Universal Garage (Whitby) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 00539111 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

UNIVERSAL GARAGE (WHITBY) LIMITED

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

24,178

31,743

Investments

5

11,030

11,147

35,208

42,890

CURRENT ASSETS

Stocks

124,480

90,157

Debtors

344,593

325,775

Cash at bank and in hand

27,470

84,504

496,543

500,436

CREDITORS

Amounts falling due within one year

26,524

50,410

NET CURRENT ASSETS

470,019

450,026

TOTAL ASSETS LESS CURRENT LIABILITIES

505,227

492,916

CAPITAL AND RESERVES

Called up share capital

11,515

11,515

Share premium

3,165

3,165

Retained earnings

490,547

478,236

SHAREHOLDERS' FUNDS

505,227

492,916

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 20 June 2023 and were signed on its behalf by:

Mr T M Greer - Director

Mrs E S Greer - Director

1.	STATUTORY INFORMATION

Universal Garage (Whitby) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

00539111

Registered office:

Unit 7B, Enterprise Way

Whitby Business Park

Whitby

North Yorkshire

YO22 4NH

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 represents net invoiced sales of goods and services, excluding Value Added Tax.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

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 7 (2021 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2021

127,353

Disposals

(489

)

At 30 September 2022

126,864

DEPRECIATION

At 1 October 2021

95,610

Charge for year

7,419

Eliminated on disposal

(343

)

At 30 September 2022

102,686

NET BOOK VALUE

At 30 September 2022

24,178

At 30 September 2021

31,743

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST OR VALUATION

At 1 October 2021

11,147

Revaluations

(117

)

At 30 September 2022

11,030

NET BOOK VALUE

At 30 September 2022

11,030

At 30 September 2021

11,147

Cost or valuation at 30 September 2022 is represented by:

Totals

£

Valuation in 2018

(94

)

Valuation in 2019

(1,302

)

Valuation in 2020

(1,735

)

Valuation in 2021

1,683

Valuation in 2022

(117

)

Cost

12,595

11,030

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

22,759

22,658

Between one and five years

32,399

55,158

55,158

77,816

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2022 and 30 September 2021:

2022

2021

£

£

Mr T M Greer

Balance outstanding at start of year

234

762

Amounts advanced

3,519

234

Amounts repaid

(3,228

)

(762

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

525

234

Mrs E S Greer

Balance outstanding at start of year

(41

)

(166

)

Amounts advanced

2,994

125

Amounts repaid

(3,115

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(162

)

(41

)

8.	RELATED PARTY DISCLOSURES

At the balance sheet date Universal Garage 2015 Limited, a shareholder of Universal Garage (Whitby) Limited, owed the company £276,659 (2021: £276,659). This loan is interest free.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by the Directors.