Ian Cranston Auto Technician Limited 30/04/2022 iXBRL

Ian Cranston Auto Technician Limited 30/04/2022 iXBRL

IAN CRANSTON AUTO TECHNICIAN LIMITED - Company Information

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Company registration number: 04641121
Ian Cranston Auto Technician Limited
Unaudited filleted financial statements
30 April 2022
Ian Cranston Auto Technician Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Ian Cranston Auto Technician Limited
Directors and other information
Director Mr I Cranston
Company number 04641121
Registered office Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
Business address Unit 4, Carleton Business Park
Carleton New Road
Skipton
North Yorkshire
BD23 2DE
Accountants Windle & Bowker Limited
Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
Ian Cranston Auto Technician Limited
Statement of financial position
30 April 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 3,000 5,000
Tangible assets 6 667,324 636,436
_______ _______
670,324 641,436
Current assets
Stocks 6,000 6,000
Debtors 7 44,376 45,238
Cash at bank and in hand 212,483 315,008
_______ _______
262,859 366,246
Creditors: amounts falling due
within one year 8 ( 73,062) ( 89,488)
_______ _______
Net current assets 189,797 276,758
_______ _______
Total assets less current liabilities 860,121 918,194
Creditors: amounts falling due
after more than one year 9 ( 40,409) ( 50,000)
_______ _______
Net assets 819,712 868,194
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 819,711 868,193
_______ _______
Shareholders funds 819,712 868,194
_______ _______
For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 March 2023 , and are signed on behalf of the board by:
Mr I Cranston
Director
Company registration number: 04641121
Ian Cranston Auto Technician Limited
Notes to the financial statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Croft House, Station Road, Barnoldswick, Lancashire, BB18 5NA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Turnover is invoiced and recognised on completion of the work undertaken.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill - 5 % straight line
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
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - 2 % straight line
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2021 and 30 April 2022 40,000 40,000
_______ _______
Amortisation
At 1 May 2021 35,000 35,000
Charge for the year 2,000 2,000
_______ _______
At 30 April 2022 37,000 37,000
_______ _______
Carrying amount
At 30 April 2022 3,000 3,000
_______ _______
At 30 April 2021 5,000 5,000
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Investment property Total
£ £ £ £ £ £
Cost
At 1 May 2021 596,920 45,944 9,859 54,030 188,012 894,765
Additions 37,724 5,429 412 3,500 - 47,065
_______ _______ _______ _______ _______ _______
At 30 April 2022 634,644 51,373 10,271 57,530 188,012 941,830
_______ _______ _______ _______ _______ _______
Depreciation
At 1 May 2021 153,079 45,610 6,860 52,780 - 258,329
Charge for the year 11,938 1,636 1,103 1,500 - 16,177
_______ _______ _______ _______ _______ _______
At 30 April 2022 165,017 47,246 7,963 54,280 - 274,506
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 April 2022 469,627 4,127 2,308 3,250 188,012 667,324
_______ _______ _______ _______ _______ _______
At 30 April 2021 443,841 334 2,999 1,250 188,012 636,436
_______ _______ _______ _______ _______ _______
Investment property
The investment property was acquired in February 2015 and the director is of the opinion that the valuation at the year end date is not materially different from the purchase price.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property Total
£ £
At 30 April 2022
Aggregate cost 188,012 188,012
Aggregate depreciation (30,081) (30,081)
_______ _______
Carrying amount 157,931 157,931
_______ _______
At 30 April 2021
Aggregate cost 188,012 188,012
Aggregate depreciation (26,321) (26,321)
_______ _______
Carrying amount 161,691 161,691
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 42,225 43,118
Other debtors 2,151 2,120
_______ _______
44,376 45,238
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 36,895 35,812
Corporation tax 19,363 32,088
Social security and other taxes 13,115 13,489
Other creditors 3,689 8,099
_______ _______
73,062 89,488
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 40,409 50,000
_______ _______
Included in creditors: amounts falling due after more than on year, are bank loans amounting to £40, 409 (2021 £50,000).
10. Related party transactions
The Director provided interest free loan to the company. The balance due to him at the year end was £13 (30 April 2021 - £1,594). This balance is included in creditors falling due within one year. Dividends amounting to £124,000 (30 April 2021 - £135,000) were paid to the Director during the year.
11. Controlling party
The company is under the control of the Director who is interested in 100% of the company's issued share capital.