Registered number
SC521261
REPAIR WIZARDS LTD
Filleted Accounts
31 March 2024
REPAIR WIZARDS LTD
Registered number: SC521261
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 8,782 9,758
Current assets
Stocks 2,133 3,647
Cash at bank and in hand 16,711 12,358
18,844 16,005
Creditors: amounts falling due within one year 4 (1,323) (1,276)
Net current assets 17,521 14,729
Total assets less current liabilities 26,303 24,487
Creditors: amounts falling due after more than one year 5 (1,469) (1,567)
Net assets 24,834 22,920
Capital and reserves
Called up share capital 100 100
Profit and loss account 24,734 22,820
Shareholder's funds 24,834 22,920
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Umair Hakeem
Director
Approved by the board on 25 November 2024
REPAIR WIZARDS LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% Reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixture & fittings
£
Cost
At 1 April 2023 17,751
At 31 March 2024 17,751
Depreciation
At 1 April 2023 7,993
Charge for the year 976
At 31 March 2024 8,969
Net book value
At 31 March 2024 8,782
At 31 March 2023 9,758
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 663 652
Other creditors 660 624
1,323 1,276
5 Creditors: amounts falling due after one year 2024 2023
£ £
Director's loan account 1,469 1,567
REPAIR WIZARDS LTD SC521261 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Mr Umair Hakeem No description of principal activity SC521261 2022-04-01 2023-03-31 SC521261 core:WithinOneYear 2023-03-31 SC521261 core:AfterOneYear 2023-03-31 SC521261 core:ShareCapital 2023-03-31 SC521261 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC521261 2023-04-01 2024-03-31 SC521261 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC521261 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC521261 bus:Director40 2023-04-01 2024-03-31 SC521261 2 2023-04-01 2024-03-31 SC521261 core:PlantMachinery 2023-04-01 2024-03-31 SC521261 bus:FRS102 2023-04-01 2024-03-31 SC521261 bus:FilletedAccounts 2023-04-01 2024-03-31 SC521261 2024-03-31 SC521261 core:WithinOneYear 2024-03-31 SC521261 core:AfterOneYear 2024-03-31 SC521261 core:ShareCapital 2024-03-31 SC521261 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC521261 core:PlantMachinery 2024-03-31 SC521261 2023-03-31 SC521261 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure