Mayne's Garage Limited - Period Ending 2019-12-31

Mayne's Garage Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Mayne's Garage Limited

Company Information

Directors

G R Bennett S G C Bennett

Company secretary

G R Bennett

Registered office

27 Clinton Road Redruth Cornwall TR15 3LW

Accountants

Francis Clark LLP Chartered Accountants Lowin House Tregolls Road Truro Cornwall TR1 2NA

Mayne's Garage Limited

Balance Sheet

31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	46,161	46,161
Current assets
Stocks	6	243,360	242,310
Debtors	7	86,134	99,364
Other financial assets	5	213,533	177,711
Cash at bank and in hand		588,341	796,118
		1,131,368	1,315,503
Creditors: Amounts falling due within one year	8	(3,608)	(66,466)
Net current assets		1,127,760	1,249,037
Total assets less current liabilities		1,173,921	1,295,198
Provisions for liabilities		16,359	-
Net assets		1,190,280	1,295,198
Capital and reserves
Called up share capital		1,000	1,000
Share premium reserve		13,000	13,000
Revaluation reserve		-	13,519
Other reserves		(51,522)	(87,344)
Profit and loss account		1,227,802	1,355,023
Total equity		1,190,280	1,295,198

Mayne's Garage Limited

Balance Sheet

31 December 2019

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 December 2020 and signed on its behalf by:
 

......................................... S G C Bennett Director

Company Registration Number: 00237532

Mayne's Garage Limited

Notes to the Financial Statements

Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
27 Clinton Road
Redruth
Cornwall
TR15 3LW

These financial statements were authorised for issue by the Board on 5 December 2020.

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Mayne's Garage Limited

Notes to the Financial Statements

Year Ended 31 December 2019

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost or valuation, 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
Freehold property	2% reducing balance
Plant and machinery	20% reducing balance or 4 years straight line
Fixtures, fittings and equipment	20% reducing balance
Motor vehicles	25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit and loss. Dividends on equity securities, where applicable is recognised in income using the effective interest method.

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 stocks 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.

Mayne's Garage Limited

Notes to the Financial Statements

Year Ended 31 December 2019

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

Mayne's Garage Limited

Notes to the Financial Statements

Year Ended 31 December 2019

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 January 2019	46,161	46,161
At 31 December 2019	46,161	46,161
Depreciation
Carrying amount
At 31 December 2019	46,161	46,161
At 31 December 2018	46,161	46,161

Included within the net book value of land and buildings above is £46,161 (2018 - £46,161) in respect of freehold land and buildings.


 

Mayne's Garage Limited

Notes to the Financial Statements

Year Ended 31 December 2019

5	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Current financial assets
Cost or valuation
At 1 January 2019	177,711	177,711
Fair value adjustments	35,822	35,822
At 31 December 2019	213,533	213,533
Carrying amount
At 31 December 2019	213,533	213,533
At 31 December 2018	177,711	177,711

6

Stocks

	2019 £	2018 £
Development land	243,360	242,310

7

Debtors

	Note	2019 £	2018 £
Amounts due from group undertakings	10	16,671	16,671
Other debtors		69,463	82,693
		86,134	99,364

Mayne's Garage Limited

Notes to the Financial Statements

Year Ended 31 December 2019

8

Creditors

Creditors: amounts falling due within one year

	2019  £	2018  £
Due within one year
Trade creditors	32	984
Social security and other taxes	476	212
Other creditors	-	62,270
Accrued expenses	3,100	3,000
	3,608	66,466

9	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	750	750	750	750
Deferred shares of £1 each	250	250	250	250
	1,000	1,000	1,000	1,000

10	Related party transactions

Summary of transactions with parent

Mike Bennett Limited

 Dividends declared in the year payable to Mike Bennett Limited total £120,000 (2017 - £120,000). At the balance sheet date the amount due from Mike Bennett Limited was £16,671 (2017 £16,671).
 

Summary of transactions with other related parties

At the balance sheet date amounts owed to the directors totalled £nil (2018: £60,000).

At the balance sheet date other debtors includes an amount of £49,439 (2018: £48,564) due from Pendeen Developments Limited, a company under common control.
 

11	Parent and ultimate parent undertaking

The ultimate controlling party is Mike Bennett Limited, a company registered in England and Wales.