 690,969
Social security costs 83,277 58,431
Other pension costs 40,142 14,224
_______ _______
927,178 763,624
_______ _______
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 27,202 11,084 75,279 122,690 236,255
Additions - 7,455 3,573 105,500 116,528
Disposals - ( 2,422) ( 13,668) ( 5,995) ( 22,085)
_______ _______ _______ _______ _______
At 31 March 2024 27,202 16,117 65,184 222,195 330,698
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 20,097 5,239 51,527 50,881 127,744
Charge for the year 888 1,627 6,046 34,938 43,499
Disposals - ( 1,387) ( 12,287) ( 5,223) ( 18,897)
_______ _______ _______ _______ _______
At 31 March 2024 20,985 5,479 45,286 80,596 152,346
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 6,217 10,638 19,898 141,599 178,352
_______ _______ _______ _______ _______
At 31 March 2023 7,105 5,845 23,752 71,809 108,511
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 247,504 424,476
Other debtors 18,955 14,982
_______ _______
266,459 439,458
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 20,014 35,746
Trade creditors 209,225 207,964
Corporation tax 1,549 31,684
Social security and other taxes 126,054 90,601
Other creditors 69,088 47,526
_______ _______
425,930 413,521
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 23,350 43,360
Other creditors 86,031 43,973
_______ _______
109,381 87,333
_______ _______
Creditors includes hire purchase liabilities of £134,225 (31 March 2023: £68,880) secured against certain fixed assets.Bank loans includes a Coronavirus Business Interruption Loan Scheme (CBILS) loan of £43,364 (31 March 2023 : £63,373) secured by a government backed loan scheme.