Central Garages Transport Ltd Filleted accounts for Companies House (small and micro)

Central Garages Transport Ltd Filleted accounts for Companies House (small and micro)

CENTRAL GARAGES TRANSPORT LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07055663
CENTRAL GARAGES TRANSPORT LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2018
CENTRAL GARAGES TRANSPORT LTD
BALANCE SHEET
31 October 2018
2018
2017
Note
£
£
FIXED ASSETS
Tangible assets
5
184,075
178,637
CURRENT ASSETS
Debtors
6
258,287
245,604
Cash at bank and in hand
298
–
---------
---------
258,585
245,604
CREDITORS: amounts falling due within one year
7
( 320,414)
( 288,001)
---------
---------
NET CURRENT LIABILITIES
( 61,829)
( 42,397)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
122,246
136,240
CREDITORS: amounts falling due after more than one year
8
( 47,128)
( 60,191)
PROVISIONS
( 31,240)
( 28,183)
---------
---------
NET ASSETS
43,878
47,866
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
43,778
47,766
--------
--------
SHAREHOLDERS FUNDS
43,878
47,866
--------
--------
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 profit and loss account has not been delivered.
For the year ending 31 October 2018 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 .
These financial statements were approved by the board of directors and authorised for issue on 25 July 2019 , and are signed on behalf of the board by:
Mr R Simons
Director
Company registration number: 07055663
CENTRAL GARAGES TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 October 2018
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Aishling House, 18 Marshfield Road, Castleton, Cardiff, CF3 2UU.
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.
Invoice discounting facility
The company has in place an invoice discount facility based on the value of trade receivables. Under this arrangement the company has retained both the credit and late payment risk associated with the receivables. As the company has retained substantially all the risk and rewards of ownership of the receivables, it continues to recognise the receivables in the balance sheet with advances from the facility provider treated as a separate liability.
The expenses associated with this facility are included within finance expense within the profit & loss account.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of work done in the financial year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
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
-
10% straight line
Motor vehicles
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.
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 as a finance cost 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 year amounted to 8 (2017: 8 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 November 2017
13,103
208,995
222,098
Additions
–
42,200
42,200
Disposals
–
( 2,500)
( 2,500)
--------
---------
---------
At 31 October 2018
13,103
248,695
261,798
--------
---------
---------
Depreciation
At 1 November 2017
3,278
40,183
43,461
Charge for the year
1,311
34,651
35,962
Disposals
–
( 1,700)
( 1,700)
--------
---------
---------
At 31 October 2018
4,589
73,134
77,723
--------
---------
---------
Carrying amount
At 31 October 2018
8,514
175,561
184,075
--------
---------
---------
At 31 October 2017
9,825
168,812
178,637
--------
---------
---------
6. DEBTORS
2018
2017
£
£
Trade debtors
219,777
212,630
Other debtors
38,510
32,974
---------
---------
258,287
245,604
---------
---------
7. CREDITORS: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
32,414
36,837
Trade creditors
24,229
17,499
Accruals and deferred income
10,303
10,919
Corporation tax
2,693
–
Social security and other taxes
33,147
26,587
Obligations under finance leases and hire purchase contracts
41,662
34,584
Other creditors
175,966
161,575
---------
---------
320,414
288,001
---------
---------
Included within other creditors is an amount of £171,876 (2017 - £161,469) secured on debtors.
Included in creditors due within one year is an amount of £41,662 (2017 - £34,584) relating to finance leases and hire purchase agreements, which is secured on the assets to which the agreements relate. Also included in creditors due within one year is an amount of £32,414 (2017 - £36,837) relating to bank loans and overdrafts. This amount is secured by a fixed and floating charge over the as sets of the company.
8. CREDITORS: amounts falling due after more than one year
2018
2017
£
£
Obligations under finance leases and hire purchase contracts
47,128
60,191
--------
--------
Included in creditors due after more than one year is an amount of £47,128 (2017 - £34,584) relating to finance leases and hire purchases. This amount is secured on the assets to which the agreements relate.
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Simons
30,215
45,351
( 41,501)
34,065
--------
--------
--------
--------
2017
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Simons
18,320
48,795
( 36,900)
30,215
--------
--------
--------
--------
This balance is interest free, recoverable on demand and included within debtors.