Cornerstone Garage Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04886698 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2021

for

Cornerstone Garage Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P S Gallaway

SECRETARY:

Mrs J Gallaway

REGISTERED OFFICE:

Unit 26

Mountbatten Road

Tiverton

Devon

EX16 6SW

REGISTERED NUMBER:

04886698 (England and Wales)

ACCOUNTANTS:

Somerset Accountancy Services Ltd

22 Wessex Park

Bancombe Business Estate

Somerton

Somerset

TA11 6SB

FIXED ASSETS

Tangible assets

4

69,509

72,833

CURRENT ASSETS

Stocks

16,372

18,000

Debtors

31,777

31,566

Cash at bank and in hand

109,296

174,506

157,445

224,072

CREDITORS

Amounts falling due within one year

127,424

226,290

NET CURRENT ASSETS/(LIABILITIES)

30,021

(2,218

)

TOTAL ASSETS LESS CURRENT LIABILITIES

99,530

70,615

CREDITORS

Amounts falling due after more than one year

(139

)

(2,630

)

PROVISIONS FOR LIABILITIES

5

(9,721

)

(9,876

)

NET ASSETS

89,670

58,109

CAPITAL AND RESERVES

Called up share capital

6

20,911

20,911

Retained earnings

68,759

37,198

SHAREHOLDERS' FUNDS

89,670

58,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 14 March 2022 and were signed by:

Mr P S Gallaway - Director

1.	STATUTORY INFORMATION

Cornerstone Garage Ltd 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.

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.

The director has a reasonable expectation that the company has adequate resources , including their support and that from his family, to continue in operational existence for the foreseeable future. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc

-

25% on reducing balance and 15% on reducing balance

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 balance sheet date.

Deferred tax

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2020

135,031

Additions

12,358

At 30 September 2021

147,389

DEPRECIATION

At 1 October 2020

62,198

Charge for year

15,682

At 30 September 2021

77,880

NET BOOK VALUE

At 30 September 2021

69,509

At 30 September 2020

72,833

5.	PROVISIONS FOR LIABILITIES

30.9.21

30.9.20

£

£

Deferred tax

9,721

9,876

Deferred

tax

£

Balance at 1 October 2020

9,876

Accelerated capital allowances

(155

)

Balance at 30 September 2021

9,721

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.21

30.9.20

value:

£

£

2

Ordinary A

£1

2

2

5,000

Ordinary B

£1

20,909

20,909

20,911

20,911

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr P S Gallaway.