21 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 123,934 74,959 6,196 81,155 42,779 48,975 xbrli:pure xbrli:shares iso4217:GBP NI603743 2023-05-01 2024-04-30 NI603743 2024-04-30 NI603743 2023-04-30 NI603743 2022-05-01 2023-04-30 NI603743 2023-04-30 NI603743 2022-04-30 NI603743 core:NetGoodwill 2023-05-01 2024-04-30 NI603743 core:LandBuildings core:ShortLeaseholdAssets 2023-05-01 2024-04-30 NI603743 core:PlantMachinery 2023-05-01 2024-04-30 NI603743 core:FurnitureFittings 2023-05-01 2024-04-30 NI603743 core:MotorVehicles 2023-05-01 2024-04-30 NI603743 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 NI603743 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 NI603743 bus:OrdinaryShareClass3 2023-05-01 2024-04-30 NI603743 bus:OrdinaryShareClass4 2023-05-01 2024-04-30 NI603743 bus:OrdinaryShareClass5 2023-05-01 2024-04-30 NI603743 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 NI603743 bus:Director1 2023-05-01 2024-04-30 NI603743 bus:Director2 2023-05-01 2024-04-30 NI603743 core:NetGoodwill 2023-04-30 NI603743 core:NetGoodwill 2024-04-30 NI603743 core:LandBuildings 2023-04-30 NI603743 core:PlantMachinery 2023-04-30 NI603743 core:FurnitureFittingsToolsEquipment 2023-04-30 NI603743 core:MotorVehicles 2023-04-30 NI603743 core:LandBuildings 2024-04-30 NI603743 core:PlantMachinery 2024-04-30 NI603743 core:FurnitureFittingsToolsEquipment 2024-04-30 NI603743 core:MotorVehicles 2024-04-30 NI603743 core:LandBuildings 2023-05-01 2024-04-30 NI603743 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 NI603743 core:WithinOneYear 2024-04-30 NI603743 core:WithinOneYear 2023-04-30 NI603743 core:UKTax 2023-05-01 2024-04-30 NI603743 core:UKTax 2022-05-01 2023-04-30 NI603743 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 NI603743 core:ShareCapital 2024-04-30 NI603743 core:ShareCapital 2023-04-30 NI603743 core:RetainedEarningsAccumulatedLosses 2024-04-30 NI603743 core:RetainedEarningsAccumulatedLosses 2023-04-30 NI603743 core:NetGoodwill 2023-04-30 NI603743 core:LandBuildings 2023-04-30 NI603743 core:PlantMachinery 2023-04-30 NI603743 core:FurnitureFittingsToolsEquipment 2023-04-30 NI603743 core:MotorVehicles 2023-04-30 NI603743 bus:SmallEntities 2023-05-01 2024-04-30 NI603743 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 NI603743 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI603743 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI603743 bus:FullAccounts 2023-05-01 2024-04-30 NI603743 bus:OrdinaryShareClass1 2023-04-30 NI603743 bus:OrdinaryShareClass2 2024-04-30 NI603743 bus:OrdinaryShareClass3 2024-04-30 NI603743 bus:OrdinaryShareClass4 2024-04-30 NI603743 bus:OrdinaryShareClass5 2024-04-30 NI603743 bus:AllOrdinaryShares 2024-04-30 NI603743 bus:AllOrdinaryShares 2023-04-30 NI603743 core:ComputerEquipment 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: NI603743
LISBURN AUTO SALVAGE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2024
LISBURN AUTO SALVAGE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
CONTENTS
PAGE
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
LISBURN AUTO SALVAGE LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LISBURN AUTO SALVAGE LIMITED
YEAR ENDED 30 APRIL 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 April 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HENRY MURRAY & COMPANY LTD. Chartered Accountants
23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY
6 January 2025
LISBURN AUTO SALVAGE LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Intangible assets
7
42,779
48,975
Tangible assets
8
1,532,072
1,600,881
------------
------------
1,574,851
1,649,856
CURRENT ASSETS
Stocks
1,029,536
747,609
Debtors
9
153,553
238,242
Cash at bank and in hand
1,742,743
1,387,461
------------
------------
2,925,832
2,373,312
CREDITORS: amounts falling due within one year
10
518,958
468,445
------------
------------
NET CURRENT ASSETS
2,406,874
1,904,867
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,981,725
3,554,723
PROVISIONS
Taxation including deferred tax
115,769
141,572
------------
------------
NET ASSETS
3,865,956
3,413,151
------------
------------
CAPITAL AND RESERVES
Called up share capital
12
20,000
2
Profit and loss account
3,845,956
3,413,149
------------
------------
SHAREHOLDERS FUNDS
3,865,956
3,413,151
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LISBURN AUTO SALVAGE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 6 January 2025 , and are signed on behalf of the board by:
Mr J Black
Mrs C Black
Director
Director
Company registration number: NI603743
LISBURN AUTO SALVAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2C Old Road, Ballinderry Upper, Lisburn, Co. Antrim, BT28 2NJ, N. Ireland.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Vans & Lorries
-
25% reducing balance
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 21 (2023: 17 ).
5. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
260,858
189,400
Deferred tax:
Origination and reversal of timing differences
( 25,803)
3,804
---------
---------
Tax on profit
235,055
193,204
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19.49 %).
2024
2023
£
£
Profit on ordinary activities before taxation
957,860
1,065,560
---------
------------
Profit on ordinary activities by rate of tax
239,465
207,711
Effect of expenses not deductible for tax purposes
250
195
Effect of capital allowances and depreciation
21,143
( 18,506)
Deferred tax
( 25,803)
3,804
---------
------------
Tax on profit
235,055
193,204
---------
------------
6. DIVIDENDS
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on equity shares
270,000
250,000
---------
---------
7. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
123,934
---------
Amortisation
At 1 May 2023
74,959
Charge for the year
6,196
---------
At 30 April 2024
81,155
---------
Carrying amount
At 30 April 2024
42,779
---------
At 30 April 2023
48,975
---------
8. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
1,097,935
688,816
127,750
200,499
2,115,000
Additions
8,600
31,059
2,777
69,358
111,794
Disposals
( 4,001)
( 20,399)
( 24,400)
------------
---------
---------
---------
------------
At 30 April 2024
1,106,535
715,874
130,527
249,458
2,202,394
------------
---------
---------
---------
------------
Depreciation
At 1 May 2023
160,445
249,427
64,435
39,812
514,119
Charge for the year
34,655
93,290
9,915
27,268
165,128
Disposals
( 8,925)
( 8,925)
------------
---------
---------
---------
------------
At 30 April 2024
195,100
342,717
74,350
58,155
670,322
------------
---------
---------
---------
------------
Carrying amount
At 30 April 2024
911,435
373,157
56,177
191,303
1,532,072
------------
---------
---------
---------
------------
At 30 April 2023
937,490
439,389
63,315
160,687
1,600,881
------------
---------
---------
---------
------------
Land on which the premises has been erected is not owned by the company.
9. DEBTORS
2024
2023
£
£
Trade debtors
117,143
45,186
Other debtors
36,410
193,056
---------
---------
153,553
238,242
---------
---------
10. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,136
35,089
Trade creditors
37,302
42,184
Corporation tax
260,833
189,400
Social security and other taxes
118,620
140,597
Other creditors
100,067
61,175
---------
---------
518,958
468,445
---------
---------
11. FINANCIAL INSTRUMENTS
Interest on the Hire purchase agreement has been calculated using a straight-line approach over the life of the loan. Using an amortised cost approach with an effective interest rate is immaterially different from the straight-line approach.
12. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
Ordinary A shares of £ 1 each
9,000
9,000
Ordinary B shares of £ 1 each
9,000
9,000
Ordinary C shares of £ 1 each
1,000
1,000
Ordinary D shares of £ 1 each
1,000
1,000
--------
--------
----
----
20,000
20,000
2
2
--------
--------
----
----
13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At the year end a balance of £44,087.58 is owed to the directors by the company. Interest on overdrawn balances during the year has been charged at the official rate.
14. RELATED PARTY TRANSACTIONS
No amounts were owed to the company from related parties at the year end.