Gower Motors and M.O.T Centre Limited 31/12/2021 iXBRL
Gower Motors and M.O.T Centre Limited 31/12/2021 iXBRL
Company registration number:
08330663
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Directors and other information
Director |
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Company number |
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Registered office |
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Business address |
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Accountants |
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104 Walter Road | ||
Swansea | ||
SA1 5QF | ||
Report to the director on the preparation of the
unaudited statutory financial statements of Gower Motors and M.O.T Centre Limited
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gower Motors and M.O.T Centre Limited for the year ended 31 December 2021 which comprise the statement of financial position and 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/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Gower Motors and M.O.T Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gower Motors and M.O.T Centre Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gower Motors and M.O.T Centre Limited and its director as a body for our work or for this report.
It is your duty to ensure that Gower Motors and M.O.T Centre Limited 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 Gower Motors and M.O.T Centre Limited. You consider that Gower Motors and M.O.T Centre Limited 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 Gower Motors and M.O.T Centre Limited. 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
104 Walter Road
Swansea
SA1 5QF
1 September 2022
Statement of financial position
31 December 2021
2021 | 2020 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Intangible assets | 5 |
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Tangible assets | 6 |
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Current assets | |||||||||
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 8 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 9 |
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Provisions for liabilities |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholder funds |
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Director's responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
01 September 2022
, and are signed on behalf of the board by:
Director
Company registration number:
08330663
Notes to the financial statements
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in Wales. The address of the registered office is Unit 26 Crofty Industrial Estate, Penclawdd, Swansea, SA4 3RS.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Turnover
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.
Taxation
Goodwill
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:
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
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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
Government grants
Provisions
Financial instruments
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2020:
3
).
5.
Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 1 January 2021 and 31 December 2021 |
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Amortisation | |||
At 1 January 2021 |
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Charge for the year |
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At 31 December 2021 |
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Carrying amount | |||
At 31 December 2021 |
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At 31 December 2020 |
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6.
Tangible assets
Freehold property | Plant and machinery | Motor vehicles | Total | ||
£ | £ | £ | £ | ||
Cost | |||||
At 1 January 2021 and 31 December 2021 |
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Depreciation | |||||
At 1 January 2021 | - |
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Charge for the year | - | - |
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At 31 December 2021 | - |
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Carrying amount | |||||
At 31 December 2021 |
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At 31 December 2020 |
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_______ | _______ | _______ | _______ | ||
7.
Debtors
2021 | 2020 | |||
£ | £ | |||
Other debtors |
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8.
Creditors: amounts falling due within one year
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£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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9.
Creditors: amounts falling due after more than one year
2021 | 2020 | |||
£ | £ | |||
Bank loans and overdrafts |
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Other creditors |
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10.
Related party transactions
Included within debtors are amounts owed from the director totalling £3,765 (Included wtihin creditors in the previous year are amounts owed to the director totalling £96). These loans are interest free and repayable on demand.