Auto Repairs (Horwich) Limited 31/05/2021 iXBRL

Auto Repairs (Horwich) Limited 31/05/2021 iXBRL

AUTO REPAIRS (HORWICH) LIMITED - Company Information

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Company registration number: 06264559
Auto Repairs (Horwich) Limited
Unaudited financial statements
31 May 2021
Auto Repairs (Horwich) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Auto Repairs (Horwich) Limited
Directors and other information
Directors Kevin Smith
Susan Jane Smith
Company number 06264559
Registered office Unit 11
Pearl Brook Industrial Estate
Horwich
Bolton
BL6 5PX
Business address Unit 11
Pearl Brook Industrial Estate
Horwich
Bolton
BL6 5PX
Accountants Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers Natwest
27 Lee Lane
Horwich
Bolton
BL6 7TG
Auto Repairs (Horwich) Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Auto Repairs (Horwich) Limited
Year ended 31 May 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Auto Repairs (Horwich) Limited for the year ended 31 May 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of The Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the board of directors of Auto Repairs (Horwich) Limited,in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Auto Repairs (Horwich) Limited and state those matters that we have agreed to state to the board of directors of Auto Repairs (Horwich) Limited in this report in accordance with the requirements of The Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Auto Repairs (Horwich) Limited and its board of directors for our work or for this report.
It is your duty to ensure that Auto Repairs (Horwich) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Auto Repairs (Horwich) Limited. You consider that Auto Repairs (Horwich) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Auto Repairs (Horwich) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
23 February 2022
Auto Repairs (Horwich) Limited
Statement of financial position
31 May 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 7 75,000 75,000
Tangible assets 8 4,047 5,059
_______ _______
79,047 80,059
Current assets
Stocks 1,000 750
Debtors 9 989 5,588
Cash at bank and in hand 24,064 9,276
_______ _______
26,053 15,614
Creditors: amounts falling due
within one year 10 ( 70,944) ( 71,142)
_______ _______
Net current liabilities ( 44,891) ( 55,528)
_______ _______
Total assets less current liabilities 34,156 24,531
Provisions for liabilities 11 ( 748) ( 961)
_______ _______
Net assets 33,408 23,570
_______ _______
Capital and reserves
Called up share capital 13 100 100
Profit and loss account 33,308 23,470
_______ _______
Shareholders funds 33,408 23,570
_______ _______
For the year ending 31 May 2021 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 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 February 2022 , and are signed on behalf of the board by:
Kevin Smith
Director
Company registration number: 06264559
Auto Repairs (Horwich) Limited
Notes to the financial statements
Year ended 31 May 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 11, Pearl Brook Industrial Estate, Horwich, Bolton, BL6 5PX.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total value, excluding value added tax, of repairs and servicing of motor vehicles carried out by the company during the year.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Amortisation of goodwill has not been provided for by the company, as in the opinion of the directors it has as indefinite useful economic life. The accounting policy departs from the usual requirements of FRS 102 to amortise goodwill over a finite period. The effect of the departure is that amortisation as required by the requirements of FRS 102 has not been accounted for. If amortisation had been accounted for the charge for the year would have amounted to £7,500 and profit for the year reduced accordingly.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Stocks
Stock is measured at cost.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Deferred tax is recognised in respect of all timing differences that have originated but not yet reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2021 2020
£ £
Depreciation of tangible assets 1,012 1,377
_______ _______
6. Tax on profit
Major components of tax expense
2021 2020
£ £
Current tax:
UK current tax expense 6,849 8,389
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 213) 352
_______ _______
Tax on profit 6,636 8,741
_______ _______
7. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2020 and 31 May 2021 75,000 75,000
_______ _______
Amortisation
At 1 June 2020 and 31 May 2021 - -
_______ _______
Carrying amount
At 31 May 2021 75,000 75,000
_______ _______
At 31 May 2020 75,000 75,000
_______ _______
8. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 June 2020 and 31 May 2021 13,767 13,767
_______ _______
Depreciation
At 1 June 2020 8,708 8,708
Charge for the year 1,012 1,012
_______ _______
At 31 May 2021 9,720 9,720
_______ _______
Carrying amount
At 31 May 2021 4,047 4,047
_______ _______
At 31 May 2020 5,059 5,059
_______ _______
9. Debtors
2021 2020
£ £
Trade debtors 989 4,196
Other debtors - 1,392
_______ _______
989 5,588
_______ _______
10. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 9,250 11,983
Corporation tax 18,123 14,845
Social security and other taxes 18,442 14,930
Other creditors 25,129 29,384
_______ _______
70,944 71,142
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 June 2020 961 961
Charges against provisions ( 213) ( 213)
_______ _______
At 31 May 2021 748 748
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021 2020
£ £
Included in provisions (note 11) 748 961
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2021 2020
£ £
Accelerated capital allowances 748 961
_______ _______
13. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______