H. R. Owen Servicing and Repairs Limited 31/08/2022 iXBRL

H. R. Owen Servicing and Repairs Limited 31/08/2022 iXBRL

H.R. OWEN SERVICING AND REPAIRS LIMITED - Company Information

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Company registration number: 05560185
H. R. Owen Servicing and Repairs Limited
(formerly Joe Macari Servicing Limited)
Unaudited filleted financial statements
31 August 2022
H. R. OWEN SERVICING AND REPAIRS LIMITED
(FORMERLY JOE MACARI SERVICING LIMITED)
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
H. R. OWEN SERVICING AND REPAIRS LIMITED
(FORMERLY JOE MACARI SERVICING LIMITED)
DIRECTORS AND OTHER INFORMATION
Directors Joe Macari (Resigned 31 August 2022)
Denise Grimstone (Appointed 6 September 2022)
Veh Ken Choo (Appointed 31 August 2022)
Mehmet Dalman (Appointed 31 August 2022)
Manish Patel (Appointed 31 August 2022)
Company number 05560185
Registered office Melton Court
Old Brompton Road
London
SW7 3TD
Accountants Westcotts
47 Boutport Street
Barnstaple
Devon
EX31 1SQ
H. R. OWEN SERVICING AND REPAIRS LIMITED
(FORMERLY JOE MACARI SERVICING LIMITED)
DIRECTORS RESPONSIBILITIES STATEMENT
PERIOD ENDED 31 AUGUST 2022
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
H. R. OWEN SERVICING AND REPAIRS LIMITED
(FORMERLY JOE MACARI SERVICING LIMITED)
STATEMENT OF FINANCIAL POSITION
31 AUGUST 2022
31/08/22 30/09/21
Note £ £ £ £
Fixed assets
Tangible assets 5 590,170 620,598
_______ _______
590,170 620,598
Current assets
Stocks - 1,718,586
Debtors 6 - 2,510,443
Cash at bank and in hand - 4,859
_______ _______
- 4,233,888
Creditors: amounts falling due
within one year 7 - ( 3,442,855)
_______ _______
Net current (liabilities)/assets - 791,033
_______ _______
Total assets less current liabilities 590,170 1,411,631
Creditors: amounts falling due
after more than one year 8 - ( 180,000)
Provisions for liabilities ( 22,528) ( 24,112)
_______ _______
Net assets 567,642 1,207,519
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Share premium account 10 999,700 999,700
Profit and loss account 10 ( 433,058) 206,819
_______ _______
Shareholders funds 567,642 1,207,519
_______ _______
For the period ending 31 August 2022 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 period 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 27 May 2023 , and are signed on behalf of the board by:
Manish Patel
Director
Company registration number: 05560185
H. R. OWEN SERVICING AND REPAIRS LIMITED
(FORMERLY JOE MACARI SERVICING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 AUGUST 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Melton Court, Old Brompton Road, London, SW7 3TD.
Principal activity
The principal activity of the company is that of maintenance and repair of motor vehicles.
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.
Going concern
As at 31 August 2022 the company's profit and loss account was in deficit. The Directors' have expressed their continued support of the company and consider the going concern basis of preparation to be appropriate.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
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:
Over life of the lease - Over life of the lease
Plant and machinery - 20 % straight line
Motor vehicles - 20 % straight line
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 17 (2021: 19 ).
5. Tangible assets
Long leasehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 October 2021 1,051,399 781,841 5,000 1,838,240
Additions 29,000 7,990 - 36,990
Disposals - - ( 5,000) ( 5,000)
_______ _______ _______ _______
At 31 August 2022 1,080,399 789,831 - 1,870,230
_______ _______ _______ _______
Depreciation
At 1 October 2021 525,871 688,771 3,000 1,217,642
Charge for the year 35,657 29,761 - 65,418
Disposals - - ( 3,000) ( 3,000)
_______ _______ _______ _______
At 31 August 2022 561,528 718,532 - 1,280,060
_______ _______ _______ _______
Carrying amount
At 31 August 2022 518,871 71,299 - 590,170
_______ _______ _______ _______
At 30 September 2021 525,528 93,070 2,000 620,598
_______ _______ _______ _______
6. Debtors
31/08/22 30/09/21
£ £
Trade debtors - 385,094
Other debtors - 2,125,349
_______ _______
- 2,510,443
_______ _______
7. Creditors: amounts falling due within one year
31/08/22 30/09/21
£ £
Bank loans and overdrafts - 171,270
Trade creditors - 212,797
Accruals and deferred income - 12,420
Social security and other taxes (-) 127,620
Other creditors (-) 2,918,748
_______ _______
- 3,442,855
_______ _______
8. Creditors: amounts falling due after more than one year
31/08/22 30/09/21
£ £
Bank loans and overdrafts - 180,000
_______ _______
9. Government grants
31/08/22 30/09/21
£ £
Grants received or receivable 2,722 36,116
Released to the profit or loss (2,722) (36,116)
_______ _______
At end of year - -
_______ _______
The amounts recognised in the for government grants are as follows:
31/08/22 30/09/21
£ £
Recognised in other operating income:
Government grants released to profit or loss 2,722 36,116
_______ _______
During the year the company was the recipient of economic benefits as a result of participating in the UK Government'c Coronavirus Job Retention Scheme. The total funds recognised on an accruals basis from the UK Government during the year relating to the Job Retention Scheme was £2,722 (2021 - £36,116).
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Other financial commitments
As at 31 August 2022 the company had no non-cancellable commitments (30 September 2022 - £1,508,500)
12. Related party transactions
During the year the company wrote off £456,012 of inter-company balances.