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REGISTERED NUMBER: 04836689 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

AUTOPAINTS (BRIGHTON) LIMITED

AUTOPAINTS (BRIGHTON) LIMITED (REGISTERED NUMBER: 04836689)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

DRAFT



Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AUTOPAINTS (BRIGHTON) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DRAFT
DIRECTOR: P Wilcox





SECRETARY: Mrs J Wilcox





REGISTERED OFFICE: The Mill Building
31-35 Chatsworth Road
Worthing
West Sussex
BN11 1LY





REGISTERED NUMBER: 04836689 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

AUTOPAINTS (BRIGHTON) LIMITED (REGISTERED NUMBER: 04836689)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
DRAFT
FIXED ASSETS
Intangible assets 4 - 4,235
Tangible assets 5 738,731 764,162
Investments 6 10,155 -
748,886 768,397

CURRENT ASSETS
Stocks 7 85,000 85,000
Debtors 8 278,909 268,514
Cash at bank and in hand 826,691 785,470
1,190,600 1,138,984
CREDITORS
Amounts falling due within one year 9 173,890 206,633
NET CURRENT ASSETS 1,016,710 932,351
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,765,596

1,700,748

PROVISIONS FOR LIABILITIES 10 8,032 8,193
NET ASSETS 1,757,564 1,692,555

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 1,757,559 1,692,550
SHAREHOLDERS' FUNDS 1,757,564 1,692,555

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 November 2024 and were signed by:





P Wilcox - Director


AUTOPAINTS (BRIGHTON) LIMITED (REGISTERED NUMBER: 04836689)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
DRAFT

1. STATUTORY INFORMATION

Autopaints (Brighton) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

AUTOPAINTS (BRIGHTON) LIMITED (REGISTERED NUMBER: 04836689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
DRAFT

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 84,750
AMORTISATION
At 1 April 2023 80,515
Amortisation for year 4,235
At 31 March 2024 84,750
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 4,235

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 853,425 49,772 115,397 3,956 1,022,550
Additions - - 3,000 - 3,000
At 31 March 2024 853,425 49,772 118,397 3,956 1,025,550
DEPRECIATION
At 1 April 2023 134,032 38,714 82,584 3,058 258,388
Charge for year 17,068 2,768 8,368 227 28,431
At 31 March 2024 151,100 41,482 90,952 3,285 286,819
NET BOOK VALUE
At 31 March 2024 702,325 8,290 27,445 671 738,731
At 31 March 2023 719,393 11,058 32,813 898 764,162

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 10,155
At 31 March 2024 10,155
NET BOOK VALUE
At 31 March 2024 10,155

7. STOCKS
2024 2023
£    £   
Stocks 85,000 85,000

AUTOPAINTS (BRIGHTON) LIMITED (REGISTERED NUMBER: 04836689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
DRAFT

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 275,071 211,231
Loan Magicman - 47,500
Loan Mr Aerosol (5,993 ) 1,012
Loan re Autopaints South East 2,700 2,700
Prepayments 7,131 6,071
278,909 268,514

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 76 -
Trade creditors 88,094 131,441
Tax 48,213 49,223
Social security and other taxes 2,793 (505 )
VAT 28,604 20,981
Other creditors 2,457 2,075
Auto Enrol Control 282 238
Accrued expenses 3,371 3,180
173,890 206,633

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Provision Brought Forward 8,193 6,436
Provision Released in Year (161 ) 1,757
8,032 8,193

Deferred
tax
£   
Balance at 1 April 2023 8,193
Provided during year (161 )
Accelerated Capital allowances
Balance at 31 March 2024 8,032

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
P Wilcox
Balance outstanding at start of year - 3,983
Amounts advanced 47,646 41,630
Amounts repaid (47,646 ) (45,613 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

12. ULTIMATE CONTROLLING PARTY

The controlling party is P Wilcox.

This was by virtue of his more than 75% holding of the issued share capital.