Registered number: 04023275 | ||||||||
FOR THE YEAR ENDED 31/10/2024 | ||||||||
Prepared By: | ||||||||
Johnston and Co | ||||||||
Accountants | ||||||||
Cherry Trees | ||||||||
DY12 3LE |
Collision Repair Specialists Limited | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/10/2024 | ||||||||
DIRECTORS | ||||||||
SECRETARY | ||||||||
REGISTERED OFFICE | ||||||||
Worcestershire | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 04023275 | ||||||||
ACCOUNTANTS | ||||||||
Johnston and Co | ||||||||
Accountants | ||||||||
Cherry Trees | ||||||||
DY12 3LE |
Collision Repair Specialists Limited | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED31/10/2024 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | 3 | |||||||
Statement Of Comprehensive Income | 4 | |||||||
Balance Sheet | 5 | |||||||
Notes To The Accounts | 6 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | 11 | |||||||
Profit And Loss Account Summaries | 12 |
Collision Repair Specialists Limited | ||||||||
DIRECTORS' REPORT | ||||||||
FOR THEYEARENDED | ||||||||
The directors present their report and accounts for theyearended | ||||||||
PRINCIPAL ACTIVITY | ||||||||
THe principal acitity of the company throughout the financial year under review was the restoration and repair of damaged automobiles. | ||||||||
DIRECTORS | ||||||||
The directors who served during theyearwere as follows: | ||||||||
STATEMENT OF DIRECTORS RESPONSIBILITIES | ||||||||
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulation. | ||||||||
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements the directors are required to: | ||||||||
- Select suitable accounting policies and then apply them consistently; | ||||||||
- Make judgements and accounting estimates that are reasonable and prudent; | ||||||||
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||||
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | ||||||||
The report of the directors has been prepared in accordance with the special provisions within Part 15 of the Companies Act 2006. | ||||||||
This report was approved by the board on | ||||||||
Director |
Collision Repair Specialists Limited | ||||||||
STATEMENT OF COMPREHENSIVE INCOME | ||||||||
FOR THEYEARENDED | ||||||||
Notes | 2024 | 2023 | ||||||
£ | £ | |||||||
TURNOVER | ||||||||
Cost of sales | ( | ( | ||||||
GROSS PROFIT | ||||||||
Administrative expenses | ( | ( | ||||||
OPERATING PROFIT | ||||||||
Interest receivable and similar income | 3 | 4,896 | 2,285 | |||||
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION | 129,357 | 218,753 | ||||||
Tax on profit on ordinary activities | 7 | (40,647) | (48,207) | |||||
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION | ||||||||
Collision Repair Specialists Limited | ||||||||
BALANCE SHEET AT | ||||||||||
2024 | 2023 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 9 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 11 | |||||||||
Cash at bank and in hand | ||||||||||
537,106 | 476,288 | |||||||||
CREDITORS: Amounts falling due within one year | 12 | |||||||||
NET CURRENT ASSETS | 203,620 | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 15 | |||||||||
Profit and loss account | 324,001 | 275,291 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
Collision Repair Specialists Limited | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31/10/2024 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
Plant and Machinery | reducing balance 15% | |||||||
Office equipment | reducing balance 15% | |||||||
Motor Cars | reducing balance 25% |
1c. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
1d. Taxation | ||||||||
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
1e. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. |
Collision Repair Specialists Limited | ||||||||
1f. Turnover | ||||||||
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. |
2. OTHER OPERATING EXPENSES | 2024 | 2023 | ||||
£ | £ | |||||
Selling and marketing costs | 1,631 | 20,481 | ||||
Administrative expenses | 219,525 | 172,212 | ||||
Costs relating to the purchase, use, and disposal of assets | 19,257 | 15,719 | ||||
240,413 | 208,412 | |||||
3. INTEREST RECEIVABLE AND OTHER SIMILAR INCOME | 2024 | 2023 | ||||
£ | £ | |||||
Bank interest receivable | 4,896 | 2,285 | ||||
4,896 | 2,285 |
4. EMPLOYEES | ||||||
2024 | 2023 | |||||
No. | No. | |||||
Average number of employees | 9 | |||||
5. DIRECTORS REMUNERATION | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Total remuneration | 70,383 | 66,567 | ||||||
6. PENSION CONTRIBUTIONS | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Pension contributions - director | 25,000 | 21,250 | ||||||
25,000 | 21,250 | |||||||
Collision Repair Specialists Limited | ||||||||
7. TAX ON ORDINARY ACTIVITIES | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Corporation tax | 35,050 | 49,069 | ||||||
Deferred taxation | 5,597 | (862) | ||||||
40,647 | 48,207 | |||||||
8. DIVIDENDS | 2024 | 2023 | ||||||
£ | £ | |||||||
Ordinary dividends: | ||||||||
Interim paid | 40,000 | 70,000 | ||||||
40,000 | 70,000 | |||||||
9. TANGIBLE FIXED ASSETS | ||||||||||
Property | Plant and | |||||||||
Improvements | Machinery | Equipment | Motor Cars | Total | ||||||
£ | £ | £ | £ | £ | ||||||
Cost | ||||||||||
At 01/11/2023 | 7,153 | 79,632 | 1,696 | 133,543 | 222,024 | |||||
Additions | - | 312 | - | 9,100 | 9,412 | |||||
At 31/10/2024 | 7,153 | 79,944 | 1,696 | 142,643 | 231,436 | |||||
Depreciation | ||||||||||
At 01/11/2023 | 7,153 | 65,272 | 1,218 | 76,708 | 150,351 | |||||
For the year | - | 2,201 | 72 | 16,984 | 19,257 | |||||
At 31/10/2024 | 7,153 | 67,473 | 1,290 | 93,692 | 169,608 | |||||
Net Book Amounts | ||||||||||
At 31/10/2024 | 61,828 | |||||||||
At 31/10/2023 | 71,673 | |||||||||
10. STOCK | 2024 | 2023 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
Collision Repair Specialists Limited | ||||||||
11. DEBTORS | 2024 | 2023 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 99,775 | 122,377 | ||||||
Prepayments | 3,433 | 5,842 | ||||||
Deferred taxation | - | 5,597 | ||||||
103,208 | 133,816 | |||||||
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
UK corporation tax | 35,050 | 49,069 | ||||||
VAT | 28,597 | 19,716 | ||||||
PAYE control | 11,806 | 7,725 | ||||||
Directors current account | 40,000 | 40,000 | ||||||
Credit card | 14,378 | - | ||||||
Trade creditors | 49,378 | 56,293 | ||||||
Other creditors | 173 | - | ||||||
Pension schemes | 1,136 | 1,702 | ||||||
Accruals | 94,413 | 98,163 | ||||||
274,931 | 272,668 | |||||||
13. PROVISIONS FOR LIABILITIES | 2024 | 2023 | ||||||
£ | £ | |||||||
Deferred taxation | - | (5,597) | ||||||
14. DEFERRED TAXATION | 2024 | 2023 | ||||||
£ | £ | |||||||
Provision at the start of the period | 5,597 | 4,735 | ||||||
Deferred tax charge in profit and loss account due to: | ||||||||
Deferred taxation | (5,597) | 862 | ||||||
Provision at the end of the period | - | 5,597 | ||||||
Collision Repair Specialists Limited | ||||||||
15. SHARE CAPITAL | 2024 | 2023 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
2 | 2 | |||||||
2 | 2 | |||||||
Collision Repair Specialists Limited | ||||||||
TRADING AND PROFIT AND LOSS ACCOUNT | ||||||||||
FOR THE YEAR ENDED 31/10/2024 | ||||||||||
2024 | 2023 | |||||||||
£ | £ | |||||||||
Turnover | ||||||||||
Cost of Sales: | ||||||||||
Stock at 31/10/2023 | 27,802 | 7,146 | ||||||||
Purchases | 424,483 | 481,074 | ||||||||
Direct employment costs | 317,742 | 320,528 | ||||||||
Other direct expenses | 37,991 | 31,695 | ||||||||
808,018 | 840,443 | |||||||||
Stock at 31/10/2024 | (6,130) | (27,802) | ||||||||
801,888 | 812,641 | |||||||||
Gross Profit | ||||||||||
364,874 | 424,880 | |||||||||
Less: | ||||||||||
Administrative expenses | ||||||||||
Interest receivable and similar income | (4,896) | (2,285) | ||||||||
235,517 | 206,127 | |||||||||
Net profit for the year before taxation | 129,357 | 218,753 | ||||||||
Taxation | 40,647 | 48,207 | ||||||||
Net profit for the year after taxation | 88,710 | 170,546 | ||||||||
Interim dividends | 40,000 | 70,000 | ||||||||
40,000 | 70,000 | |||||||||
48,710 | 100,546 | |||||||||
Retained profits brought forward | 275,291 | 174,745 | ||||||||
Retained profits carried forward | 324,001 | 275,291 | ||||||||
This page does not form part of the Company's Statutory Accounts and is prepared for the information of the Directors only. |
Collision Repair Specialists Limited | ||||||||
PROFIT AND LOSS ACCOUNT SUMMARIES | ||||||||||
FOR THE YEAR ENDED 31/10/2024 | ||||||||||
2024 | 2023 | |||||||||
£ | £ | |||||||||
Cost of sales - purchases: | ||||||||||
Purchases | 424,483 | 481,074 | ||||||||
424,483 | 481,074 | |||||||||
Cost of sales - employment: | ||||||||||
Gross wages | 239,825 | |||||||||
NIC employer | ||||||||||
Sub-contract | ||||||||||
317,742 | 320,528 | |||||||||
Cost of sales - other direct costs: | ||||||||||
Protective clothing | ||||||||||
Staff pension cost - defined | ||||||||||
Sales commission payable | ||||||||||
37,991 | 31,695 | |||||||||
Collision Repair Specialists Limited | ||||||||
PROFIT AND LOSS ACCOUNT SUMMARIES | ||||||||||
FOR THE YEAR ENDED 31/10/2024 | ||||||||||
2024 | 2023 | |||||||||
Administrative Expenses: | ||||||||||
Bad debts | ||||||||||
Rent and rates | ||||||||||
Insurance | 5,236 | 7,569 | ||||||||
Waste disposal | ||||||||||
Power heat and light | ||||||||||
Repairs and renewals | 4,534 | 5,800 | ||||||||
Directors remuneration | ||||||||||
Directors NIC | ||||||||||
Pension contributions - director | ||||||||||
Training and subscriptions | ||||||||||
Equipment rental | ||||||||||
Leasing Motor vehicles | ||||||||||
Motor expenses | ||||||||||
Accountancy fees | ||||||||||
Legal and professional costs | ||||||||||
Printing and stationery | ||||||||||
Telephone | ||||||||||
Charitable donations | ||||||||||
Bank charges | ||||||||||
Sundry expenses | ||||||||||
Depreciation and Amortisation: | ||||||||||
Depreciation of plant and machinery | 2,201 | 6,964 | ||||||||
Depreciation of equipment | 72 | 597 | ||||||||
Depreciation of motor cars | 16,984 | 8,158 | ||||||||
240,413 | 208,412 | |||||||||
This page does not form part of the Company's Statutory Accounts and is prepared for the information of the Directors only. |