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REGISTERED NUMBER: 06614414 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

A.K. BODYSHOP LIMITED

A.K. BODYSHOP LIMITED (REGISTERED NUMBER: 06614414)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


A.K. BODYSHOP LIMITED

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTORS: L Kirk
I J Pugh
A D Kirk





SECRETARY: L Kirk





REGISTERED OFFICE: Lyndale House
Ervinton Court
Meridian Business Park
Leicester
Leicestershire
LE19 1WL





REGISTERED NUMBER: 06614414 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

A.K. BODYSHOP LIMITED (REGISTERED NUMBER: 06614414)

BALANCE SHEET
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 68,627 82,990
68,627 82,990

CURRENT ASSETS
Stocks 29,401 40,814
Debtors 6 166,833 200,569
Cash at bank 1,257 3,786
197,491 245,169
CREDITORS
Amounts falling due within one year 7 (466,642 ) (440,210 )
NET CURRENT LIABILITIES (269,151 ) (195,041 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(200,524

)

(112,051

)

CREDITORS
Amounts falling due after more than one
year

8

(10,225

)

(21,284

)
NET LIABILITIES (210,749 ) (133,335 )

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 101,940 101,940
Retained earnings (312,789 ) (235,375 )
(210,749 ) (133,335 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





I J Pugh - Director


A.K. BODYSHOP LIMITED (REGISTERED NUMBER: 06614414)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024


1. STATUTORY INFORMATION

A.K. Bodyshop Limited is a limited company, registered in England and Wales. Its registered office address is Lyndale House Ervington Court, Meridian Business Park, Leicester, England, LE19 1WL and the registered number is 06614414.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling (£) and rounded to the nearest £1.

Going concern
The financial statements have been prepared on a going concern basis. This assumption is reliant upon the continued financial support from its ultimate parent company, Tingo Holdings Ltd & 530714BC Holdings Ltd. They have ensured that they will support A.K. Bodyshop Limited financial for a period of at least 1 year from the date these financial statements are approved.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill represents the excess of the cost of the initial acquisition over the net fair value of assets. Goodwill is amortised accordingly to the Profit and Loss over its useful life.

The estimated useful life of the goodwill is deemed to be 10 years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and impairment losses.

Depreciation is provided for at the following rate in order to write off the each asset over its estimated useful life.

Leasehold improvements 10% straight line
Plant and Machinery 10% and 20% straight line
Fixtures and fittings 10% straight line
Computer equipment 33% straight line
Motor vehicles 20% straight line


The gain or loss that arises from the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset which then charged or credited to the profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

A.K. BODYSHOP LIMITED (REGISTERED NUMBER: 06614414)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried out at amortised cost, using the effective interest rate method.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.method.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

A.K. BODYSHOP LIMITED (REGISTERED NUMBER: 06614414)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 34,000
AMORTISATION
At 1 July 2023
and 30 June 2024 34,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 52,331 181,252 7,719
Additions - 980 -
At 30 June 2024 52,331 182,232 7,719
DEPRECIATION
At 1 July 2023 24,360 131,274 4,714
Charge for year 5,233 14,932 548
At 30 June 2024 29,593 146,206 5,262
NET BOOK VALUE
At 30 June 2024 22,738 36,026 2,457
At 30 June 2023 27,971 49,978 3,005

A.K. BODYSHOP LIMITED (REGISTERED NUMBER: 06614414)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 18,000 8,473 267,775
Additions 7,900 - 8,880
At 30 June 2024 25,900 8,473 276,655
DEPRECIATION
At 1 July 2023 18,000 6,437 184,785
Charge for year 878 1,652 23,243
At 30 June 2024 18,878 8,089 208,028
NET BOOK VALUE
At 30 June 2024 7,022 384 68,627
At 30 June 2023 - 2,036 82,990

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 100,849 133,077
Other debtors 14,831 14,831
Directors' current accounts 45,634 45,634
Prepayments and accrued income 5,519 7,027
166,833 200,569

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 11,909 11,758
Trade creditors 31,550 38,601
Amounts owed to group undertakings 215,840 157,040
Amounts owed to associated companies 125,809 177,567
Social security and other taxes 12,075 11,040
VAT 27,450 22,674
Other creditors 2,793 814
Accruals and deferred income 39,216 20,716
466,642 440,210

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,225 21,284

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)

A.K. BODYSHOP LIMITED (REGISTERED NUMBER: 06614414)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
A D Kirk
Balance outstanding at start of year 30,035 30,035
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,035 30,035

L Kirk
Balance outstanding at start of year 15,599 15,599
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,599 15,599

No interest was payable on the loans during the year

11. RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year purchases of £51,834 (2023: £46,389) were made from Commuto UK Ltd, the parent undertaking. At the year end £214,736 (2023: £155,907) was owed to Commuto UK Ltd. Interest of £4,019 (2023: £2,495) was charged on this balance during the year.

During the year sales of £2,198 (2023: £944) were made to Crash Damage Limited, a fellow subsidiary undertaking. At the year end a balance of £1,104 (2023: £1,133) was owed from Crash Damage Limited.

During the year purchases of £66,383 (2023: £67,465) were made from Eurofixauto UK Limited, a company in which I J Pugh is a director. At the year end £Nil (2023: £Nil) was owed to Eurofixauto UK Limited.

During the year purchases of £441,485 (2023: £280,242) were made from Advantage Parts Solutions Limited, a company under common control. At the year end £125,809 (2023: £177,567) was owed to Advantage Parts Solutions Limited.

12. IMMEDIATE AND ULTIMATE PARENT UNDERTAKING

The immediate and ultimate parent undertaking is Commuto UK Ltd., a company registered in England and
Wales. The address of its registered office is Lyndale House, Ervington Court, Meridian Business Park,
Leicester, LE19 1WL.

13. CONTROLLING PARTY

The directors consider T Scharnberg and B Kirstiuk to be the company's controlling parties by virtue of their 100% share holdings in 530714BC Holdings Limited and Tingo Holdings Limited respectively, whom hold 90% of the issued share capital of the parent company.

Commuto UK Ltd hold 60% of the share capital of A.K. Bodyshop Limited with the remaining 40% owned by Lisa and Andrew Kirk.