2023-05-012024-04-302024-04-30false07826150THOMPSON ACCIDENT REPAIR CENTRE 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THOMPSON ACCIDENT REPAIR CENTRE LIMITED

Registered Number
07826150
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

THOMPSON ACCIDENT REPAIR CENTRE LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

THOMPSON, Angela Margaret
THOMPSON, John Geoffrey
THOMPSON, Margaret
THOMPSON, Michael Thomas

Registered Address

Stephenson Road
Durranhill Industrial Estate
Carlisle
CA1 3NX

Registered Number

07826150 (England and Wales)
THOMPSON ACCIDENT REPAIR CENTRE LIMITED
Statement of Financial Position
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3176,424135,282
176,424135,282
Current assets
Stocks472,00092,000
Debtors5480,560601,032
Cash at bank and on hand1,263,152663,308
1,815,7121,356,340
Creditors amounts falling due within one year6(611,833)(550,897)
Net current assets (liabilities)1,203,879805,443
Total assets less current liabilities1,380,303940,725
Provisions for liabilities7(41,800)(29,000)
Net assets1,338,503911,725
Capital and reserves
Called up share capital400400
Profit and loss account1,338,103911,325
Shareholders' funds1,338,503911,725
The financial statements were approved and authorised for issue by the Board of Directors on 22 January 2025, and are signed on its behalf by:
THOMPSON, Michael Thomas
Director
Registered Company No. 07826150
THOMPSON ACCIDENT REPAIR CENTRE LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or 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.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease. Where the company is a lessor, rental income from operating leases is credited to the Income Statement on a straight-line basis over the lease term.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings10
Vehicles15
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other 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.
Financial instruments
The Company enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year2929
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 May 23219,36660,91239,811320,089
Additions47,94021,400-69,340
At 30 April 24267,30682,31239,811389,429
Depreciation and impairment
At 01 May 23136,91427,60820,285184,807
Charge for year19,5586,6871,95328,198
At 30 April 24156,47234,29522,238213,005
Net book value
At 30 April 24110,83448,01717,573176,424
At 30 April 2382,45233,30419,526135,282
4.Stocks

2024

2023

££
Finished goods72,00092,000
Total72,00092,000
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables265,630246,476
Other debtors84,008226,590
Prepayments and accrued income130,922127,966
Total480,560601,032
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables239,896324,463
Taxation and social security343,901208,005
Other creditors22,58613,387
Accrued liabilities and deferred income5,4505,042
Total611,833550,897
7.Provisions for liabilities
The provision for deferred tax is made up of £41,800 (2023 - £29,000) in respect of accelerated capital allowances.

2024

2023

££
Net deferred tax liability (asset)41,80029,000
Total41,80029,000
8.Capital commitments
At 30 April 2024 the company had capital commitments contracted for but not provided for in these financial statements of £Nil (2023 - £47,940).
9.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £21,213 (2023 - £20,266). The directors pension cost charge represents contributions payable by the company to the directors' personal pension schemes £Nil (2023 - £63).
10.Other commitments
At 30 April 2024 the company had future minimum lease payments under non-cancellable operating leases of £84,168 (2023 - £87,472).
11.Directors advances, credits and guarantees
On 1 May 2023 a director owed the company £224,985. During the period the director was advanced £185,310 and repaid £363,882. At 30 April 2024 the director owed the company £46,413. Interest was charged on this loan amounting to £2,009 and the loan is repayable on demand. On 1 May 2023 the company owed another director £202. During the period the director was advanced £182,042 and repaid £152,826. At 30 April 2024 the director owed the company £29,014. Interest was charged on this loan amounting to £331 and the loan is repayable on demand.
12.Related party transactions
Included within other creditors is a balance of £18,859 (2023 - £9,435) owed to two of the directors in respect of their joint directors' loan account maintained with the company during the year. This balance is unsecured, interest free and repayable on demand. Included within other debtors is a balance of £8,581 (2023 - £1,605) owed to the partnership in which all the directors are partners. This balance is interest free and repayable on demand.