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Registration number: 13635411

Banbury Car Clinic Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Banbury Car Clinic Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Banbury Car Clinic Limited

Company Information

Directors

A R Ash

L M Woodcock

Company secretary

V Ash

Registered office

12-14 Lower Cherwell Street
Banbury
Oxfordshire
OX16 5AY

Accountants

Clement Rabjohns Limited
Chartered Accountants111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Banbury Car Clinic Limited

(Registration number: 13635411)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

242

342

Tangible assets

5

36,103

39,991

 

36,345

40,333

Current assets

 

Debtors

6

17,036

17,073

Cash at bank and in hand

 

66,380

24,688

 

83,416

41,761

Creditors: Amounts falling due within one year

7

(45,281)

(58,559)

Net current assets/(liabilities)

 

38,135

(16,798)

Total assets less current liabilities

 

74,480

23,535

Provisions for liabilities

(9,026)

(4,866)

Net assets

 

65,454

18,669

Capital and reserves

 

Called up share capital

8

148

148

Retained earnings

65,306

18,521

Shareholders' funds

 

65,454

18,669

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

.........................................
L M Woodcock
Director

 

Banbury Car Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, UK.

The address of its registered office is:
12-14 Lower Cherwell Street
Banbury
Oxfordshire
OX16 5AY
United Kingdom

These financial statements were authorised for issue by the Board on 2 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Banbury Car Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Banbury Car Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Banbury Car Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

 

Banbury Car Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

500

500

At 31 August 2024

500

500

Amortisation

At 1 September 2023

158

158

Amortisation charge

100

100

At 31 August 2024

258

258

Carrying amount

At 31 August 2024

242

242

At 31 August 2023

342

342

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

59,504

1,073

-

60,577

Additions

5,047

999

2,100

8,146

At 31 August 2024

64,551

2,072

2,100

68,723

Depreciation

At 1 September 2023

20,261

325

-

20,586

Charge for the year

11,073

436

525

12,034

At 31 August 2024

31,334

761

525

32,620

Carrying amount

At 31 August 2024

33,217

1,311

1,575

36,103

At 31 August 2023

39,243

748

-

39,991

6

Debtors

Current

2024
£

2023
£

Trade debtors

10,689

10,784

Prepayments

6,347

6,289

 

17,036

17,073

 

Banbury Car Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

34,333

Trade creditors

 

21,562

14,683

Taxation and social security

 

20,943

6,896

Accruals and deferred income

 

2,223

2,236

Other creditors

 

553

411

 

45,281

58,559

Creditors include a loan from Foremost Magnets Ltd of £Nil (2023 - £34,333). Interest is charged at 3% pa over the bank base rate.

 

Banbury Car Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

46

46

46

46

Ordinary B shares of £1 each

2

2

2

2

Preference shares of £5 (2023 - £1) each

20

100

100

100

68

148

148

148

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

-

34,333

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

10,000

10,000

Later than one year and not later than five years

40,000

40,000

Later than five years

75,000

85,000

125,000

135,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £10,000 (2023 - £10,000).

 

Banbury Car Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

39,250

38,000

Contributions paid to money purchase schemes

990

953

40,240

38,953

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1