Lumley's Garage Limited - Period Ending 2021-08-31

Lumley's Garage Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

Lumley's Garage Limited

Company Information

Directors

A Lumley P Lumley

Company secretary

A Lumley

Registered office

52 Park Drive Grimsby North East Lincs DN32 0EQ

Bankers

TSB Bank plc 43 Victoria Street GRIMSBY North East Lincolnshire DN31 1UU

Lumley's Garage Limited

(Registration number: 02318809)
Balance Sheet as at 31 August 2021

	Note	2021 £	2020 £
Fixed assets
Investment property	4	187,633	187,633
Investments	5	674,429	606,835
		862,062	794,468
Current assets
Trade debtors	6	5,287	5,322
Cash at bank and in hand		31,428	30,086
		36,715	35,408
Creditors: Amounts falling due within one year	7	(75,231)	(6,518)
Net current (liabilities)/assets		(38,516)	28,890
Total assets less current liabilities		823,546	823,358
Provisions for liabilities: Deferred tax		(61,220)	(74,159)
Net assets		762,326	749,199
Capital and reserves
Called up share capital		100,000	100,000
Fair value reserve - investment properties		13,026	13,026
Fair value reserve - listed investments		330,477	385,525
Profit and loss account		318,823	250,648
Total equity		762,326	749,199

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 December 2021 and signed on its behalf by:
 

......................................... P Lumley Director

Lumley's Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

1	General information

The company is a private company limited by share capital incorporated in England and the company registration number is 02318809.

The address of its registered office is:
52 Park Drive
Grimsby
North East Lincs
DN32 0EQ

These financial statements were authorised for issue by the Board on 1 December 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents rent receivable during the year from the company's freehold investment properties.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Lumley's Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous accounting periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued investments and investment properties is measured using the rates and allowances that apply to the sale of the asset.
 

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuer uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Listed investments are shown at their year end market value. Changes in market value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

Lumley's Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

4	Investment properties

	Investment properties at fair value through the profit and loss 2021 £
At 1 September	187,633
At 31 August	187,633

There has been no valuation of investment property by an independent valuer.

5	Investments

	Listed investments at fair value through profit and loss £
Non-current financial assets
Cost or valuation
At 1 September 2020	606,835
Fair value adjustments	124,491
Additions	150,308
Disposals	(207,205)
At 31 August 2021	674,429
Carrying amount
At 31 August 2021	674,429
At 31 August 2020	606,835

The fair value of the investments has been determined by using the market value provided by the stockbroker at the year end.

6

Debtors

	2021 £	2020 £
Trade debtors	1,469	1,769
Other debtors	3,818	3,553
Total current trade and other debtors	5,287	5,322

Lumley's Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

7

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Trade creditors	185	-
Corporation tax	26,397	-
Director's current account	43,590	1,720
Accruals and deferred income	5,059	4,798
	75,231	6,518

8	Related party transactions

Key management personnel
Directors

Summary of transactions with key management
At the balance sheet date, the amount due to the directors was £43,590 (2020 - £1,720)

No interest has been charged in respect of this balance.