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Company No: 04319462 (England and Wales)

LEEDER ACCIDENT REPAIR CENTRE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

LEEDER ACCIDENT REPAIR CENTRE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

LEEDER ACCIDENT REPAIR CENTRE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
LEEDER ACCIDENT REPAIR CENTRE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 79,013 64,353
Investment property 4 1,705,648 1,705,648
1,784,661 1,770,001
Current assets
Stocks 10,000 10,000
Debtors 5 158,648 159,384
Cash at bank and in hand 805,887 611,995
974,535 781,379
Creditors: amounts falling due within one year 6 ( 223,461) ( 240,487)
Net current assets 751,074 540,892
Total assets less current liabilities 2,535,735 2,310,893
Provision for liabilities ( 121,064) ( 117,520)
Net assets 2,414,671 2,193,373
Capital and reserves
Called-up share capital 7 100 100
Revaluation reserve 441,520 441,520
Profit and loss account 1,973,051 1,751,753
Total shareholder's funds 2,414,671 2,193,373

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Leeder Accident Repair Centre Limited (registered number: 04319462) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

K Garrod
Director

14 April 2025

LEEDER ACCIDENT REPAIR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
LEEDER ACCIDENT REPAIR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Leeder Accident Repair Centre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 38 Station Road, North Elmham, Dereham, NR20 5HH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 15 % reducing balance
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2024 5,458 154,408 37,499 50,252 247,617
Additions 0 16,347 12,250 2,348 30,945
Disposals 0 0 ( 5,500) 0 ( 5,500)
At 31 December 2024 5,458 170,755 44,249 52,600 273,062
Accumulated depreciation
At 01 January 2024 5,306 110,370 24,348 43,240 183,264
Charge for the financial year 23 8,526 6,018 1,331 15,898
Disposals 0 0 ( 5,113) 0 ( 5,113)
At 31 December 2024 5,329 118,896 25,253 44,571 194,049
Net book value
At 31 December 2024 129 51,859 18,996 8,029 79,013
At 31 December 2023 152 44,038 13,151 7,012 64,353

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 1,705,648
As at 31 December 2024 1,705,648

The 2024 valuations were made by the director, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,264,128 1,264,128

5. Debtors

2024 2023
£ £
Trade debtors 111,928 117,042
Amounts owed by directors 11,340 10,143
Prepayments and accrued income 31,092 27,911
Other debtors 4,288 4,288
158,648 159,384

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 73,256 60,996
Accruals 8,744 8,202
Corporation tax 82,313 97,933
Other taxation and social security 57,111 71,130
Other creditors 2,037 2,226
223,461 240,487

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

Investment property revaluation reserve

The investment property revaluation reserve includes all current and prior period revaluations on investment properties where the fair value of an asset exceeded its original cost.


Profit & loss account

The profit and loss account includes all current and prior period retained profit and losses.

8. Financial commitments

Other financial commitments

2024 2023
£ £
Not later than 1 year 0 9,000

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the above periods:

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,912 (2023: £5,275). The amounts payable to the fund at the year end amounted to £991 (2023: £1,181).

9. Related party transactions

At 31 December 2024, the director owed the Company £11,337 (2023: £10,143). Interest was charged on the loan at the official rate of interest and amounted to £83 (2023: £91) for the year.