Careys Prestige Valeting & Body Repairs Ltd 29/04/2025 iXBRL

Careys Prestige Valeting & Body Repairs Ltd

Unaudited filleted financial statements

29 April 2025

Company registration number: 07253264

Careys Prestige Valeting & Body Repairs Ltd

Contents

Statement of financial position

Notes to the financial statements

Careys Prestige Valeting & Body Repairs Ltd

Statement of financial position

29 April 2025

		29/04/25		29/04/24
	Note	£	£	£	£

Fixed assets
Intangible assets	6	-		-
Tangible assets	7	15,240		20,133
		_______		_______
			15,240		20,133

Current assets
Stocks		300		500
Debtors	8	23,347		45,246
Cash at bank and in hand		30,243		36,791
		_______		_______
		53,890		82,537
Creditors: amounts falling due
within one year	9	( 46,241)		( 81,829)
		_______		_______
Net current assets			7,649		708
			_______		_______
Total assets less current liabilities			22,889		20,841

Creditors: amounts falling due
after more than one year	10		( 17,899)		( 30,112)

Provisions for liabilities	11		( 2,896)		( 3,826)
			_______		_______
Net assets/(liabilities)			2,094		( 13,097)
			_______		_______

Capital and reserves
Called up share capital			111		111
Profit and loss account			1,983		( 13,208)
			_______		_______
Shareholders funds/(deficit)			2,094		( 13,097)
			_______		_______

For the year ending 29 April 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 financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 April 2026 , and are signed on behalf of the board by:

T. Carey

Director

Company registration number: 07253264

Careys Prestige Valeting & Body Repairs Ltd

Notes to the financial statements

Year ended 29 April 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Jessop House, Outrams Wharf, Little Eaton, Derby, DE21 5EL.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).

5. Tax on profit

Major components of tax expense

	Year	Period
	ended	ended
	29/04/25	29/04/24
	£	£
Current tax:
UK current tax expense	2,468	-

Deferred tax:
Origination and reversal of timing differences	( 930)	3,826
	_______	_______
Tax on profit	1,538	3,826
	_______	_______

6. Intangible assets

	Goodwill	Total
	£	£
Cost
At 30 April 2024 and 29 April 2025	20,000	20,000
	_______	_______
Amortisation
At 30 April 2024 and 29 April 2025	20,000	20,000
	_______	_______
Carrying amount
At 29 April 2025	-	-
	_______	_______
At 29 April 2024	-	-
	_______	_______

7. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 30 April 2024	3,203	83,311	86,514
Additions	150	-	150
	_______	_______	_______
At 29 April 2025	3,353	83,311	86,664
	_______	_______	_______
Depreciation
At 30 April 2024	1,658	64,723	66,381
Charge for the year	395	4,648	5,043
	_______	_______	_______
At 29 April 2025	2,053	69,371	71,424
	_______	_______	_______
Carrying amount
At 29 April 2025	1,300	13,940	15,240
	_______	_______	_______
At 29 April 2024	1,545	18,588	20,133
	_______	_______	_______

8. Debtors

	29/04/25	29/04/24
	£	£
Other debtors	23,347	45,246
	_______	_______

9. Creditors: amounts falling due within one year

	29/04/25	29/04/24
	£	£
Bank loans and overdrafts	2,540	2,481
Trade creditors	-	5,345
Corporation tax	11,308	14,878
Social security and other taxes	18,773	39,812
Other creditors	13,620	19,313
	_______	_______
	46,241	81,829
	_______	_______

10. Creditors: amounts falling due after more than one year

	29/04/25	29/04/24
	£	£
Bank loans and overdrafts	10,971	13,492
Other creditors	6,928	16,620
	_______	_______
	17,899	30,112
	_______	_______

11. Provisions

	Deferred tax (note 12)	Total
	£	£
At 30 April 2024	3,826	3,826
Movement in the year	( 930)	( 930)
	_______	_______
At 29 April 2025	2,896	2,896
	_______	_______

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	29/04/25	29/04/24
	£	£
Included in provisions (note 11)	2,896	3,826
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	29/04/25	29/04/24
	£	£
Accelerated capital allowances	2,896	3,826
	_______	_______

13. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

Year ended 29/04/25
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	T. Carey	28,602	18,811	( 32,201)	15,212
	M. Carey	4,500	-	( 4,700)	( 200)
		_______	_______	_______	_______
		33,102	18,811	( 36,901)	15,012
		_______	_______	_______	_______

Period ended 29/04/24
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	T. Carey	59,975	12,280	( 43,653)	28,602
	M. Carey	10,270	230	( 6,000)	4,500
		_______	_______	_______	_______
		70,245	12,510	( 49,653)	33,102
		_______	_______	_______	_______

14. Controlling party

The company is controlled by T. Carey who owns 100% of the company's issued ordinary share capital.