REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Bromsgrove Accident Repair |
Centre Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Bromsgrove Accident Repair |
Centre Limited |
Bromsgrove Accident Repair |
Centre Limited (Registered number: 01308385) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
Bromsgrove Accident Repair |
Centre Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1 Aston Court |
Bromsgrove Technology Park |
Bromsgrove |
Worcestershire |
B60 3AL |
Bromsgrove Accident Repair |
Centre Limited (Registered number: 01308385) |
Abridged Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 5 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Bromsgrove Accident Repair |
Centre Limited (Registered number: 01308385) |
Abridged Balance Sheet - continued |
30 April 2024 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Bromsgrove Accident Repair |
Centre Limited (Registered number: 01308385) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Bromsgrove Accident Repair Centre Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
In accordance with Financial Reporting Standard 102 Section 1a, investment property is included at fair value and gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided, which is a departure from the Companies Act 2006, but is required to provide a true and fair view. The directors undertake an annual review of valuations. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Operating lease income |
Rental from operating leases is recognised on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Bromsgrove Accident Repair |
Centre Limited (Registered number: 01308385) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
and 30 April 2024 | 32,540 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Included in fair value of investment property is freehold land of £ 100,000 (2023 - £ 100,000 ) which is not depreciated. |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2002 | 187,135 |
Valuation in 2007 | 12,460 |
Valuation in 2009 | 32,540 |
Valuation in 2017 | (65,000 | ) |
Valuation in 2021 | 70,000 |
Valuation in 2023 | 215,000 |
Cost | 345,405 |
797,540 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 345,405 | 345,405 |
Aggregate depreciation | (32,540 | ) | (32,540 | ) |
Investment property was valued on an open market basis on 30 April 2024 by the director . |
The director has reviewed the last professional valuation and the current market for commercial property whilst discussing lease renewals with tenants and is of the opinion that the market value of the property is £765,000. |
Bromsgrove Accident Repair |
Centre Limited (Registered number: 01308385) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 May 2023 |
Restatement to fair value | (32,540 | ) |
At 30 April 2024 |
6. | CONTINGENT LIABILITIES |
There were no material contingent liabilities at the year end. |
7. | POST BALANCE SHEET EVENTS |
There were no material post balance sheet events. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Bromsgrove Accident Repair |
Centre Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bromsgrove Accident Repair Centre Limited for the year ended 30 April 2024 which comprise the Abridged Income Statement, Abridged Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Bromsgrove Accident Repair Centre Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bromsgrove Accident Repair Centre Limited and state those matters that we have agreed to state to the director of Bromsgrove Accident Repair Centre Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bromsgrove Accident Repair Centre Limited and its director for our work or for this report. |
It is your duty to ensure that Bromsgrove Accident Repair Centre 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 Bromsgrove Accident Repair Centre Limited. You consider that Bromsgrove Accident Repair Centre 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 Bromsgrove Accident Repair Centre 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. |
1 Aston Court |
Bromsgrove Technology Park |
Bromsgrove |
Worcestershire |
B60 3AL |