Reading Accident Repairs Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04627531 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

READING ACCIDENT REPAIRS LIMITED

TRADING AS

FIX AUTO READING

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P C Carkett

Mr D P Benjamin

SECRETARY:

Mrs V V Carkett

REGISTERED OFFICE:

39 Metro Centre

Tolpits Lane

Watford

Hertfordshire

WD18 9SB

REGISTERED NUMBER:

04627531 (England and Wales)

ACCOUNTANTS:

Meades Group Limited

39 The Metro Centre

Tolpits Lane

Watford

Hertfordshire

WD18 9SB

FIXED ASSETS

Tangible assets

4

40,534

27,487

CURRENT ASSETS

Stocks

10,433

11,625

Debtors

5

387,006

296,638

Cash at bank and in hand

126,823

64,190

524,262

372,453

CREDITORS

Amounts falling due within one year

6

267,082

204,906

NET CURRENT ASSETS

257,180

167,547

TOTAL ASSETS LESS CURRENT LIABILITIES

297,714

195,034

CREDITORS

Amounts falling due after more than one year

7

(40,309

)

(63,586

)

PROVISIONS FOR LIABILITIES

(7,631

)

(5,147

)

NET ASSETS

249,774

126,301

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

249,772

126,299

SHAREHOLDERS' FUNDS

249,774

126,301

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2022 and were signed on its behalf by:

Mr P C Carkett - Director

1.	STATUTORY INFORMATION

Reading Accident Repairs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2020 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

70,965

550

31,700

3,220

106,435

Additions

8,248

-

12,917

-

21,165

At 31 December 2021

79,213

550

44,617

3,220

127,600

DEPRECIATION

At 1 January 2021

44,674

501

31,183

2,590

78,948

Charge for year

6,744

12

1,205

157

8,118

At 31 December 2021

51,418

513

32,388

2,747

87,066

NET BOOK VALUE

At 31 December 2021

27,795

37

12,229

473

40,534

At 31 December 2020

26,291

49

517

630

27,487

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

366,185

262,680

S455 tax repayable

-

2,820

Prepayments and accrued income

20,821

31,138

387,006

296,638

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

23,100

17,326

Trade creditors

162,556

101,221

Corporation tax

39,526

11,171

Social security and other taxes

16,302

15,457

VAT

12,892

18,790

Company credit card

1,031

1,163

Pension contributions payable

2,239

960

Directors' current accounts

2,607

2,411

Accruals and deferred income

6,829

36,407

267,082

204,906

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans more than a year

40,309

63,586

8.	RELATED PARTY DISCLOSURES

The directors' current account balances of £2,607 (2020 - £2,411) have no fixed date for repayment, are repayable upon demand and are non-interest bearing.