Whitegates Garage Limited - Period Ending 2019-04-30
Whitegates Garage Limited - Period Ending 2019-04-30
Registration number:
Whitegates Garage Limited
for the Year Ended 30 April 2019
Chartered Accountants and Business Advisers
Heron House,
39-41 Higher Bents Lane,
Bredbury,
Stockport
SK6 1EE
Whitegates Garage Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Whitegates Garage Limited
Company Information
Director |
Mr Richard Wood |
Company secretary |
Mr John Arthur Wood |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Whitegates Garage Limited
for the Year Ended 30 April 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Whitegates Garage Limited for the year ended 30 April 2019 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Whitegates Garage Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Whitegates Garage Limited and state those matters that we have agreed to state to the Board of Directors of Whitegates Garage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Whitegates Garage Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Whitegates Garage Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Whitegates Garage Limited. You consider that Whitegates Garage Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Whitegates Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants and Business Advisers
39-41 Higher Bents Lane,
Bredbury,
Stockport
SK6 1EE
Page 2 |
Whitegates Garage Limited
Statement of Comprehensive Income for the Year Ended 30 April 2019
Note |
2019 |
2018 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 3 |
Whitegates Garage Limited
(Registration number: 04179570)
Balance Sheet as at 30 April 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 4 |
Whitegates Garage Limited
(Registration number: 04179570)
Balance Sheet as at 30 April 2019
Approved and authorised by the
.........................................
Mr Richard Wood
Director
Page 5 |
Whitegates Garage Limited
Statement of Changes in Equity for the Year Ended 30 April 2019
Share capital |
Profit and loss account |
Total |
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At 1 May 2018 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 April 2019 |
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Share capital |
Profit and loss account |
Total |
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At 1 May 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 April 2018 |
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Page 6 |
Whitegates Garage Limited
Notes to the Financial Statements for the Year Ended 30 April 2019
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Fixtures & fittings |
15% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Page 7 |
Whitegates Garage Limited
Notes to the Financial Statements for the Year Ended 30 April 2019
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 8 |
Whitegates Garage Limited
Notes to the Financial Statements for the Year Ended 30 April 2019
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2018 |
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At 30 April 2019 |
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Amortisation |
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At 1 May 2018 |
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At 30 April 2019 |
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Carrying amount |
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At 30 April 2019 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2018 - £Nil).
Page 9 |
Whitegates Garage Limited
Notes to the Financial Statements for the Year Ended 30 April 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
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Cost or valuation |
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At 1 May 2018 |
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Additions |
- |
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Disposals |
- |
- |
( |
- |
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At 30 April 2019 |
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Depreciation |
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At 1 May 2018 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
- |
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At 30 April 2019 |
- |
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Carrying amount |
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At 30 April 2019 |
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At 30 April 2018 |
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Total |
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Cost or valuation |
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At 1 May 2018 |
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Additions |
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Disposals |
( |
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At 30 April 2019 |
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Depreciation |
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At 1 May 2018 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 30 April 2019 |
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Carrying amount |
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At 30 April 2019 |
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At 30 April 2018 |
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Page 10 |
Whitegates Garage Limited
Notes to the Financial Statements for the Year Ended 30 April 2019
Included within the net book value of land and buildings above is £135,949 (2018 - £135,949) in respect of freehold land and buildings.
Stocks |
2019 |
2018 |
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Raw materials and consumables |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Page 11 |
Whitegates Garage Limited
Notes to the Financial Statements for the Year Ended 30 April 2019
2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Dividends |
2019 |
2018 |
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£ |
£ |
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Interim dividend of £ |
18,000 |
15,000 |
Page 12 |