Grays Garage Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00593508 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

FOR

GRAYS GARAGE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors' Responsibilities Statement

8

Independent Chartered Accountants' Review Report

9

DIRECTORS:

Mr M H Davis

Mr A T Sanders

REGISTERED OFFICE:

Wharf Street

Warwick

Warwickshire

CV34 4PA

REGISTERED NUMBER:

00593508 (England and Wales)

ACCOUNTANTS:

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

FIXED ASSETS

Tangible assets

4

33,722

11,224

CURRENT ASSETS

Stocks

717,036

1,136,993

Debtors

5

261,058

289,560

Cash at bank and in hand

341,551

116,769

1,319,645

1,543,322

CREDITORS

Amounts falling due within one year

6

1,002,278

1,435,209

NET CURRENT ASSETS

317,367

108,113

TOTAL ASSETS LESS CURRENT LIABILITIES

351,089

119,337

CREDITORS

Amounts falling due after more than one year

7

220,833

-

NET ASSETS

130,256

119,337

CAPITAL AND RESERVES

Called up and paid share capital

144

144

Share premium

6,000

6,000

Capital redemption reserve

9,456

9,456

Retained earnings

114,656

103,737

SHAREHOLDERS' FUNDS

130,256

119,337

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 4 December 2021 and were signed on its behalf by:

Mr M H Davis - Director

1.	STATUTORY INFORMATION

Grays Garage Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents net invoices sale of new motor vehicles, sales of parts and vehicle services, excluding value added tax.

Turnover also represents the sale of used motor vehicles under the second hand car scheme for VAT purposes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

50% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% 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.

During the year no consignment stock is recognised in cost of sales or closing stock other than costs relating to vehicles sold during the year.

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 17 (2020 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 May 2020

6,712

152,151

-

Additions

-

16,846

7,373

At 30 April 2021

6,712

168,997

7,373

DEPRECIATION

At 1 May 2020

6,712

143,488

-

Charge for year

-

5,810

1,843

At 30 April 2021

6,712

149,298

1,843

NET BOOK VALUE

At 30 April 2021

-

19,699

5,530

At 30 April 2020

-

8,663

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2020

22,129

39,871

220,863

Additions

9,000

-

33,219

At 30 April 2021

31,129

39,871

254,082

DEPRECIATION

At 1 May 2020

19,868

39,571

209,639

Charge for year

2,988

80

10,721

At 30 April 2021

22,856

39,651

220,360

NET BOOK VALUE

At 30 April 2021

8,273

220

33,722

At 30 April 2020

2,261

300

11,224

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

73,098

22,389

Amounts owed by participating interests

121,000

121,000

Fiat warranty control account

7,030

12,909

Fiat commissions/bonuses

58,529

108,117

Tax

1,401

2,810

VAT

-

22,335

261,058

289,560

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

29,167

-

Other loans

227,120

253,040

Trade creditors

621,524

1,110,617

Social security and other taxes

7,604

5,774

VAT

50,291

-

Other creditors

26,801

34,219

Accruals and deferred income

39,771

31,559

1,002,278

1,435,209

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

50,000

-

Bank loans - 2-5 years

170,833

-

220,833

-

8.	RELATED PARTY DISCLOSURES

Transactions

At 30 April 2021 an amount of £121,000 (2020 £121,000) was due to a company in which the directors have control.

The following reproduces the text of the report prepared for the directors and members 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 Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-	prepare financial statements which give a true and fair view of the state of affairs of the company as at 30 April 2021 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE BOARD:

Mr M H Davis - Director

4 December 2021

The following reproduces the text of the report prepared for the directors 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 Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Grays Garage Limited for the year ended 30 April 2021, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes 1 to 8. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed.

Directors' responsibility for the financial statements

As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 30 April 2021 and of its profit for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

4 December 2021