Phil's Auto Repairs Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 07959540

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		14,700		16,800
Tangible Assets	5		10,724		11,368

			25,424		28,168
CURRENT ASSETS
Stocks	6	1,100		1,250
Debtors	7	10,841		10,435
Cash at bank and in hand		37,607		38,457

		49,548		50,142
Creditors: Amounts Falling Due Within One Year	8	(72,930 )		(75,928 )

NET CURRENT ASSETS (LIABILITIES)			(23,382 )		(25,786 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,042		2,382

PROVISIONS FOR LIABILITIES
Deferred Taxation			(1,429 )		(1,566 )

NET ASSETS			613		816

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			611		814

SHAREHOLDERS' FUNDS			613		816

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Phil's Auto Repairs Ltd

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption from audit 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Philip Roberts

Director

09/09/2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Phil's Auto Repairs Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07959540 . The registered office is 47a Moorland Road, Weston-super-Mare, BS23 4HW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 20 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% Reducing Balance
Motor Vehicles	25% Reducing Balance
Computer Equipment	33% Reducing Balance

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Phil's Auto Repairs Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 5)

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Phil's Auto Repairs Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 April 2024	42,000

As at 31 March 2025	42,000

Amortisation
As at 1 April 2024	25,200
Provided during the period	2,100

As at 31 March 2025	27,300

Net Book Value
As at 31 March 2025	14,700

As at 1 April 2024	16,800

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	30,955	5,900	-	36,855
Additions	1,271	1,250	458	2,979

As at 31 March 2025	32,226	7,150	458	39,834

Depreciation
As at 1 April 2024	21,655	3,832	-	25,487
Provided during the period	2,643	829	151	3,623

As at 31 March 2025	24,298	4,661	151	29,110

Net Book Value
As at 31 March 2025	7,928	2,489	307	10,724

As at 1 April 2024	9,300	2,068	-	11,368

6. Stocks

	2025	2024
	£	£
Stock	1,100	1,250

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Phil's Auto Repairs Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	6,823	6,417
Other debtors	4,018	4,018

	10,841	10,435

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	7,317	11,151
Bank loans and overdrafts	17,496	27,500
Corporation tax	15,488	18,999
Other taxes and social security	5,305	2,287
VAT	9,699	10,080
Other creditors	152	107
Accruals and deferred income	1,200	1,622
Directors' loan accounts	16,273	4,182

	72,930	75,928

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

10. Directors Advances, Credits and Guarantees

Included within Creditors are the following loans from directors:

	2025	2024
	£	£
Balance outstanding at start of year	(4,182)	8,424
Amounts advanced	49,897	68,586
Amounts repaid	(61,988)	(81,192)
Amounts written off	-	-
Amounts waived	-	-

Balance outstanding at end of year	(16,273)	(4,182)

The above loan is unsecured, interest free and repayable on demand.

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