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Registration number: 04351827

Autotec & David Peel Auto Electricians Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2025

 

Autotec & David Peel Auto Electricians Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 11

 

Autotec & David Peel Auto Electricians Ltd

(Registration number: 04351827)
Abridged Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

2,418,030

2,298,972

Investments

6

-

100

 

2,418,030

2,299,072

Current assets

 

Stocks

528,316

526,316

Debtors

1,504,334

1,665,989

Cash at bank and in hand

 

452,367

456,773

 

2,485,017

2,649,078

Prepayments and accrued income

 

41,786

46,121

Creditors: Amounts falling due within one year

7.1

(456,595)

(609,013)

Net current assets

 

2,070,208

2,086,186

Total assets less current liabilities

 

4,488,238

4,385,258

Creditors: Amounts falling due after more than one year

7.2

(374,250)

(440,923)

Provisions for liabilities

(335,663)

(287,869)

Accruals and deferred income

 

(13,405)

(11,129)

Net assets

 

3,764,920

3,645,337

Capital and reserves

 

Called up share capital

8

2,000

2,000

Revaluation reserve

492,000

508,998

Retained earnings

3,270,920

3,134,339

Shareholders' funds

 

3,764,920

3,645,337

 

Autotec & David Peel Auto Electricians Ltd

(Registration number: 04351827)
Abridged Balance Sheet as at 31 January 2025

For the financial year ending 31 January 2025 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 7 August 2025 and signed on its behalf by:
 

.........................................
Mr J P Cubitt
Director

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

1

General information

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

The address of its registered office is:
Brewery Street
Off Dalton Lane
Keighley
West Yorkshire
BD21 4JQ

These financial statements were authorised for issue by the Board on 7 August 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 abridged 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 abridged 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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

The current 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 & machinery

25% pa reducing balance

Motor vehicles

25% pa reducing balance

Office equipment

33.33% pa reducing balance

Freehold buildings

2% per annum straight line

Unit

2% per annum straight line

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.

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:

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

Asset class

Amortisation method and rate

Goodwill

Over 5 years

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.

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.

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

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 directors) during the year, was 34 (2024 - 25).

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

4

Intangible assets

Total
£

Cost

At 1 February 2024

15,000

At 31 January 2025

15,000

Amortisation

At 1 February 2024

15,000

At 31 January 2025

15,000

Net book value

At 31 January 2025

-

At 31 January 2024

-

5

Tangible assets

Total
£

Cost or valuation

At 1 February 2024

3,410,796

Additions

319,730

Disposals

(81,930)

At 31 January 2025

3,648,596

Depreciation

At 1 February 2024

1,111,824

Charge for the year

197,368

Eliminated on disposal

(78,626)

At 31 January 2025

1,230,566

Net book value

At 31 January 2025

2,418,030

At 31 January 2024

2,298,972

Included within the net book value of land and buildings above is £1,800,000 (2024 - £1,840,000) in respect of freehold land and buildings.
 

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

Revaluation

The fair value of the company's Land and buildings was revalued on 31 January 2020. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,144,000 (2024 - £1,170,000).

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

6

Investments

Total
£

Cost

At 1 February 2024

100

Disposals

(100)

At 31 January 2025

-

Provision

Net book value

At 31 January 2025

-

At 31 January 2024

100

7

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £56,673 (2024 - £52,669).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £369,250 (2024 - £425,923).

Creditors include bank loans repayable by instalments of £96,070 (2024 - £172,044) due after more than five years.

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,239 (2024 - £4,956).

 

Autotec & David Peel Auto Electricians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2025

10

Related party transactions

Summary of transactions with all entities with joint control or significant interest

JPR Developments Ltd
Autotec Accident Repair Centre Ltd
The directors have an interest

Loans to related parties

2025

Entities with joint control or significant influence
£

Total
£

At start of period

719,456

719,456

Repaid

(10,000)

(10,000)

At end of period

709,456

709,456

2024

Entities with joint control or significant influence
£

Total
£

At start of period

719,456

719,456

At end of period

719,456

719,456