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

REGISTERED NUMBER: 00548443 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2021

for

Washbourne (Garage) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Washbourne

T F Washbourne

Mrs L M Washbourne

SECRETARY:

T F Washbourne

REGISTERED OFFICE:

33 Leechpool

Portskewett

Monmouthshire

NP26 5TZ

REGISTERED NUMBER:

00548443 (England and Wales)

ACCOUNTANTS:

Ashmole & Co

Park Chambers

10 Hereford Road

Abergavenny

Monmouthshire

NP7 5PR

FIXED ASSETS

Tangible assets

4

405

743

Investment property

5

750,000

1,250,000

750,405

1,250,743

CURRENT ASSETS

Debtors

6

148,130

147,598

Cash at bank

4,698

2,774

152,828

150,372

CREDITORS

Amounts falling due within one year

7

114,823

109,063

NET CURRENT ASSETS

38,005

41,309

TOTAL ASSETS LESS CURRENT LIABILITIES

788,410

1,292,052

CREDITORS

Amounts falling due after more than one year

8

(243,507

)

(253,826

)

PROVISIONS FOR LIABILITIES

(77

)

(141

)

NET ASSETS

544,826

1,038,085

CAPITAL AND RESERVES

Called up share capital

3,608

3,608

Fair value reserve

10

678,902

1,178,902

Capital redemption reserve

1,406

1,406

Retained earnings

(139,090

)

(145,831

)

SHAREHOLDERS' FUNDS

544,826

1,038,085

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2022 and were signed on its behalf by:

T F Washbourne - Director

1.	STATUTORY INFORMATION

Washbourne (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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

and 30 April 2021

2,255

DEPRECIATION

At 1 May 2020

1,512

Charge for year

338

At 30 April 2021

1,850

NET BOOK VALUE

At 30 April 2021

405

At 30 April 2020

743

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2020

1,250,000

Revaluations

(500,000

)

At 30 April 2021

750,000

NET BOOK VALUE

At 30 April 2021

750,000

At 30 April 2020

1,250,000

Fair value at 30 April 2021 is represented by:

£

Valuation in 2016

799,795

Valuation in 2020

(500,000

)

Cost

450,205

750,000

In the opinion of the directors the investment property is stated at its fair value at the balance sheet date.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Trade debtors

2,890

-

Amounts owed by group undertakings

16,394

16,394

Other debtors

128,846

131,204

148,130

147,598

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans and overdrafts

10,000

9,700

Trade creditors

6,994

9,430

Taxation and social security

91,093

83,991

Other creditors

6,736

5,942

114,823

109,063

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans

243,507

253,826

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

203,507

215,026

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.21

30.4.20

£

£

Bank loans

253,507

263,526

Bank borrowings are secured by means of a charge over the company's assets.

10.

RESERVES

Fair

value

reserve

£

At 1 May 2020

1,178,902

Revaluation

(500,000

)

At 30 April 2021

678,902

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2021 and 30 April 2020:

30.4.21

30.4.20

£

£

T F Washbourne and Mrs L M Washbourne

Balance outstanding at start of year

98,267

57,067

Amounts advanced

-

41,200

Amounts repaid

(1,759

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

96,508

98,267

12.	RELATED PARTY DISCLOSURES

13.	ULTIMATE CONTROLLING PARTY

The controlling party is R J Washbourne.