Mount Garage Limited Filleted accounts for Companies House (small and micro)

MOUNT GARAGE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00487715

MOUNT GARAGE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2021

MOUNT GARAGE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

Contents	Pages

Balance sheet 1

Notes to the financial statements 2 to 6

MOUNT GARAGE LIMITED

BALANCE SHEET

31 December 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	4	399,680	404,045
Investments	5	1	1
		------------	------------
		399,681	404,046

Current assets

Debtors	6	218,108	269,724
Investments	7	786,893	733,176
Cash at bank and in hand		300,350	189,149
		------------	------------
		1,305,351	1,192,049

Creditors: amounts falling due within one year	8	( 71,652)	( 39,004)
		------------	------------
Net current assets		1,233,699	1,153,045
		------------	------------
Total assets less current liabilities		1,633,380	1,557,091
		------------	------------
Net assets		1,633,380	1,557,091
		------------	------------

Capital and reserves

Called up share capital	9	899	899
Profit and loss account		1,632,481	1,556,192
		------------	------------
Shareholders funds		1,633,380	1,557,091
		------------	------------

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 Section 1A of 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 profit and loss account has not been delivered.

For the year ending 31 December 2021 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their 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 20 September 2022 , and are signed on behalf of the board by:

S A Windle Director

Company registration number: 00487715

MOUNT GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 31 Pellon New Road, Halifax, West Yorkshire, HX2 0EJ.

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. 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.

Taxation

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.

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:

	Freehold property	-	2% straight line

Freehold land is not depreciated.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Freehold property
	£
Cost
At 1 January 2021 and 31 December 2021	533,240
	------------
Depreciation
At 1 January 2021	129,195
Charge for the year	4,365
	------------
At 31 December 2021	133,560
	------------
Carrying amount
At 31 December 2021	399,680
	------------
At 31 December 2020	404,045
	------------

Included in the net book value is non-depreciated freehold land of £90,000 (2020: £90,000).

5. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2021 and 31 December 2021	1
	------------
Impairment
At 1 January 2021 and 31 December 2021	–
	------------

Carrying amount
At 31 December 2021	1
	------------
At 31 December 2020	1
	------------

The company's subsidiary undertaking is as follows:

Company Activity Ordinary shares

Held

Mount Automotive Solutions Limited Automobile engineers and 100%

retailers

6. Debtors

	2021	2020
	£	£
Amounts owed by group undertakings	155,325	206,941
Other debtors	62,783	62,783
	------------	------------
	218,108	269,724
	------------	------------

7. Investments

	2021	2020
	£	£
Quoted investments	786,893	733,176
	------------	------------

Investments having an original cost of £565,028 (2020: £542,736) had a market value of £786,893 (2020: £733,176) at the balance sheet date.

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Accruals and deferred income	4,654	3,388
Corporation tax	5,264	5,082
Shares classed as financial liabilities	2,000	2,000
Directors' current accounts	59,734	28,534
	------------	------------
	71,652	39,004
	------------	------------

9. Called up share capital

Issued, called up and fully paid

2021		2020
No.	£	No.	£

Amounts presented in equity:

Ordinary shares of £ 1 each	894	894	894	894
Ordinary Class B shares of £ 1 each	5	5	5	5
	------------	------------	------------	------------
	899	899	899	899
	------------	------------	------------	------------

Amounts presented in liabilities:

5.6% Preference shares of £ 1 each	2,000	2,000	2,000	2,000
	------------	------------	------------	------------

10. Related party transactions

At 31 December 2021 Mount Automotive Solutions Limited, a wholly owned subsidiary, owed Mount Garage Limited £155,325 (2020: £206,941). The company owns property which is occupied by Mount Automotive Solutions Limited. No rent was charged for the current or previous year. The directors' current accounts in creditors above are unsecured, repayable on demand and currently interest-free.

11. Control

Controlling party

The company is under the control of S A Windle .