REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED |
|
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
|
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED |
|
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
|
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
Page |
|
Strategic Report | 1 |
|
Report of the Directors | 2 |
|
Report of the Independent Auditors | 4 |
|
Profit and Loss Account | 7 |
|
Other Comprehensive Income | 8 |
|
Balance Sheet | 9 |
|
Statement of Changes in Equity | 10 |
|
Cash Flow Statement | 11 |
|
Notes to the Cash Flow Statement | 12 |
|
Notes to the Financial Statements | 13 |
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
The results for the year and financial position of the company are as shown in the annexed financial statements. |
|
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. |
|
Review of business |
Our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. They are turnover, gross margin and net assets. |
|
Vehicle sales and associated turnover increased from £1.99 million for the year to March 2021 to £2.85 million for the year to March 2022. The gross profit margin decreased from 54% in 2020 to 51% reflecting a smaller margin from additional non-insurance bodywork repairs. Net assets at 31 March 2022 have increased to £3.46 million from £2.99 million. |
|
Principal risk and uncertainty |
The principal risks and uncertainties facing the company are: competition from other suppliers - we feel that the service provided and scale of our operations mitigates this risk. Pressures through increasing fuel costs and the volatility of the labour market bring new considerations as to how the future operation of the business will look and fresh challenges beyond those faced directly through the pandemic. Volatile economic and global pressures have a downward impact on results due to increased uncertainty. |
|
Future developments |
Margins and staff costs are controlled by careful planning and budgeting and continuing ongoing review, to ensure efficiency. Our overheads are held to a minimum to maximise the value offering to our customers and to maintain a strong customer base. The directors will continue to monitor costs and performance, seeking further efficiency gains wherever possible. |
|
Financial instruments |
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from funding activities which are conducted in sterling. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
14 December 2022 |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
|
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of motor vehicle accident repairs. |
|
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2022 will be £
|
|
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
|
|
|
|
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the director's report. It has done so in respect of financial instruments and future developments.. |
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable laws and regulations. |
|
Company law requires the directors to prepare financial statements for each financial year. 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 the affairs of the company and of the profit and 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 judgements and accounting estimates that are reasonable and prudent; |
- |
state whether applicable accounting standards have been followed subject to any material departures disclosed and
explained in the financial statements; |
- |
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. |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED |
|
Opinion |
We have audited the financial statements of Bridgend Accident Repair Centre Limited (the 'company') for the year ended 31 March 2022 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
|
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
|
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
|
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
|
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
|
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
|
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
|
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED |
|
|
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
|
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
|
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
|
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
|
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
|
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
|
|
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management; |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
|
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED |
|
Our responsibilities for the audit of the financial statements - continued |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
|
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
- |
assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were
indicative of potential bias; and |
- | investigated the rationale behind significant or unusual transactions. |
|
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
|
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | reading the minutes of meetings of those charged with governance; |
- | enquiring of management as to actual and potential litigation and claims; and |
- | reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
|
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
|
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
|
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
|
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
|
|
|
|
for and on behalf of
|
Statutory Auditor |
Chartered Accountants |
Caledonia House |
89 Seaward Street |
Glasgow |
G41 1HJ |
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
2022 | 2021 |
Notes | £ | £ |
|
TURNOVER | 3 |
|
|
|
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
|
|
|
Administrative expenses | ( |
) | ( |
) |
456,282 | 170,763 |
|
Other operating income | 4 |
|
|
OPERATING PROFIT | 6 |
|
|
|
Interest receivable and similar income |
|
|
PROFIT BEFORE TAXATION |
|
|
|
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
2022 | 2021 |
Notes | £ | £ |
|
PROFIT FOR THE YEAR |
|
|
|
|
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
BALANCE SHEET |
31 MARCH 2022 |
|
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
|
|
|
CURRENT ASSETS |
Stocks | 10 |
|
|
Debtors | 11 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 12 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 13 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 14 |
|
|
Profit and loss account | 15 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
|
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
Called up | Profit |
share | and loss | Total |
capital | account | equity |
£ | £ | £ |
|
Balance at 1 April 2020 |
|
|
|
|
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
|
|
Balance at 31 March 2021 |
|
|
|
|
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
|
|
Balance at 31 March 2022 |
|
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
|
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
|
|
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
|
|
Interest received |
|
|
Net cash from investing activities |
|
|
|
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
|
(Decrease)/increase in cash and cash equivalents | ( |
) |
|
Cash and cash equivalents at beginning of
year |
2 |
|
192,868 |
|
Cash and cash equivalents at end of year | 2 | 150,881 | 537,982 |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
|
|
Depreciation charges |
|
|
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance income | (82,908 | ) | (75,102 | ) |
554,894 | 338,758 |
(Increase)/decrease in stocks | ( |
) |
|
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
|
|
Cash generated from operations | ( |
) |
|
|
2. | CASH AND CASH EQUIVALENTS |
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
|
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 150,881 | 537,982 |
Year ended 31 March 2021 |
31/3/21 | 1/4/20 |
£ | £ |
Cash and cash equivalents | 537,982 | 192,868 |
|
|
3. | ANALYSIS OF CHANGES IN NET FUNDS |
|
At 1/4/21 | Cash flow | At 31/3/22 |
£ | £ | £ |
Net cash |
Cash at bank | 537,982 | (387,101 | ) | 150,881 |
537,982 | ( |
) | 150,881 |
Total | 537,982 | (387,101 | ) | 150,881 |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
1. | STATUTORY INFORMATION |
|
Bridgend Accident Repair Centre Limited is a private company, limited by shares, registered in Scotland. The registered office is Riverside Complex, Glasgow Road, Kilwinning, Ayrshire, KA13 7JB. |
|
The financial statements are presented in Sterling (£). |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. There have been no material departures from this standard. |
|
Going concern |
The financial statements have been prepared on a going concern basis. The validity of this is dependent on the financial performance of the company, during volatile and uncertain economic conditions, including the recoverability of debtors and the continued support of creditors. After reviewing the company's financial position and forecasts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
|
Judgements |
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. |
|
The directors consider there are no such significant judgements. |
|
Information and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. |
|
The directors consider the key sources of estimation uncertainty to be as follows:- |
|
- Tangible fixed assets (see note 8) are depreciated over their estimated useful lives. The actual lives of the assets are assessed at the end of each reporting period and may vary depending on a number of factors. In re-assessing asset lives, factors such as level of usage and maintenance programmes are taken into account. The directors assessed that no changes were required to the estimated useful lives of the tangible fixed assets and therefore, determined that the stated depreciation policies applied in prior years remain appropriate. |
|
- To determine whether there are any indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset concerned. The directors have assessed there are no concerns in this regard. |
|
Turnover |
Turnover represents the total invoice value, excluding value added tax, of goods and services rendered during the year. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer. |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Heritable property | - |
|
Improvements to property | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Courtesy cars | - |
|
|
Land included in heritable property is not depreciated. |
|
Fixed assets are included in the financial statements at cost less accumulated depreciation and accumulated impairment losses. |
|
I mpairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
|
Government grants |
Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become 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 shall be recognised in income in the period in which it becomes receivable. |
|
Grants related to the purchase of assets are recognised on a systematic basis over the useful economic life of the underlying assets that was acquired with the grant. |
|
Stocks |
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell. Replacement cost of stock would not be materially different. |
|
Work in progress which relates to vehicle repairs is incorporated at cost of labour and parts. |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to and from related parties. |
|
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
|
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
|
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
|
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
|
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
|
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
|
With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
|
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
|
Pension costs and other post-retirement benefits |
The company pays into the personal pensions of certain employees. Contributions payable for the year are charged to profit and loss in the period to which they relate. |
|
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
|
Employee benefits |
Short term employee benefits are recognised as an expense in the period in which they are incurred. |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
3. | TURNOVER |
|
The turnover and profit before taxation are attributable to the one principal activity of the company. |
|
An analysis of turnover by class of business is given below: |
|
2022 | 2021 |
£ | £ |
|
|
|
|
|
|
An analysis of turnover by geographical market is given below: |
|
2022 | 2021 |
£ | £ |
United Kingdom |
|
|
|
|
|
4. | OTHER OPERATING INCOME |
|
Other operating income consists of government grants totalling £44,807 (2021: £112,817). |
|
5. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
|
The average number of employees during the year was as follows: |
2022 | 2021 |
|
Administration | 5 | 5 |
Operators | 24 | 22 |
Directors | 2 | 2 |
|
|
|
2022 | 2021 |
£ | £ |
Directors' remuneration |
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
6. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
|
|
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
|
|
|
7. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
Underprovision in prior year | - | 177 |
Total current tax |
|
|
|
Deferred tax |
|
( |
) |
Tax on profit |
|
|
|
UK corporation tax has been charged at 19% (2021 - 19%). |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
|
2022 | 2021 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
|
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
( |
) |
Adjustments to tax charge in respect of previous periods |
|
|
Depreciation for the year (lower than)/in excess of capital allowances | 843 | 7,762 |
Deferred tax movement | 413 | (5,289 | ) |
Total tax charge | 113,759 | 70,748 |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
8. | DIVIDENDS |
2022 | 2021 |
£ | £ |
J Ordinary share of £1 |
Interim | 2,000 | 2,000 |
|
9. | TANGIBLE FIXED ASSETS |
Improvements |
Heritable | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 April 2021 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
|
At 31 March 2022 |
|
|
|
DEPRECIATION |
At 1 April 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
At 31 March 2022 |
|
|
|
NET BOOK VALUE |
At 31 March 2022 |
|
|
|
At 31 March 2021 |
|
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Fixtures |
and | Motor | Courtesy |
fittings | vehicles | cars | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2021 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
) | ( |
) |
At 31 March 2022 |
|
|
|
|
DEPRECIATION |
At 1 April 2021 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
( |
) | ( |
) |
At 31 March 2022 |
|
|
|
|
NET BOOK VALUE |
At 31 March 2022 |
|
|
|
|
At 31 March 2021 |
|
|
|
|
|
Included in the cost of heritable property is land of £64,550 (2021 - £64,550) which is not depreciated. |
|
10. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
|
|
Work in progress |
|
|
|
|
|
Stock recognised in cost of sales during the year as an expense was £1,392,015 (2021 - £841,906). |
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
|
|
Amounts due from group undertakings |
|
|
Prepayments |
|
|
|
|
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accrued expenses |
|
|
|
|
|
13. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 27,540 | 27,127 |
|
Deferred |
tax |
£ |
Balance at 1 April 2021 |
|
Accelerated capital allowances | 413 |
Balance at 31 March 2022 |
|
|
14. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
100 | Ordinary | £1 | 100 | 100 |
1 | A-J Ordinary | £1 | 10 | 10 |
110 | 110 |
|
|
Ordinary shares have equal rights with regards to voting, participation and dividends. |
|
A, B, C, D, E, F, G, H, I, & J Ordinary shares are non-redeemable, non-voting, have rights to participate in all approved dividend distributions for that class of share and have no rights to participate in any capital distribution on winding up. |
BRIDGEND ACCIDENT REPAIR CENTRE LIMITED (REGISTERED NUMBER: SC098476) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
15. | RESERVES |
Profit |
and loss |
account |
£ |
|
At 1 April 2021 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 March 2022 |
|
|
16. | PENSION COMMITMENTS |
|
The company pays into the personal pensions of certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions this year amounted to £20,140 (2021: £16,588). |
|
17. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group members where group accounts are available. Amounts owed by group undertakings included in note 10, carry a market rate of interest, have no fixed date of repayment and are repayable on demand. |
|
18. | ULTIMATE PARENT COMPANY |
|
The holding company is Bridgend Holdings Limited, a company registered in Scotland. |
|
Bridgend Holdings Limited is the parent undertaking of the only group of which the company is a member. Consolidated group accounts are available from Mr Daniel McLaughlan, Bridgend Garage Limited, East Road, Irvine, Ayrshire. |