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Registration number: 08884781

Central Auto Centre Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Central Auto Centre Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Central Auto Centre Ltd

Company Information

Directors

Mr G McLaughlin

Mr P McLaughlin

Registered office

80 High Street
Green Street Green
Orpington
Kent
BR6 6BJ

Accountants

Finexcel Ltd
2 Cherry Tree Walk
West Wickham
Kent
BR4 8EF

 

Central Auto Centre Ltd

(Registration number: 08884781)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

9,000

Tangible assets

6

53,703

79,401

 

53,703

88,401

Current assets

 

Stocks

7

26,667

28,659

Debtors

8

67,542

61,641

Cash at bank and in hand

 

2,750

2,050

 

96,959

92,350

Creditors: Amounts falling due within one year

9

(152,803)

(142,221)

Net current liabilities

 

(55,844)

(49,871)

Total assets less current liabilities

 

(2,141)

38,530

Creditors: Amounts falling due after more than one year

9

(25,833)

(35,833)

Provisions for liabilities

(4,529)

(1,518)

Net (liabilities)/assets

 

(32,503)

1,179

Capital and reserves

 

Called up share capital

300

300

Retained earnings

(32,803)

879

Shareholders' (deficit)/funds

 

(32,503)

1,179

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Central Auto Centre Ltd

(Registration number: 08884781)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................
Mr G McLaughlin
Director

 

Central Auto Centre Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
80 High Street
Green Street Green
Orpington
Kent
BR6 6BJ
United Kingdom

These financial statements were authorised for issue by the Board on 19 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Central Auto Centre Ltd

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

20% Straight line

Fixtures & Fittings

25% Straight line

Motor Vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Central Auto Centre Ltd

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Central Auto Centre Ltd

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

4

Taxation

Tax charged/(credited) in the profit and loss account

 

Central Auto Centre Ltd

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

2024
£

2023
£

Current taxation

UK corporation tax

11,211

15,107

Total deferred taxation

3,011

(673)

Tax expense in the income statement

14,222

14,434

 

Central Auto Centre Ltd

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

90,000

90,000

At 31 March 2024

90,000

90,000

Amortisation

At 1 April 2023

81,000

81,000

Amortisation charge

9,000

9,000

At 31 March 2024

90,000

90,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

9,000

9,000

 

Central Auto Centre Ltd

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

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

17,991

99,994

120,770

238,755

Additions

2,316

22,645

-

24,961

Disposals

-

-

(54,990)

(54,990)

At 31 March 2024

20,307

122,639

65,780

208,726

Depreciation

At 1 April 2023

12,863

89,369

31,460

133,692

Charge for the year

1,992

6,183

13,156

21,331

At 31 March 2024

14,855

95,552

44,616

155,023

Carrying amount

At 31 March 2024

5,452

27,087

21,164

53,703

At 31 March 2023

5,128

10,625

63,648

79,401

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

26,667

28,659

8

Debtors

Current

2024
£

2023
£

Trade debtors

35,114

29,542

Prepayments

871

1,560

Other debtors

31,557

30,539

 

67,542

61,641

 

Central Auto Centre Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

4,247

22,542

Trade creditors

 

117,488

81,747

Taxation and social security

 

27,892

31,822

Accruals and deferred income

 

1,779

1,520

Other creditors

 

1,397

4,590

 

152,803

142,221

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

25,833

35,833

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,833

35,833

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

4,247

22,542

11

Dividends

Interim dividends paid

 

Central Auto Centre Ltd

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

2024
£

2023
£

Interim dividend of £267.00 (2023 - £230.00) per each Ordinary Shares

80,000

69,000

 

 

12

Related party transactions

Transactions with directors

At 31 Mar 2024 an amount of £26,992 (2023 £15,134) was due from the directors. During the year an amount of £68,800 was advanced to the directors and £57,600 was repaid. Interest of £658 has been charged at an annual rate of 2.5% and there are no set terms in place.

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

11,960

11,792

13

Commitments Under Operating Leases

The total commitment under operating leases not included in the statement of financial position amounts to £6,638 (2022: £3,490)