Lavender Hill Garage Enfield Ltd - Accounts to registrar (filleted) - small 18.2
Lavender Hill Garage Enfield Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Abridged Unaudited Financial Statements |
| For The Year Ended 30 November 2020 |
| for |
| Lavender Hill Garage Enfield Ltd |
| Lavender Hill Garage Enfield Ltd (Registered number: 05928521) |
| Contents of the Financial Statements |
| For The Year Ended 30 November 2020 |
| Page |
| Company Information | 1 |
| Chartered Certified Accountants' Report | 2 |
| Abridged Statement of Financial Position | 3 |
| Notes to the Financial Statements | 5 |
| Lavender Hill Garage Enfield Ltd |
| Company Information |
| For The Year Ended 30 November 2020 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 161 Lancaster Road |
| Enfield |
| Middlesex |
| EN2 0JN |
| Chartered Certified Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| Lavender Hill Garage Enfield Ltd |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lavender Hill Garage Enfield Ltd for the year ended 30 November 2020 which comprise the Abridged Statement of Income and Retained Earnings, Abridged Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
| This report is made solely to the director of Lavender Hill Garage Enfield Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lavender Hill Garage Enfield Ltd and state those matters that we have agreed to state to the director of Lavender Hill Garage Enfield Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
| It is your duty to ensure that Lavender Hill Garage Enfield Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lavender Hill Garage Enfield Ltd. You consider that Lavender Hill Garage Enfield Ltd 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 financial statements of Lavender Hill Garage Enfield Ltd. 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 financial statements. |
| Chartered Certified Accountants |
| 161 Lancaster Road |
| Enfield |
| Middlesex |
| EN2 0JN |
| Lavender Hill Garage Enfield Ltd (Registered number: 05928521) |
| Abridged Statement of Financial Position |
| 30 November 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Property, plant and equipment | 6 |
| CURRENT ASSETS |
| Inventories |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| Lavender Hill Garage Enfield Ltd (Registered number: 05928521) |
| Abridged Statement of Financial Position - continued |
| 30 November 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Lavender Hill Garage Enfield Ltd (Registered number: 05928521) |
| Notes to the Financial Statements |
| For The Year Ended 30 November 2020 |
| 1. | STATUTORY INFORMATION |
| Lavender Hill Garage Enfield Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods sold and services rendered stated net of discounts, other sales taxes and value added tax. |
| Goodwill |
| Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
| Goodwill is being amortised on a straight-line basis over its estimated useful life of twenty years in connection with the acquisition of a business in 2006. |
| Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life.. |
| Goodwill amortisation is included in administrative expenses in the statement of comprehensive income. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures, fittings & equipment | - |
| The carrying values of tangible fixed assets are reviewed for impairment when events or changes in |
| circumstances indicate that the carrying value may not be recoverable. |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the profit and loss account and included in the other operating income. |
| Government grants |
| Government grants are recognised in the Statement of Income and Retrained Earnings using accrual model. |
| Lavender Hill Garage Enfield Ltd (Registered number: 05928521) |
| Notes to the Financial Statements - continued |
| For The Year Ended 30 November 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
| Impairment of non-financial assets |
| At each reporting date non-financial assets not carried at fair value, like plant, property and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
| Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense in the period in which they are incurred. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
| Lavender Hill Garage Enfield Ltd (Registered number: 05928521) |
| Notes to the Financial Statements - continued |
| For The Year Ended 30 November 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 December 2019 |
| and 30 November 2020 |
| AMORTISATION |
| At 1 December 2019 |
| Amortisation for year |
| At 30 November 2020 |
| NET BOOK VALUE |
| At 30 November 2020 |
| At 30 November 2019 |
| Lavender Hill Garage Enfield Ltd (Registered number: 05928521) |
| Notes to the Financial Statements - continued |
| For The Year Ended 30 November 2020 |
| 6. | PROPERTY, PLANT AND EQUIPMENT |
| Totals |
| £ |
| COST |
| At 1 December 2019 |
| Additions |
| At 30 November 2020 |
| DEPRECIATION |
| At 1 December 2019 |
| Charge for year |
| At 30 November 2020 |
| NET BOOK VALUE |
| At 30 November 2020 |
| At 30 November 2019 |
| 7. | PARTICULARS OF A MORTGAGE OR CHARGE |
| There is a legal charge registered securing all monies due from the company to Shell UK Limited. |
| 8. | LIABILITY LIMITATION AGREEMENT WITH THE ACCOUNTANT |
| The company has entered into a liability limitation agreement with the accountants Lee Christian & Co Limited in respect of advice given and the preparation of any financial statements. The liability agreement strictly restricts the liability of Lee Christian & Co Limited solely to Lavender Hill Garage Enfield Limited (the company) and further restricts the liability of Lee Christian & Co Limited to the company in accordance with the Lee Christian & Co Limited engagement letter and terms and conditions. |