Paxton Hill Garage Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09497343 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

PAXTON HILL GARAGE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Hucklesby

Mrs J E Hucklesby

SECRETARY:

Mrs J E Hucklesby

REGISTERED OFFICE:

Unit 4 Fenice Court

Phoenix Business Park

Eaton Socon

St Neots

Cambridgeshire

PE19 8EP

REGISTERED NUMBER:

09497343 (England and Wales)

ACCOUNTANTS:

Davey Grover Limited

Chartered Accountants

4 Fenice Court

Phoenix Business Park

Eaton Socon

St. Neots

Cambridgeshire

PE19 8EP

FIXED ASSETS

Intangible assets

4

90,000

105,000

Tangible assets

5

10,740

12,143

100,740

117,143

CURRENT ASSETS

Stocks

2,616

2,754

Debtors

6

13,059

11,646

Cash at bank and in hand

201,744

175,207

217,419

189,607

CREDITORS

Amounts falling due within one year

7

230,672

245,470

NET CURRENT LIABILITIES

(13,253

)

(55,863

)

TOTAL ASSETS LESS CURRENT LIABILITIES

87,487

61,280

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

87,387

61,180

SHAREHOLDERS' FUNDS

87,487

61,280

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors on 2 August 2019 and were signed on its behalf by:

Mr G Hucklesby - Director

Mrs J E Hucklesby - Director

1.	STATUTORY INFORMATION

Paxton Hill Garage Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, 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 Income statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

150,000

AMORTISATION

At 1 April 2018

45,000

Amortisation for year

15,000

At 31 March 2019

60,000

NET BOOK VALUE

At 31 March 2019

90,000

At 31 March 2018

105,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2018

19,168

8,567

714

28,449

Additions

1,400

-

872

2,272

At 31 March 2019

20,568

8,567

1,586

30,721

DEPRECIATION

At 1 April 2018

11,083

4,512

711

16,306

Charge for year

2,372

1,014

289

3,675

At 31 March 2019

13,455

5,526

1,000

19,981

NET BOOK VALUE

At 31 March 2019

7,113

3,041

586

10,740

At 31 March 2018

8,085

4,055

3

12,143

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

10,313

8,667

Prepayments

2,746

2,979

13,059

11,646

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

14,268

17,287

Tax

32,906

31,984

Social security and other taxes

2,586

2,734

VAT

14,278

14,245

Other creditors

2,416

1,502

Directors' current accounts

161,165

174,232

Accrued expenses

3,053

3,486

230,672

245,470

8.	OTHER FINANCIAL COMMITMENTS

As at 31 March 2019, the company had total commitments under property leases expiring within 8 years of

£116,000 (2018 - £130,500), of which the annual commitment is £14,500 (2018 - £14,500).

9.	RELATED PARTY DISCLOSURES

During the year to 31 March 2019 the company paid £14,500 (2018 - £14,500) to the directors, Mr and Mrs

Hucklesby, for rent.