REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 APRIL 2024 |
FOR |
BIDDULPH EXHAUST & TYRE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 APRIL 2024 |
FOR |
BIDDULPH EXHAUST & TYRE LIMITED |
BIDDULPH EXHAUST & TYRE LIMITED (REGISTERED NUMBER: 04598476) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 APRIL 2024 |
Page |
Statement of Financial Position | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 8 |
BIDDULPH EXHAUST & TYRE LIMITED (REGISTERED NUMBER: 04598476) |
STATEMENT OF FINANCIAL POSITION |
27 APRIL 2024 |
27.4.24 | 27.4.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BIDDULPH EXHAUST & TYRE LIMITED (REGISTERED NUMBER: 04598476) |
STATEMENT OF FINANCIAL POSITION - continued |
27 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BIDDULPH EXHAUST & TYRE LIMITED (REGISTERED NUMBER: 04598476) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 APRIL 2024 |
1. | STATUTORY INFORMATION |
BIDDULPH EXHAUST & TYRE LIMITED is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Significant judgements |
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
(i) Estimated useful lives and residual values of fixed assets |
Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods. |
REVENUE |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the rendering of services is recognised by reference to the stage of completion at the balance sheet date; the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
GOODWILL |
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, was amortised evenly over its estimated useful life of ten years. This is now fully amortised. |
BIDDULPH EXHAUST & TYRE LIMITED (REGISTERED NUMBER: 04598476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
STOCKS |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
BIDDULPH EXHAUST & TYRE LIMITED (REGISTERED NUMBER: 04598476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
BIDDULPH EXHAUST & TYRE LIMITED (REGISTERED NUMBER: 04598476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid 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. |
PROVISIONS |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. |
IMPAIRMENT OF FIXED ASSETS |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. |
The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 28 April 2023 |
and 27 April 2024 |
AMORTISATION |
At 28 April 2023 |
and 27 April 2024 |
NET BOOK VALUE |
At 27 April 2024 |
At 27 April 2023 |
BIDDULPH EXHAUST & TYRE LIMITED (REGISTERED NUMBER: 04598476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 APRIL 2024 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 28 April 2023 |
Disposals | ( |
) | ( |
) |
At 27 April 2024 |
DEPRECIATION |
At 28 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 27 April 2024 |
NET BOOK VALUE |
At 27 April 2024 |
At 27 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.4.24 | 27.4.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.4.24 | 27.4.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | SECURED DEBTS |
The hire purchase liabilities are secured on the related assets. |
9. | RELATED PARTY DISCLOSURES |
All transactions undertaken with the directors and shareholders are deemed to be conducted under normal market conditions and/or are not material. |
BIDDULPH EXHAUST & TYRE LIMITED (REGISTERED NUMBER: 04598476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 APRIL 2024 |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the holding company, R Morrey Limited. The parent undertaking's registered office is c/o DPC Accountants, Stone House, 55 Stone Road Business Park, Stoke on Trent, Staffordshire, ST4 6SR. |