GREAT BARR AUTO RECOVERY LIMITED

Company Registration Number:
05365816 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

GREAT BARR AUTO RECOVERY LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2024

Balance sheet
Additional notes
Balance sheet notes

GREAT BARR AUTO RECOVERY LIMITED

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 0 7,999
Tangible assets: 4 1,105,308 1,298,767
Total fixed assets: 1,105,308 1,306,766
Current assets
Debtors: 5 103,320 110,632
Cash at bank and in hand: 209,388 315,631
Total current assets: 312,708 426,263
Creditors: amounts falling due within one year: 6 ( 434,140 ) ( 395,357 )
Net current assets (liabilities): (121,432) 30,906
Total assets less current liabilities: 983,876 1,337,672
Creditors: amounts falling due after more than one year: 7 ( 431,818 ) ( 711,763 )
Provision for liabilities: ( 195,421 ) ( 164,868 )
Total net assets (liabilities): 356,637 461,041
Capital and reserves
Called up share capital: 50,000 50,000
Other reserves: 50,000 50,000
Profit and loss account: 256,637 361,041
Total Shareholders' funds: 356,637 461,041

The notes form part of these financial statements

GREAT BARR AUTO RECOVERY LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 29 April 2025
and signed on behalf of the board by:

Name: Amar Nandra
Status: Director

The notes form part of these financial statements

GREAT BARR AUTO RECOVERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

    Tangible fixed assets depreciation policy

    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 freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset as follows: Freehold land and buildings, no depreciation charged Leasehold land and buildings, straight-line basis over the life of the lease of 99 years Motor vehicles, straight-line basis over its expected useful life of 5 years Furniture, fixtures and equipment, reducing balance at a rate of 20% per year 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.

    Intangible fixed assets amortisation policy

    Goodwill arising on the acquisition of the business in 2006, representing the excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, has been capitalised and is written off on a straight-line basis over its useful economic life, which is 15 years. Goodwill arising on the acquisition of service level agreements from Smiths Rescue Services in 2010, from Cowan Recovery Ltd in 2013 and from Local Garage Specialist Ltd in 2019, representing the excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, has been capitalised and is written off on a straight-line basis over its useful economic life, which is 5 years for each acquisition.

    Other accounting policies

    Taxation. Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. When the amount that can be deducted for tax for an asset (other than goodwill) that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to non-depreciable property measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to sale of the asset. In other cases, the measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Employee benefits. For defined contribution schemes the amount charged to the profit and loss account in respect of pension costs and other retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. Leases. 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 profit and loss account 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. Other reserves. Other reserves is a capital redemption reserve that relates to amounts transferred following the purchase of the Company's own shares out of distributable profits, divesting two of the previous three shareholders during financial year 2023.

GREAT BARR AUTO RECOVERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 41 42

GREAT BARR AUTO RECOVERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 August 2023 528,455 528,455
Additions
Disposals
Revaluations
Transfers
At 31 July 2024 528,455 528,455
Amortisation
At 1 August 2023 520,456 520,456
Charge for year 7,999 7,999
On disposals
Other adjustments
At 31 July 2024 528,455 528,455
Net book value
At 31 July 2024 0 0
At 31 July 2023 7,999 7,999

GREAT BARR AUTO RECOVERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 August 2023 458,652 152,219 1,662,419 2,273,290
Additions 15,000 15,000
Disposals ( 105,790 ) ( 105,790 )
Revaluations
Transfers
At 31 July 2024 458,652 152,219 1,571,629 2,182,500
Depreciation
At 1 August 2023 47,980 137,029 789,514 974,523
Charge for year 1,263 3,038 148,707 153,008
On disposals ( 50,339 ) ( 50,339 )
Other adjustments
At 31 July 2024 49,243 140,067 887,882 1,077,192
Net book value
At 31 July 2024 409,409 12,152 683,747 1,105,308
At 31 July 2023 410,672 15,190 872,905 1,298,767

Leased assets included above: Net book value at 31 July 2024, long leasehold land & buildings 75,757, motor vehicles 618,045 i. Assets held under finance leases The Company has motor vehicles on leases which are considered to meet the definition of finance leases and are accounted for accordingly. ii. Freehold and leasehold land and buildings Freehold and leasehold land and buildings were professionally valued in 2006, with subsequent additions at cost. Freehold and leasehold land and buildings have been pledged to secure borrowings of the Company. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

GREAT BARR AUTO RECOVERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Debtors

2024 2023
£ £
Trade debtors 103,320 110,632
Total 103,320 110,632

GREAT BARR AUTO RECOVERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 30,965 34,238
Amounts due under finance leases and hire purchase contracts 187,764 192,118
Trade creditors 49,590 40,030
Taxation and social security 163,809 122,866
Other creditors 2,012 6,105
Total 434,140 395,357

GREAT BARR AUTO RECOVERY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 287,278 316,136
Amounts due under finance leases and hire purchase contracts 144,540 334,527
Other creditors 61,100
Total 431,818 711,763