Elburton Garages Limited Filleted accounts for Companies House (small and micro)

ELBURTON GARAGES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01048556

Elburton Garages Limited

Filleted Unaudited Financial Statements

31 January 2019

Elburton Garages Limited

Statement of Financial Position

31 January 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	7		29,493	33,550

Current assets

Stocks		2,640	2,935
Debtors	8	43,439	42,713
Cash at bank and in hand		141,725	97,510
		----------	----------
		187,804	143,158

Creditors: amounts falling due within one year	9	43,417		28,376
		----------		----------
Net current assets			144,387	114,782
			----------	----------
Total assets less current liabilities			173,880	148,332

Provisions

Taxation including deferred tax	5,604	6,187
	----------	----------
Net assets	168,276	142,145
	----------	----------

Elburton Garages Limited

Statement of Financial Position (continued)

31 January 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	168,176	142,045
	----------	----------
Shareholders funds	168,276	142,145
	----------	----------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 January 2019 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 28 October 2019 , and are signed on behalf of the board by:

Mr D G Bowrey
Director

Company registration number: 01048556

Elburton Garages Limited

Notes to the Financial Statements

Year Ended 31 January 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Arcadia Road, Elburton, Plymouth, Devon, PL9 8EG.

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. Other interest receivable and similar income

	2019	Year ended 31/01/2018
	£	£
Interest on bank deposits	227	734

4. 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.

Taxes

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Up to 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2018: 8 ).

6. Intangible assets

	Goodwill
	£
Cost
At 1 February 2018 and 31 January 2019	3,000
	-------
Amortisation
At 1 February 2018 and 31 January 2019	3,000
	-------
Carrying amount
At 31 January 2019	–
	-------
At 31 January 2018	–
	-------

Goodwill arose on the purchase of the business in 1972 and was written off over 20 years from the year ended 31 July 1982.

7. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 February 2018	102,129	20,055	11,600	133,784
Additions	1,610	–	–	1,610
	----------	---------	---------	----------
At 31 January 2019	103,739	20,055	11,600	135,394
	----------	---------	---------	----------
Depreciation
At 1 February 2018	69,353	20,055	10,826	100,234
Charge for the year	5,473	–	194	5,667
	----------	---------	---------	----------
At 31 January 2019	74,826	20,055	11,020	105,901
	----------	---------	---------	----------
Carrying amount
At 31 January 2019	28,913	–	580	29,493
	----------	---------	---------	----------
At 31 January 2018	32,776	–	774	33,550
	----------	---------	---------	----------

8. Debtors

	2019	2018
	£	£
Trade debtors	7,037	6,183
Other debtors	36,402	36,530
	---------	---------
	43,439	42,713
	---------	---------

The debtors above include the following amounts falling due after more than one year:

	2019	2018
	£	£
Other debtors	35,202	35,202
	---------	---------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	12,213	9,773
Corporation tax	8,472	548
Social security and other taxes	6,078	8,121
Other creditors	16,654	9,934
	---------	---------
	43,417	28,376
	---------	---------

10. Related party transactions

The company was under the control of Mr D G Bowrey throughout the current period and previous year. He is the sole director and shareholder. During the period the company paid rent of £8,000 (2018: £8,000) to the director in respect of its trading premises. This rent is considered to be at a commercial rate. During the period a loan account existed between the company and the director, Mr D G Bowrey . The balance brought forward was £4,812 (owed by the company). In the current year there was a movement of £7,500 in the loan account. The balance of the director's loan account at the end of the accounting period was £12,312 (owed by the company). No interest is payable by the company on this loan and there is no fixed date for repayment. Dividends of £7,500 (2018: £5,000) were paid to the director during the period.