M & E Accident Repair Centre Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08392794 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2023

for

M & E Accident Repair Centre Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Ciesielski

REGISTERED OFFICE:

108 Cannock Street

Leicester

LE4 9HR

REGISTERED NUMBER:

08392794 (England and Wales)

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Tangible assets

4

62,942

99,167

CURRENT ASSETS

Stocks

25,895

106,096

Debtors

5

598,270

389,071

Cash at bank and in hand

115,107

223,924

739,272

719,091

CREDITORS

Amounts falling due within one year

6

(474,367

)

(561,557

)

NET CURRENT ASSETS

264,905

157,534

TOTAL ASSETS LESS CURRENT LIABILITIES

327,847

256,701

CREDITORS

Amounts falling due after more than one year

7

(58,220

)

(63,795

)

PROVISIONS FOR LIABILITIES

(11,327

)

(15,272

)

NET ASSETS

258,300

177,634

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

258,200

177,534

SHAREHOLDERS' FUNDS

258,300

177,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 1 November 2023 and were signed by:

M Ciesielski - Director

1.	STATUTORY INFORMATION

M & E Accident Repair Centre Ltd 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

10% or 20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell on a first in first out basis after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants

Government Grants receivable in relation to expenditure is recognised when the expenditure is charged to the profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2022

and 28 February 2023

148,422

14,132

67,972

6,729

237,255

DEPRECIATION

At 1 March 2022

77,655

9,952

44,720

5,761

138,088

Charge for year

17,105

1,836

16,643

641

36,225

At 28 February 2023

94,760

11,788

61,363

6,402

174,313

NET BOOK VALUE

At 28 February 2023

53,662

2,344

6,609

327

62,942

At 28 February 2022

70,767

4,180

23,252

968

99,167

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Trade debtors

353,151

315,130

Other debtors

245,119

73,941

598,270

389,071

Other debtors includes prepayments and accrued income of £NIL (2022: £65,000).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans and overdrafts

5,000

5,000

Hire purchase contracts

9,973

9,973

Trade creditors

201,265

302,266

Taxation and social security

115,839

96,761

Other creditors

142,290

147,557

474,367

561,557

Other creditors includes accruals and deferred income of £18,177 (2022: £11,858).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans

36,092

41,667

Hire purchase contracts

22,128

22,128

58,220

63,795

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

16,092

21,667

8.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.23

28.2.22

£

£

Hire purchase contracts

32,101

32,101

Hire purchase liabilities are secured on the individual assets being so acquired.