Company registration number 03913874 (England and Wales)
CARDIFF BAY AUTO CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CARDIFF BAY AUTO CENTRE LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CARDIFF BAY AUTO CENTRE LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CARDIFF BAY AUTO CENTRE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
34,277
32,845
Current assets
Stocks
1,786
1,701
Debtors
5
9,015
11,012
Cash at bank and in hand
15,652
9,922
26,453
22,635
Creditors: amounts falling due within one year
6
(32,875)
(23,948)
Net current liabilities
(6,422)
(1,313)
Total assets less current liabilities
27,855
31,532
Creditors: amounts falling due after more than one year
7
-
0
(1,333)
Provisions for liabilities
(2,476)
(3,218)
Net assets
25,379
26,981
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
25,378
26,980
Total equity
25,379
26,981

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CARDIFF BAY AUTO CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 7 October 2024
Mr Laurence Parfitt
Director
Company registration number 03913874 (England and Wales)
CARDIFF BAY AUTO CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Cardiff Bay Auto Centre Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03913874. The registered office is Unit 5, Seawall Road, Tremorfa, Cardiff, South Glamorgan, CF24 5TH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% Reducing balance
Motor vehicles
25% Reducing balance
CARDIFF BAY AUTO CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,656
2,644
CARDIFF BAY AUTO CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Taxation
2024
2023
£
£
(Continued)
- 6 -
Deferred tax
Origination and reversal of timing differences
(742)
(138)
Total tax charge
914
2,506

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,812
13,481
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
914
2,561
Depreciation
1,722
985
Capital allowance
(980)
(902)
Short term timing differences
(742)
(138)
Taxation charge for the year
914
2,506
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
54,526
30,250
84,776
Business combinations
495
10,000
10,495
At 31 March 2024
55,021
40,250
95,271
Depreciation and impairment
At 1 April 2023
41,777
10,154
51,931
Depreciation charged in the year
1,956
7,107
9,063
At 31 March 2024
43,733
17,261
60,994
Carrying amount
At 31 March 2024
11,288
22,989
34,277
At 31 March 2023
12,749
20,096
32,845
CARDIFF BAY AUTO CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,640
10,719
Other debtors
375
293
9,015
11,012
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,333
4,000
Trade creditors
192
15
Amounts owed to group undertakings and undertakings in which the company has a participating interest
11,458
7,161
Corporation tax
1,656
2,644
Other taxation and social security
198
111
Other creditors
18,038
10,017
32,875
23,948
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
1,333
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
9
Related party transactions

As at the balance sheet date, the company owed the director £18,038 (2023: £9,038).

 

The company paid the director dividends of £5,500 (2023: £5,350)


L S Parfitt is also director and shareholder of Parfitt Tyre Co Limited.


As at the balance sheet date, Parfitt Tyre Co Limited was owed £11,458 (2023: £7,161).

10
Ultimate Controlling Party

The company's ultimate controlling party is Mr Laurence Parfitt by virtue of his ownership of 100% of the issued share capital in the company.

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