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Registration number: 06585360

Sidmouth Body Repairs Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Sidmouth Body Repairs Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Sidmouth Body Repairs Limited

(Registration number: 06585360)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

303,776

306,205

Current assets

 

Stocks

6

332,156

337,185

Debtors

7

68,859

68,011

Cash at bank and in hand

 

517,548

374,835

 

918,563

780,031

Creditors: Amounts falling due within one year

8

(479,127)

(424,201)

Net current assets

 

439,436

355,830

Total assets less current liabilities

 

743,212

662,035

Provisions for liabilities

(8,207)

(8,850)

Net assets

 

735,005

653,185

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

735,002

653,182

Shareholders' funds

 

735,005

653,185

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

 

Sidmouth Body Repairs Limited

(Registration number: 06585360)
Statement of Financial Position as at 30 June 2024 (continued)


Mrs Julia Louise McDonald
Company secretary and director


Mr John G.C. McDonald
Director


Mr Matthew John McDonald
Director

 

Sidmouth Body Repairs Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Marine Garage
Station Road
Sidmouth
Devon
EX10 9DN

Principal activity

The principal activity of the company is Automotive body repairs and Bike sales

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Sidmouth Body Repairs Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Sidmouth Body Repairs Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

15% Straight line on bike showroom

Office equipment

Straight line over 3 years

Plant & machinery

15% Straight line

Motor vehicles

25% Reducing balance

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Sidmouth Body Repairs Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Sidmouth Body Repairs Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

48,051

48,051

At 30 June 2024

48,051

48,051

Amortisation

At 1 July 2023

48,051

48,051

At 30 June 2024

48,051

48,051

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

280,323

11,976

1,044

109,772

403,115

Additions

-

8,635

339

-

8,974

At 30 June 2024

280,323

20,611

1,383

109,772

412,089

Depreciation

At 1 July 2023

13,440

8,255

1,042

74,173

96,910

Charge for the year

534

1,854

115

8,900

11,403

At 30 June 2024

13,974

10,109

1,157

83,073

108,313

Carrying amount

At 30 June 2024

266,349

10,502

226

26,699

303,776

At 30 June 2023

266,883

3,721

2

35,599

306,205

Included within the net book value of land and buildings above is £266,349 (2023 - £266,883) in respect of freehold land and buildings
 

 

Sidmouth Body Repairs Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

332,156

337,185

7

Debtors

2024
£

2023
£

Trade debtors

32,461

61,631

Other debtors

10,788

-

Prepayments

25,610

6,380

68,859

68,011

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

34,362

15,348

Taxation and social security

52,797

60,340

Accruals and deferred income

7,832

3,900

Other creditors

384,136

344,613

479,127

424,201

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Sidmouth Body Repairs Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

(344,613)

38,477

(78,000)

(384,136)

         
       

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

(319,466)

64,853

(90,000)

(344,613)