Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 07959540 Mrs Judith Roberts Mr Philip Roberts Mr Matthew Roberts iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07959540 2023-03-31 07959540 2024-03-31 07959540 2023-04-01 2024-03-31 07959540 frs-core:CurrentFinancialInstruments 2024-03-31 07959540 frs-core:NetGoodwill 2024-03-31 07959540 frs-core:NetGoodwill 2023-04-01 2024-03-31 07959540 frs-core:NetGoodwill 2023-03-31 07959540 frs-core:MotorVehicles 2024-03-31 07959540 frs-core:MotorVehicles 2023-04-01 2024-03-31 07959540 frs-core:MotorVehicles 2023-03-31 07959540 frs-core:PlantMachinery 2024-03-31 07959540 frs-core:PlantMachinery 2023-04-01 2024-03-31 07959540 frs-core:PlantMachinery 2023-03-31 07959540 frs-core:ShareCapital 2024-03-31 07959540 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 07959540 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07959540 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 07959540 frs-bus:SmallEntities 2023-04-01 2024-03-31 07959540 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07959540 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07959540 frs-bus:Director1 2023-04-01 2024-03-31 07959540 frs-bus:Director2 2023-04-01 2024-03-31 07959540 frs-bus:Director3 2023-04-01 2024-03-31 07959540 frs-countries:EnglandWales 2023-04-01 2024-03-31 07959540 2022-03-31 07959540 2023-03-31 07959540 2022-04-01 2023-03-31 07959540 frs-core:CurrentFinancialInstruments 2023-03-31 07959540 frs-core:ShareCapital 2023-03-31 07959540 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 07959540
Phil's Auto Repairs Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Atkins & Co.
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07959540
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 16,800 18,900
Tangible Assets 5 11,368 11,641
28,168 30,541
CURRENT ASSETS
Stocks 6 1,250 1,200
Debtors 7 10,435 12,652
Cash at bank and in hand 38,457 21,506
50,142 35,358
Creditors: Amounts Falling Due Within One Year 8 (75,928 ) (64,164 )
NET CURRENT ASSETS (LIABILITIES) (25,786 ) (28,806 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,382 1,735
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,566 ) (1,344 )
NET ASSETS 816 391
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 814 389
SHAREHOLDERS' FUNDS 816 391
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Philip Roberts
Director
13/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Phil's Auto Repairs Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07959540 . The registered office is 47a Moorland Road, Weston-super-Mare, BS23 4HW.
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. 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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 6)
5 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 42,000
As at 31 March 2024 42,000
Amortisation
As at 1 April 2023 23,100
Provided during the period 2,100
As at 31 March 2024 25,200
Net Book Value
As at 31 March 2024 16,800
As at 1 April 2023 18,900
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5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 27,439 5,900 33,339
Additions 3,516 - 3,516
As at 31 March 2024 30,955 5,900 36,855
Depreciation
As at 1 April 2023 18,556 3,142 21,698
Provided during the period 3,099 690 3,789
As at 31 March 2024 21,655 3,832 25,487
Net Book Value
As at 31 March 2024 9,300 2,068 11,368
As at 1 April 2023 8,883 2,758 11,641
6. Stocks
2024 2023
£ £
Stock 1,250 1,200
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,417 210
Other debtors 4,018 4,018
Directors' loan accounts - 8,424
10,435 12,652
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,151 3,619
Bank loans and overdrafts 27,500 37,500
Corporation tax 18,999 13,292
Other taxes and social security 2,287 1,310
VAT 10,080 6,993
...CONTINUED
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Other creditors 107 -
Accruals and deferred income 1,622 1,450
Directors' loan accounts 4,182 -
75,928 64,164
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
2024
2023
£
£
Balance outstanding at start of year
8,424
(11,775)
Amounts advanced
68,586
118,087
Amounts repaid
(81,192)
(97,888)
Amounts written off
-
-
Amounts waived
-
-
image
image
Balance outstanding at end of year
(4,182)
image
8,424
image
The above loan is unsecured, interest free and repayable on demand.
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