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Registration number: 05223408

P.M. Auto Repairs Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

P.M. Auto Repairs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

P.M. Auto Repairs Limited

Company Information

Director

PA Manning

Company secretary

LC Stanley

Registered office

Unit 1 Dale Street Mills
Dale Street Longwood
Huddersfield
West Yorkshire
HD3 4TG

 

P.M. Auto Repairs Limited

(Registration number: 05223408)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

15,788

19,736

Investment property

6

53,352

53,352

Investments

7

53,400

73,900

 

122,540

146,988

Current assets

 

Stocks

8

81,842

20,550

Debtors

9

50,004

49,296

Cash at bank and in hand

 

82,404

90,324

 

214,250

160,170

Creditors: Amounts falling due within one year

10

(98,048)

(99,270)

Net current assets

 

116,202

60,900

Total assets less current liabilities

 

238,742

207,888

Creditors: Amounts falling due after more than one year

10

(6,695)

(16,736)

Provisions for liabilities

(3,000)

(4,934)

Net assets

 

229,047

186,218

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

228,047

185,218

Shareholders' funds

 

229,047

186,218

 

P.M. Auto Repairs Limited

(Registration number: 05223408)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 June 2025
 

.........................................
PA Manning
Director

 

P.M. Auto Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Unit 1 Dale Street Mills
Dale Street Longwood
Huddersfield
West Yorkshire
HD3 4TG

These financial statements were authorised for issue by the director on 6 June 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.

 

P.M. Auto Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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

20% on reducing balance

Fixtures and fittings

20% on reducing balance

Motor vehicles

20% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

P.M. Auto Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

P.M. Auto Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

 

P.M. Auto Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 5 (2023 - 5).

 

P.M. Auto Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

37,500

37,500

At 30 September 2024

37,500

37,500

Amortisation

At 1 October 2023

37,500

37,500

At 30 September 2024

37,500

37,500

Carrying amount

At 30 September 2024

-

-

 

P.M. Auto Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

5,188

75,286

40,959

121,433

At 30 September 2024

5,188

75,286

40,959

121,433

Depreciation

At 1 October 2023

3,615

68,267

29,815

101,697

Charge for the year

315

1,404

2,229

3,948

At 30 September 2024

3,930

69,671

32,044

105,645

Carrying amount

At 30 September 2024

1,258

5,615

8,915

15,788

At 30 September 2023

1,573

7,019

11,144

19,736

6

Investment properties

2024
£

At 1 October

53,352

At 30 September

53,352

There has been no valuation of investment property by an independent valuer.

7

Investments

2024
£

2023
£

Investments

53,400

73,900

 

P.M. Auto Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Stocks

2024
£

2023
£

Other inventories

81,842

20,550

9

Debtors

Current

2024
£

2023
£

Trade debtors

12,249

11,779

Prepayments

2,755

2,517

Other debtors

35,000

35,000

 

50,004

49,296

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

10,042

10,042

Trade creditors

 

14,845

16,929

Taxation and social security

 

27,455

29,810

Accruals and deferred income

 

11,317

15,646

Other creditors

 

34,389

26,843

 

98,048

99,270

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

6,695

16,736

 

P.M. Auto Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,695

16,736

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,042

10,042