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Company registration number: NI038093
A1 Coachworks Ltd
Unaudited filleted financial statements
31 January 2024
A1 Coachworks Ltd
Contents
Directors and other information
Accountants' report
Balance sheet
Notes to the financial statements
A1 Coachworks Ltd
Directors and other information
Directors Mary McIlhagga
Eugene Elliott
Secretary Mary McIlhagga
Company number NI038093
Registered office 27 Dromore Road
Hillsborough
Co. Down
BT26 6HS
Business address 117 Halftown Road
Lisburn
BT27 SRF
Accountants Jones Peters
Hughes House
6/7 Church Street
Banbridge
Co. Down
BT32 4AA
A1 Coachworks Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of A1 Coachworks Ltd
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A1 Coachworks Ltd for the year ended 31 January 2024 which comprise the balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of A1 Coachworks Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A1 Coachworks Ltd and state those matters that we have agreed to state to the board of directors of A1 Coachworks Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A1 Coachworks Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that A1 Coachworks Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A1 Coachworks Ltd. You consider that A1 Coachworks Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of A1 Coachworks Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
Hughes House
6/7 Church Street
Banbridge
Co. Down
BT32 4AA
5 July 2024
A1 Coachworks Ltd
Balance sheet
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 14,395 15,609
_______ _______
14,395 15,609
Current assets
Stocks 12,699 39,734
Debtors 6 75,781 6,935
Cash at bank and in hand 118,392 108,311
_______ _______
206,872 154,980
Creditors: amounts falling due
within one year 7 ( 199,160) ( 162,629)
_______ _______
Net current assets/(liabilities) 7,712 ( 7,649)
_______ _______
Total assets less current liabilities 22,107 7,960
_______ _______
Net assets 22,107 7,960
_______ _______
Capital and reserves
Called up share capital 8 2 2
Profit and loss account 22,105 7,958
_______ _______
Shareholders funds 22,107 7,960
_______ _______
For the year ending 31 January 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 profit and loss and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 July 2024 , and are signed on behalf of the board by:
Mary McIlhagga Eugene Elliott
Director Director
Company registration number: NI038093
A1 Coachworks Ltd
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is A1 Coachworks Ltd, 27 Dromore Road, Hillsborough, Co. Down, BT26 6HS.
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.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.
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.
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 - 10 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
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 by the directors, 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.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 32,809 12,106 23,175 68,090
Additions 3,588 442 - 4,030
_______ _______ _______ _______
At 31 January 2024 36,397 12,548 23,175 72,120
_______ _______ _______ _______
Depreciation
At 1 February 2023 19,104 10,202 23,175 52,481
Charge for the year 3,316 1,928 - 5,244
_______ _______ _______ _______
At 31 January 2024 22,420 12,130 23,175 57,725
_______ _______ _______ _______
Net book value
At 31 January 2024 13,977 418 - 14,395
_______ _______ _______ _______
At 31 January 2023 13,705 1,904 - 15,609
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 71,838 3,363
Other debtors 3,943 3,572
_______ _______
75,781 6,935
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 72,360 40,238
Corporation tax 4,667 441
Social security and other taxes 10,757 12,063
Directors loan account 64,426 64,426
Other creditors 46,950 45,461
_______ _______
199,160 162,629
_______ _______
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
9. Controlling party
The company is controlled by the directors.