REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
A.K. BODYSHOP LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
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 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 45,634 | 45,634 |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associated companies | 125,809 | 177,567 |
Social security and other taxes |
VAT | 27,450 | 22,674 |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |