Registered number
04348708
Essex Smart Repairs Limited
Report and Accounts
31 July 2024
Essex Smart Repairs Limited
Registered number: 04348708
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 730,410 552,120
Current assets
Stocks 80,913 73,000
Debtors 5 558,000 486,194
Cash at bank and in hand 791,404 753,692
1,430,317 1,312,886
Creditors: amounts falling due within one year 6 (791,179) (599,637)
Net current assets 639,138 713,249
Total assets less current liabilities 1,369,548 1,265,369
Creditors: amounts falling due after more than one year 7 (334,996) (302,181)
Provisions for liabilities - deferred tax (172,230) (138,030)
Net assets 862,322 825,158
Capital and reserves
Called up share capital 103 103
Profit and loss account 862,219 825,055
Shareholders' funds 862,322 825,158
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
A D Harvey
Director
Approved by the board on 30 January 2025
Essex Smart Repairs Limited
Notes to the Accounts
for the year ended 31 July 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:
Leasehold premises 10% reducing balance basis
Plant, machinery & equipment 25% reducing balance basis
Motor vehicles 25% reducing balance basis
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.
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.
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. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 30 25
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 13,125
At 31 July 2024 13,125
Amortisation
At 1 August 2023 13,125
At 31 July 2024 13,125
Net book value
At 31 July 2024 -
Franchise fees and licences have been written off in equal annual instalments over their estimated economic life of five years.
4 Tangible fixed assets
Leasehold Office Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 - 335,572 921,615 1,257,187
Additions 46,101 134,631 464,359 645,091
Disposals - - (368,626) (368,626)
At 31 July 2024 46,101 470,203 1,017,348 1,533,652
Depreciation
At 1 August 2023 - 227,951 477,116 705,067
Charge for the year 4,610 60,563 169,077 234,250
On disposals - - (136,075) (136,075)
At 31 July 2024 4,610 288,514 510,118 803,242
Net book value
At 31 July 2024 41,491 181,689 507,230 730,410
At 31 July 2023 - 107,621 444,499 552,120
5 Debtors 2024 2023
£ £
Trade debtors 529,323 438,753
Other debtors 28,677 47,441
558,000 486,194
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 159,348 99,262
Trade creditors 266,542 197,255
Corporation tax 56,128 88,877
Other taxes and social security costs 166,170 122,844
Directors' loan account 7,205 -
Other creditors 135,786 91,399
791,179 599,637
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 334,996 302,181
8 Related party transactions
A D Harvey owns 45% and Mrs S J Harvey owns 10% of the A share capital of this company. A D and Mrs S J Harvey also have a controlling interest in Essex Dent Repairs Limited (Connected company).

B Sharp owns 45% of the A share capital of this company and he and his wife own 100% of the share capital of Smart Automotive Repairs Limited (Connected company).

During the year the company made purchases from Essex Dent Repairs Limited of £14,000 (2023: £25,000) for management and secretarial services, and Smart Automotve Repairs Limited of £14,000 (2023: £12,000). In addition purchases were made from Smart Automotive Repairs Limited amounting to £254,588 for subcontract services. At 31 July 2024, £6,132 (2023: £10,440) was owing to Essex Dent Repairs Limited and £31,424 (2023: £31,186) to Smart Automotive Repairs Limited.

During the year the company raised Sales invoices to Essex Dent Repairs Limited of £6,119 (2023: £9,179) and Smart Automotive Repairs Limited of £3,226 (2023: £864 ) for overheads and services. At 31 July 2024, £4,633 was owed from Essex Dent Repairs Limited and £5,638 from Smart Automotive Repairs Limited.
9 Commitments under operating leases
In November 2016 the Company entered into a rolling 12 month lease for premises which finished in July 2024. The lease payments at 31 July 2024 were £4,000 per month.In August 2024 the Company entered into a new 5 year lease at £4,300 per month.
10 Bank charge
There exists a fixed and floating Bank Charge over the assets of the Company, in favour of Barclays Bank PLC dated 25/11/2003.
11 Other information
Essex Smart Repairs Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1
19a, Robjohns Road
Widford Industrial Estate
Chelmsford, Essex
CM1 3AG
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