Excel Body Repairs Limited Filleted accounts for Companies House (small and micro)

EXCEL BODY REPAIRS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04408062

Excel Body Repairs Limited

Filleted Unaudited Financial Statements

30 April 2021

Excel Body Repairs Limited

Statement of Financial Position

30 April 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		245,390	301,568

Current assets

Stocks		41,889	12,880
Debtors	6	1,654,808	1,426,395
Cash at bank and in hand		1,202,740	987,271
		------------	------------
		2,899,437	2,426,546

Creditors: amounts falling due within one year	7	398,392		416,101
		------------		------------
Net current assets			2,501,045	2,010,445
			------------	------------
Total assets less current liabilities			2,746,435	2,312,013

Creditors: amounts falling due after more than one year	8	40,833	–
		------------	------------
Net assets		2,705,602	2,312,013
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,705,502	2,311,913
	------------	------------
Shareholders funds	2,705,602	2,312,013
	------------	------------

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 income and retained earnings has not been delivered.

For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Excel Body Repairs Limited

Statement of Financial Position (continued)

30 April 2021

These financial statements were approved by the board of directors and authorised for issue on 21 December 2021 , and are signed on behalf of the board by:

Mr R A Hollis
Director

Company registration number: 04408062

Excel Body Repairs Limited

Notes to the Financial Statements

Year ended 30 April 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 Artemis House, 4A Bramley Road, Mount Farm, Milton Keynes, Buckinghamshire, MK1 1PT, England.

2. Statement of compliance

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

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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% straight line
Fixture and fittings	-	25% straight line
Motor vehicles	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2020: 15 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 May 2020	98,204	30,317	320,455	448,976
Additions	805	–	44,828	45,633
	--------	--------	---------	---------
At 30 April 2021	99,009	30,317	365,283	494,609
	--------	--------	---------	---------
Depreciation
At 1 May 2020	72,101	16,461	58,846	147,408
Charge for the year	12,104	5,453	84,254	101,811
	--------	--------	---------	---------
At 30 April 2021	84,205	21,914	143,100	249,219
	--------	--------	---------	---------
Carrying amount
At 30 April 2021	14,804	8,403	222,183	245,390
	--------	--------	---------	---------
At 30 April 2020	26,103	13,856	261,609	301,568
	--------	--------	---------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	199,341	374,837
Amounts owed by group undertakings and undertakings in which the company has a participating interest	539,234	592,084
Other debtors	916,233	459,474
	------------	------------
	1,654,808	1,426,395
	------------	------------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	9,167	–
Trade creditors	114,341	163,883
Corporation tax	191,661	115,118
Social security and other taxes	51,556	28,752
Other creditors	31,667	108,348
	---------	---------
	398,392	416,101
	---------	---------

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

	2021	2020
	£	£
Bank loans and overdrafts	40,833	–
	--------	----

9. Director's advances, credits and guarantees

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

	2021
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R A Hollis	–	443,081	( 40,000)	403,081
	----	---------	--------	---------

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R A Hollis	( 48,112)	56,358	( 8,246)	–
	--------	--------	-------	----

10. Related party transactions

Throughout the current year the company was controlled by Mr R Hollis, the director and only shareholder. At the year end the following companies owed Excel Body Repairs Limited varying amounts as follows: Northants Flooring Limited - £Nil (2020 £12,660). R Hollis Properties Limited - £92,851 (2020 £177,465). Holkin Properties Limited - £137,000 (2020 £75,000). Excel Properties Limited - £171,383 (2020 £326.960). Peggy Brown - £128,000 (2020 £Nil) Contract Sentinel - £10,000 (2020 £Nil) Mr R Hollis is either a director or shareholder of all these companies.