Carsmetix Limited T/A Fix Auto Pershore 08317703 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is vehicle repairs Digita Accounts Production Advanced 6.30.9574.0 true 08317703 2023-02-01 2024-01-31 08317703 2024-01-31 08317703 core:RetainedEarningsAccumulatedLosses 2024-01-31 08317703 core:ShareCapital 2024-01-31 08317703 core:CurrentFinancialInstruments 2024-01-31 08317703 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 08317703 core:Non-currentFinancialInstruments 2024-01-31 08317703 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 08317703 core:FurnitureFittingsToolsEquipment 2024-01-31 08317703 core:MotorVehicles 2024-01-31 08317703 core:OtherPropertyPlantEquipment 2024-01-31 08317703 bus:SmallEntities 2023-02-01 2024-01-31 08317703 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08317703 bus:FilletedAccounts 2023-02-01 2024-01-31 08317703 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08317703 bus:RegisteredOffice 2023-02-01 2024-01-31 08317703 bus:Director1 2023-02-01 2024-01-31 08317703 bus:Director2 2023-02-01 2024-01-31 08317703 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08317703 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 08317703 core:MotorVehicles 2023-02-01 2024-01-31 08317703 core:OfficeEquipment 2023-02-01 2024-01-31 08317703 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 08317703 core:PlantMachinery 2023-02-01 2024-01-31 08317703 countries:EnglandWales 2023-02-01 2024-01-31 08317703 2023-01-31 08317703 core:FurnitureFittingsToolsEquipment 2023-01-31 08317703 core:MotorVehicles 2023-01-31 08317703 core:OtherPropertyPlantEquipment 2023-01-31 08317703 2022-02-01 2023-01-31 08317703 2023-01-31 08317703 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2023-01-31 08317703 core:ShareCapital core:PreviouslyStatedAmount 2023-01-31 08317703 core:CurrentFinancialInstruments 2023-01-31 08317703 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08317703 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-01-31 08317703 core:Non-currentFinancialInstruments 2023-01-31 08317703 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2023-01-31 08317703 core:FurnitureFittingsToolsEquipment 2023-01-31 08317703 core:MotorVehicles 2023-01-31 08317703 core:OtherPropertyPlantEquipment 2023-01-31 08317703 core:PreviouslyStatedAmount 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 08317703

Carsmetix Limited T/A Fix Auto Pershore

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Carsmetix Limited T/A Fix Auto Pershore

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Carsmetix Limited T/A Fix Auto Pershore

Company Information

Directors

Mr R G Stern

Mrs J Stern

Registered office

Unit 1 Willmotts Business Centre
Station Road
Pershore
Worcs
WR10 2DB

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Carsmetix Limited T/A Fix Auto Pershore

(Registration number: 08317703)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,834

3,516

Current assets

 

Stocks

50,023

47,500

Debtors

5

61,034

113,979

Cash at bank and in hand

 

498

232

 

111,555

161,711

Creditors: Amounts falling due within one year

6

(422,263)

(412,432)

Net current liabilities

 

(310,708)

(250,721)

Total assets less current liabilities

 

(307,874)

(247,205)

Creditors: Amounts falling due after more than one year

6

(1,483,916)

(1,345,129)

Net liabilities

 

(1,791,790)

(1,592,334)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(1,791,890)

(1,592,434)

Total equity

 

(1,791,790)

(1,592,334)

For the financial year ending 31 January 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.

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 29 January 2025 and signed on its behalf by:
 

.........................................
Mr R G Stern
Director

   
     
 

Carsmetix Limited T/A Fix Auto Pershore

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Willmotts Business Centre
Station Road
Pershore
Worcs
WR10 2DB

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.

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.

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.

 

Carsmetix Limited T/A Fix Auto Pershore

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

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 and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% 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.

 

Carsmetix Limited T/A Fix Auto Pershore

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

Borrowings

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 14 (2023 - 17).

 

Carsmetix Limited T/A Fix Auto Pershore

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

18,229

3,695

19,613

41,537

Additions

531

-

-

531

At 31 January 2024

18,760

3,695

19,613

42,068

Depreciation

At 1 February 2023

18,018

1,617

18,386

38,021

Charge for the year

388

519

306

1,213

At 31 January 2024

18,406

2,136

18,692

39,234

Carrying amount

At 31 January 2024

354

1,559

921

2,834

At 31 January 2023

211

2,078

1,227

3,516

5

Debtors

Current

2024
£

2023
£

Trade debtors

58,034

98,494

Prepayments

-

782

Other debtors

3,000

14,703

 

61,034

113,979

 

Carsmetix Limited T/A Fix Auto Pershore

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

45,125

26,480

Trade creditors

 

352,841

364,646

Taxation and social security

 

20,297

17,306

Accruals and deferred income

 

4,000

4,000

 

422,263

412,432

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,333

23,333

Other borrowings

1,470,583

1,321,796

1,483,916

1,345,129

Mr & Mrs R G Stern have given an undertaking to the Company not to withdraw £1,470,583 of their loan accounts without notice of at least one year and one day. As a result of this arrangement the effect of calculating amortised cost is deemed to be immaterial.

Current loans and borrowings

2024
£

2023
£

Bank borrowings

29,149

10,000

Bank overdrafts

15,976

16,480

45,125

26,480

8

Contingent liabilities

Registration of charge
Nucleus Cash Flow Finance2 Limited holds a fixed and floating charges over the assets and undertaking of the company, which was registered after the year-end.