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Registered number: 11157240
Smart Repair North East Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11157240
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Fixed Assets 5 - 917
- 917
CURRENT ASSETS
Debtors 6 - 2,987
Cash at bank and in hand 322 1,299
322 4,286
Creditors: Amounts Falling Due Within One Year 7 (36,366 ) (15,083 )
NET CURRENT ASSETS (LIABILITIES) (36,044 ) (10,797 )
TOTAL ASSETS LESS CURRENT LIABILITIES (36,044 ) (9,880 )
Creditors: Amounts Falling Due After More Than One Year 8 (9,570 ) (11,250 )
NET LIABILITIES (45,614 ) (21,130 )
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account (45,616 ) (21,132 )
SHAREHOLDERS' FUNDS (45,614) (21,130)
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J Espin
Director
25 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Smart Repair North East Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11157240 . The registered office is 5 Aislaby Road, Eaglescliffe, Stockton-On-Tees, TS16 0JJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, following a dispite with the former franchise. The director considers that the company is unlikely to continue to trade and as such, the director may seek to wind the company up.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the franchise fee for Smart Repair. It was amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance basis
3. Average Number of Employees
The average monthly number of persons (including directrs) employed by the company during the year was:  1 (2022: 3)
1 3
4. Intangible Fixed Assets
Franchise Fee - 5 year straight line
£
Cost
As at 1 January 2023 1,505
As at 31 December 2023 1,505
Amortisation
As at 1 January 2023 1,505
As at 31 December 2023 1,505
...CONTINUED
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Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Fixed Assets
Fixtures & Fittings
£
Cost
As at 1 January 2023 1,630
Disposals (1,630 )
Depreciation
As at 1 January 2023 713
Disposals (713 )
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 917
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 376
Other debtors - 2,611
- 2,987
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,001 1,810
Bank loans and overdrafts 1,125 1,125
Other creditors 29,063 4,135
Taxation and social security 5,177 8,013
36,366 15,083
At the year end, creditors included a balance due to the company director of £27,595.
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans and overdrafts 9,443 11,250
Other loans 127 -
9,570 11,250
Page 4
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10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 7,577 8,777
Later than one year and not later than five years 5,966 13,543
13,543 22,320
The company entered into a 3 year lease relating to the business premises, commencing 2nd October 2021. The annual rent charged under the lease is £4,800pa. The company director is a guarator of the lease.
The company entered into a 4 year vehicle lease, commencing 27th July 2022. The monthly rental charge (including service charge) is £331.44.
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors: 2023 nil (2022 £2,611)
The above loan is unsecured, interest free and repayable on demand.
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