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REGISTERED NUMBER: 07988321 (England and Wales)















Financial Statements for the Year Ended 31st March 2024

for

Pete Collins Motor Repairs Ltd

Pete Collins Motor Repairs Ltd (Registered number: 07988321)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Pete Collins Motor Repairs Ltd

Company Information
for the Year Ended 31st March 2024







DIRECTORS: P E F Collins
Mrs J Collins





REGISTERED OFFICE: 51 West Street
Winterton
Scunthorpe
DN15 9QG





REGISTERED NUMBER: 07988321 (England and Wales)





ACCOUNTANTS: Peter R Burton Accountants
43 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PN

Pete Collins Motor Repairs Ltd (Registered number: 07988321)

Balance Sheet
31st March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 38,802 36,263
38,802 36,263

CURRENT ASSETS
Debtors 6 3,086 34,343
Cash at bank 5,006 36,965
8,092 71,308
CREDITORS
Amounts falling due within one year 7 51,827 92,058
NET CURRENT LIABILITIES (43,735 ) (20,750 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,933

)

15,513

CREDITORS
Amounts falling due after more than
one year

8

(14,961

)

(20,960

)

PROVISIONS FOR LIABILITIES 9 (5,009 ) (4,509 )
NET LIABILITIES (24,903 ) (9,956 )

Pete Collins Motor Repairs Ltd (Registered number: 07988321)

Balance Sheet - continued
31st March 2024

31.3.24 31.3.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 11 (24,905 ) (9,958 )
SHAREHOLDERS' FUNDS (24,903 ) (9,956 )

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 4th November 2024 and were signed on its behalf by:





P E F Collins - Director


Pete Collins Motor Repairs Ltd (Registered number: 07988321)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Pete Collins Motor Repairs Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten 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.
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost

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.


Pete Collins Motor Repairs Ltd (Registered number: 07988321)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 4 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 10,000
AMORTISATION
At 1st April 2023
and 31st March 2024 10,000
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

Pete Collins Motor Repairs Ltd (Registered number: 07988321)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st April 2023 12,000 65,619 25,050 102,669
Additions - 3,288 14,573 17,861
At 31st March 2024 12,000 68,907 39,623 120,530
DEPRECIATION
At 1st April 2023 - 53,330 13,076 66,406
Charge for year - 7,486 7,836 15,322
At 31st March 2024 - 60,816 20,912 81,728
NET BOOK VALUE
At 31st March 2024 12,000 8,091 18,711 38,802
At 31st March 2023 12,000 12,289 11,974 36,263

6. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Other debtors 2,363 33,620

Amounts falling due after more than one year:
Other debtors 723 723

Aggregate amounts 3,086 34,343

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 16,083 52,589
Taxation and social security 18,917 22,196
Other creditors 16,827 17,273
51,827 92,058

Pete Collins Motor Repairs Ltd (Registered number: 07988321)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 14,961 20,960

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 14,961 20,960

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 5,009 4,509

Deferred
tax
£   
Balance at 1st April 2023 4,509
Provided during year 500
Balance at 31st March 2024 5,009

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
2 Ordinary £1 2 2

11. RESERVES
Retained
earnings
£   

At 1st April 2023 (9,958 )
Profit for the year 42,053
Dividends (57,000 )
At 31st March 2024 (24,905 )