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Registered number: 06556426
Auto Repair (Medway) Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06556426
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 67,749 85,747
67,749 85,747
CURRENT ASSETS
Debtors 6 7,955 7,130
Cash at bank and in hand 39,255 30,109
47,210 37,239
Creditors: Amounts Falling Due Within One Year 7 (40,026 ) (26,617 )
NET CURRENT ASSETS (LIABILITIES) 7,184 10,622
TOTAL ASSETS LESS CURRENT LIABILITIES 74,933 96,369
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,822 ) (12,387 )
NET ASSETS 63,111 83,982
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 63,011 83,882
SHAREHOLDERS' FUNDS 63,111 83,982
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For the year ending 30 April 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 Richard Pocock
Director
11th November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Auto Repair (Medway) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06556426 . The registered office is 25 Commercial Road, Strood, Kent, ME2 2AD.
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.
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 under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying value amount and are recognised in the Income Statement.
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 5% on cost
Computer Equipment 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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2.7. 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Debtors
 Short term debtors are measured at transaction price, less any impairment.
2.10. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial instruments.
2.11. Creditors
Short term creditors are measured at the transaction price.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 5)
7 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 25,000
As at 30 April 2024 25,000
Amortisation
As at 1 May 2023 25,000
As at 30 April 2024 25,000
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 51,193 93,224 126,866 13,571 284,854
Additions 1,371 - - 1,310 2,681
As at 30 April 2024 52,564 93,224 126,866 14,881 287,535
Depreciation
As at 1 May 2023 44,414 47,503 96,971 10,219 199,107
Provided during the period 1,824 11,431 6,343 1,081 20,679
As at 30 April 2024 46,238 58,934 103,314 11,300 219,786
Net Book Value
As at 30 April 2024 6,326 34,290 23,552 3,581 67,749
As at 1 May 2023 6,779 45,721 29,895 3,352 85,747
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 40
Other debtors 7,955 7,090
7,955 7,130
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 491 262
Other creditors 6,306 5,133
Taxation and social security 33,229 21,222
40,026 26,617
8. Secured Creditors
Barclays Bank PLC hold a fixed and floating charge over the assets of the company.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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