Body Smart Repairs Limited 05850716 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is vehicle bodywork repairs Digita Accounts Production Advanced 6.30.9574.0 true 05850716 2023-07-01 2024-06-30 05850716 2024-06-30 05850716 bus:OrdinaryShareClass1 bus:OtherShareType 2024-06-30 05850716 core:FinanceLeases core:CurrentFinancialInstruments 2024-06-30 05850716 core:CurrentFinancialInstruments 2024-06-30 05850716 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 05850716 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 05850716 core:Goodwill 2024-06-30 05850716 core:FurnitureFittingsToolsEquipment 2024-06-30 05850716 core:MotorVehicles 2024-06-30 05850716 core:OtherPropertyPlantEquipment 2024-06-30 05850716 bus:SmallEntities 2023-07-01 2024-06-30 05850716 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05850716 bus:FullAccounts 2023-07-01 2024-06-30 05850716 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 05850716 bus:RegisteredOffice 2023-07-01 2024-06-30 05850716 bus:CompanySecretaryDirector2 2023-07-01 2024-06-30 05850716 bus:Director2 2023-07-01 2024-06-30 05850716 bus:OrdinaryShareClass1 bus:OtherShareType 2023-07-01 2024-06-30 05850716 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05850716 core:Goodwill 2023-07-01 2024-06-30 05850716 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 05850716 core:MotorVehicles 2023-07-01 2024-06-30 05850716 core:OfficeEquipment 2023-07-01 2024-06-30 05850716 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 05850716 core:PlantMachinery 2023-07-01 2024-06-30 05850716 countries:AllCountries 2023-07-01 2024-06-30 05850716 2023-06-30 05850716 core:Goodwill 2023-06-30 05850716 core:FurnitureFittingsToolsEquipment 2023-06-30 05850716 core:MotorVehicles 2023-06-30 05850716 core:OtherPropertyPlantEquipment 2023-06-30 05850716 2022-07-01 2023-06-30 05850716 2023-06-30 05850716 bus:OrdinaryShareClass1 bus:OtherShareType 2023-06-30 05850716 core:FinanceLeases core:CurrentFinancialInstruments 2023-06-30 05850716 core:CurrentFinancialInstruments 2023-06-30 05850716 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 05850716 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 05850716 core:FurnitureFittingsToolsEquipment 2023-06-30 05850716 core:MotorVehicles 2023-06-30 05850716 core:OtherPropertyPlantEquipment 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05850716

Body Smart Repairs Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Body Smart Repairs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Body Smart Repairs Limited

Company Information

Directors

Mrs Alison Morrall

Mr Stephen Thomas Morrall

Company secretary

Mrs Alison Morrall

Registered office

6 Willow Grove
Welwyn Garden City
Hertfordshire
AL8 7NA

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Body Smart Repairs Limited

(Registration number: 05850716)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

23,351

1,348

Current assets

 

Stocks

6

250

250

Debtors

7

18,805

18,170

Cash at bank and in hand

 

113,933

101,761

 

132,988

120,181

Creditors: Amounts falling due within one year

8

(26,152)

(24,009)

Net current assets

 

106,836

96,172

Total assets less current liabilities

 

130,187

97,520

Creditors: Amounts falling due after more than one year

8

(17,131)

-

Provisions for liabilities

(5,838)

(256)

Net assets

 

107,218

97,264

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

107,118

97,164

Shareholders' funds

 

107,218

97,264

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

 

Body Smart Repairs Limited

(Registration number: 05850716)
Balance Sheet as at 30 June 2024

.........................................
Mr Stephen Thomas Morrall
Director

 

Body Smart 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 Other.

The address of its registered office is:
6 Willow Grove
Welwyn Garden City
Hertfordshire
AL8 7NA
UK

The principal place of business is:
6 Willow Grove
Welwyn Garden City
Hertfordshire
AL8 7NA
UK

These financial statements were authorised for issue by the Board on 10 September 2024.

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.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

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 sales/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.

 

Body Smart Repairs Limited

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

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 balance sheet 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.

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

Plant and machinery

25% RB

Office Equipment

25% RB

Motor Vehicles

25% RB

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:

Asset class

Amortisation method and rate

Goodwill

Equal annual instalments over estimated useful life

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Body Smart Repairs Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Body Smart Repairs Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Body Smart Repairs Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Body Smart Repairs Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

25,000

25,000

At 30 June 2024

25,000

25,000

Amortisation

At 1 July 2023

25,000

25,000

At 30 June 2024

25,000

25,000

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

7,257

14,496

1,183

22,936

Additions

909

23,970

-

24,879

Disposals

-

(12,576)

-

(12,576)

At 30 June 2024

8,166

25,890

1,183

35,239

Depreciation

At 1 July 2023

6,623

13,782

1,183

21,588

Charge for the year

169

2,133

-

2,302

Eliminated on disposal

-

(12,002)

-

(12,002)

At 30 June 2024

6,792

3,913

1,183

11,888

Carrying amount

At 30 June 2024

1,374

21,977

-

23,351

At 30 June 2023

634

714

-

1,348

6

Stocks

2024
£

2023
£

Other inventories

250

250

 

Body Smart Repairs Limited

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

7

Debtors

2024
£

2023
£

Trade debtors

13,764

11,232

Directors Loan Account

5,041

6,938

18,805

18,170

 

Body Smart Repairs Limited

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

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

735

352

Taxation and social security

5,499

7,052

Accruals and deferred income

184

182

Other creditors

-

1

Corporation tax

16,101

16,422

Hire Purchase under 1 year

3,633

-

26,152

24,009

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Hire Purchase over 1 year

17,131

-

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

3,633

-