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Company registration number: 03384519
(England and Wales)
COLCHESTER GENERAL REPAIRS LIMITED
Unaudited filleted financial statements
for the year ended
30 June 2024
COLCHESTER GENERAL REPAIRS LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
COLCHESTER GENERAL REPAIRS LIMITED
Directors and other information
Directors Mrs K E Horwood
Mr P T M Horwood
Secretary K Horwood
Company number 03384519
Registered office Unit 1 Pertwees Yard
Maudlyn Road
Colchester
Essex
CO1 2GU
Business address Unit 1 Pertwees Yard
Maudlyn Road
Colchester
Essex
CO1 2GU
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
COLCHESTER GENERAL REPAIRS LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of COLCHESTER GENERAL REPAIRS LIMITED
Year ended 30 June 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 COLCHESTER GENERAL REPAIRS LIMITED for the year ended 30 June 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of COLCHESTER GENERAL REPAIRS LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of COLCHESTER GENERAL REPAIRS LIMITED and state those matters that we have agreed to state to the board of directors of COLCHESTER GENERAL REPAIRS LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than COLCHESTER GENERAL REPAIRS LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that COLCHESTER GENERAL REPAIRS LIMITED 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 COLCHESTER GENERAL REPAIRS LIMITED. You consider that COLCHESTER GENERAL REPAIRS LIMITED 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 COLCHESTER GENERAL REPAIRS LIMITED. 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.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
12 November 2024
COLCHESTER GENERAL REPAIRS LIMITED
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 229,195 198,015
_______ _______
229,195 198,015
Current assets
Stocks 9,654 2,988
Debtors 6 219,238 62,195
Cash at bank and in hand 221,243 343,155
_______ _______
450,135 408,338
Creditors: amounts falling due
within one year 7 ( 42,943) ( 43,779)
_______ _______
Net current assets 407,192 364,559
_______ _______
Total assets less current liabilities 636,387 562,574
Provisions for liabilities ( 53,631) ( 45,061)
_______ _______
Net assets 582,756 517,513
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 582,556 517,313
_______ _______
Shareholders funds 582,756 517,513
_______ _______
For the 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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 November 2024 , and are signed on behalf of the board by:
Mr P T M Horwood
Director
Company registration number: 03384519
COLCHESTER GENERAL REPAIRS LIMITED
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 1 Pertwees Yard, Maudlyn Road, Colchester, Essex, CO1 2GU.
The principal activity of the company continues to be that of vehicle repair and maintenance.
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.
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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 - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Office equipment - 25 % reducing balance
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, 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 6 (2023: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Office equipment Total
£ £ £ £ £
Cost
At 1 July 2023 158,634 13,202 186,408 8,717 366,961
Additions 40,650 - 101,155 299 142,104
Disposals - - ( 69,067) - ( 69,067)
_______ _______ _______ _______ _______
At 30 June 2024 199,284 13,202 218,496 9,016 439,998
_______ _______ _______ _______ _______
Depreciation
At 1 July 2023 65,257 11,788 86,405 5,496 168,946
Charge for the year 26,378 353 31,581 812 59,124
Disposals - - ( 17,267) - ( 17,267)
_______ _______ _______ _______ _______
At 30 June 2024 91,635 12,141 100,719 6,308 210,803
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2024 107,649 1,061 117,777 2,708 229,195
_______ _______ _______ _______ _______
At 30 June 2023 93,377 1,414 100,003 3,221 198,015
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 66,329 59,089
Other debtors 152,909 3,106
_______ _______
219,238 62,195
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 14,105 19,335
Corporation tax 17,534 9,503
Taxation and social security 9,200 12,212
Other creditors 2,104 2,729
_______ _______
42,943 43,779
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs K E Horwood and Mr P T M Horwood ( 526) 173,172 ( 23,250) 149,396
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs K E Horwood and Mr P T M Horwood ( 2,659) 17,133 ( 15,000) ( 526)
_______ _______ _______ _______