Greenaways Garage & Tyres Ltd Accounts

GREENAWAYS GARAGE AND TYRES LIMITED - Company Information






Greenaways Garage & Tyres Ltd

	Company No. 06914934
		Information for Filing with The Registrar
		30 June 2021

The Directors present their report and the accounts for the period ended 30 June 2021.

Principal activities
The principal activity of the company during the period under review was Tyre & Exhaust Services.




Directors

The Directors who served at any time during the period were as follows:

L.S. Arscott
P.C. Arscott




































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

L.S. Arscott
Director
31 March 2022

at	30 June 2021
Company No.		06914934	Notes	2021	2020
				£	£
Fixed assets

	Tangible assets		7	35,411	33,684


				35,411	33,684
Current assets
	Stocks		10	52,300	31,630
	Debtors		11	28,165	14,796

	Cash at bank and in hand			39,902	16,136
				120,367	62,562
Creditors: Amount falling due within one year			13	(105,262)	(86,071)
Net current assets/(liabilities)				15,105	(23,509)
Total assets less current liabilities				50,516	10,175




Net assets				50,516	10,175

Capital and reserves
	Called up share capital			150	150



	Profit and loss account		-	50,366	10,025

Total equity				50,516	10,175



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the period ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 31 March 2022
And signed on its behalf by:
L.S. Arscott
Director
31 March 2022

for the period ended 30 June 2021

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and Machinery

25%

Reducing balance

Motor Vehicles

25%

Reducing balance

Furniture,Fittings and Equipment

20%

Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2	Employees
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the period:	4	4

3	Tangible fixed assets
			Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 June 2020	31,552	91,331	517	123,400
		Additions	3,531	10,000	-	13,531



		At 30 June 2021	35,083	101,331	517	136,931
		Depreciation
		At 1 June 2020	20,943	68,420	353	89,716
		Charge for the year	3,536	8,227	41	11,804



		At 30 June 2021	24,479	76,647	394	101,520
		Net book values
		At 30 June 2021	10,604	24,684	123	35,411
		At 31 May 2020	10,609	22,911	164	33,684

4	Stocks
			2021	2020
			£	£


		Finished goods	52,300	31,630
			52,300	31,630

5	Debtors
			2021	2020
			£	£
		Trade debtors	16,413	10,440





		Other debtors	11,272	3,813
		Prepayments and accrued income	480	543
			28,165	14,796

6	Creditors:
		amounts falling due within one year
			2021	2020
			£	£



		Obligations under finance lease and hire purchase contracts	-	6,350
		Trade creditors	78,548	40,937

		Corporation tax	11,252	12,111
		Other taxes and social security	11,176	9,241
		Loans from directors	2,862	788
		Other creditors	223	15,642
		Accruals and deferred income	1,201	1,002
			105,262	86,071

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

2021

2020

Transactions with related parties

Name of related party

Greenaways Tyre And Exhaust Services (Launceston) Ltd

Description of relationship between the parties

The shareholders and directors Mr P Arscott and Mrs L Arscott who own 67% of Greenaways Tyre And Exhaust Services also own 100% of Greenaways Tyre And Exhaust Services (Launceston) Ltd

Description of transaction and general amounts involved

At 30 June 2021 Greenaways Tyre And Exhaust Services (Launceston) Ltd owed Greenaways Tyre And Exhaust Services Ltd £8,109

Amount due from/(to) the related party

8,109

(15,412)

Controlling Party

Immediate controlling party

L.S. Arscott

Additional information

Greenaways Garage & Tyres Ltd is a private company limited by shares and incorporated in England and Wales.

Its registered number is:

06914934

Its registered office is:

Prospect House

11 Western Road

Launceston

Cornwall

PL15 7AS