D Gawthrope ACR Limited - Period Ending 2023-02-28

D Gawthrope ACR Limited - Period Ending 2023-02-28


D Gawthrope ACR Limited 06821689 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of maintenance and repair of motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true 06821689 2022-03-01 2023-02-28 06821689 2023-02-28 06821689 bus:OrdinaryShareClass1 2023-02-28 06821689 core:RetainedEarningsAccumulatedLosses 2023-02-28 06821689 core:RevaluationReserve 2023-02-28 06821689 core:ShareCapital 2023-02-28 06821689 core:CurrentFinancialInstruments 2023-02-28 06821689 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 06821689 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 06821689 core:FurnitureFittingsToolsEquipment 2023-02-28 06821689 core:LandBuildings 2023-02-28 06821689 core:MotorVehicles 2023-02-28 06821689 bus:SmallEntities 2022-03-01 2023-02-28 06821689 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 06821689 bus:FullAccounts 2022-03-01 2023-02-28 06821689 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 06821689 bus:RegisteredOffice 2022-03-01 2023-02-28 06821689 bus:CompanySecretary1 2022-03-01 2023-02-28 06821689 bus:Director1 2022-03-01 2023-02-28 06821689 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 06821689 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 06821689 core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 06821689 core:RevaluationReserve 2022-03-01 2023-02-28 06821689 core:ShareCapital 2022-03-01 2023-02-28 06821689 core:FurnitureFittings 2022-03-01 2023-02-28 06821689 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 06821689 core:LandBuildings 2022-03-01 2023-02-28 06821689 core:MotorVehicles 2022-03-01 2023-02-28 06821689 core:OfficeEquipment 2022-03-01 2023-02-28 06821689 core:PlantMachinery 2022-03-01 2023-02-28 06821689 countries:EnglandWales 2022-03-01 2023-02-28 06821689 2022-02-28 06821689 core:RetainedEarningsAccumulatedLosses 2022-02-28 06821689 core:RevaluationReserve 2022-02-28 06821689 core:ShareCapital 2022-02-28 06821689 core:FurnitureFittingsToolsEquipment 2022-02-28 06821689 core:LandBuildings 2022-02-28 06821689 core:MotorVehicles 2022-02-28 06821689 2021-03-01 2022-02-28 06821689 2022-02-28 06821689 bus:OrdinaryShareClass1 2022-02-28 06821689 core:RetainedEarningsAccumulatedLosses 2022-02-28 06821689 core:RevaluationReserve 2022-02-28 06821689 core:ShareCapital 2022-02-28 06821689 core:CurrentFinancialInstruments 2022-02-28 06821689 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 06821689 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 06821689 core:FurnitureFittingsToolsEquipment 2022-02-28 06821689 core:LandBuildings 2022-02-28 06821689 core:MotorVehicles 2022-02-28 06821689 core:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 06821689 core:RevaluationReserve 2021-03-01 2022-02-28 06821689 core:RevaluationReserve core:LandBuildings 2021-03-01 2022-02-28 06821689 core:ShareCapital 2021-03-01 2022-02-28 06821689 core:LandBuildings 2021-03-01 2022-02-28 06821689 2021-02-28 06821689 core:RetainedEarningsAccumulatedLosses 2021-02-28 06821689 core:RevaluationReserve 2021-02-28 06821689 core:ShareCapital 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06821689

D Gawthrope ACR Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

D Gawthrope ACR Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

D Gawthrope ACR Limited

Company Information

Director

Mr Dean Gawthrope

Company secretary

Mrs Sarah Louise Gawthrope

Registered office

Warehouse 6
Spawed Bone Lane
Knottingley
WF11 0LA

Accountants

Smith Butler
Accountants & Business Advisors
Sapper Jordan Rossi Park
Otley Road
Baildon
West Yorkshire
BD17 7AX

 

D Gawthrope ACR Limited

(Registration number: 06821689)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,299,994

1,432,692

Current assets

 

Stocks

5

40,000

20,000

Debtors

6

146,706

32,221

Cash at bank and in hand

 

176,289

246,167

 

362,995

298,388

Creditors: Amounts falling due within one year

7

(376,024)

(408,614)

Net current liabilities

 

(13,029)

(110,226)

Total assets less current liabilities

 

1,286,965

1,322,466

Creditors: Amounts falling due after more than one year

7

(319,973)

(550,110)

Net assets

 

966,992

772,356

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

310,242

310,242

Retained earnings

656,650

462,014

Shareholders' funds

 

966,992

772,356

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

D Gawthrope ACR Limited

(Registration number: 06821689)
Balance Sheet as at 28 February 2023

Approved and authorised by the director on 11 May 2023
 

.........................................
Mr Dean Gawthrope
Director

 

D Gawthrope ACR Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 March 2022

100

310,242

462,014

772,356

Profit for the year

-

-

262,636

262,636

Dividends

-

-

(68,000)

(68,000)

At 28 February 2023

100

310,242

656,650

966,992

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 March 2021

100

-

270,598

270,698

Profit for the year

-

-

246,416

246,416

Other comprehensive income

-

310,242

-

310,242

Total comprehensive income

-

310,242

246,416

556,658

Dividends

-

-

(55,000)

(55,000)

At 28 February 2022

100

310,242

462,014

772,356

 

D Gawthrope ACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Warehouse 6
Spawed Bone Lane
Knottingley
WF11 0LA

These financial statements were authorised for issue by the director on 11 May 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

D Gawthrope ACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% Reducing balance

Furniture and Fittings

15% Reducing balance

Motor Vehicles

20% Reducing balance

Office equipment

20% Straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

D Gawthrope ACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

D Gawthrope ACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

950,000

1,030,745

79,613

2,060,358

Additions

-

29,972

48,699

78,671

Disposals

-

(158,472)

(24,840)

(183,312)

At 28 February 2023

950,000

902,245

103,472

1,955,717

Depreciation

At 1 March 2022

-

611,840

15,826

627,666

Charge for the year

-

58,132

16,920

75,052

Eliminated on disposal

-

(38,715)

(8,280)

(46,995)

At 28 February 2023

-

631,257

24,466

655,723

Carrying amount

At 28 February 2023

950,000

270,988

79,006

1,299,994

At 28 February 2022

950,000

418,905

63,787

1,432,692

Included within the net book value of land and buildings above is £950,000 (2022 - £950,000) in respect of freehold land and buildings.
 

 

D Gawthrope ACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Stocks

2023
£

2022
£

Work in progress

20,000

10,000

Other inventories

20,000

10,000

40,000

20,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

146,706

32,221

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

136,799

191,530

Trade creditors

 

95,317

98,183

Taxation and social security

 

136,032

108,139

Other creditors

 

7,876

10,762

 

376,024

408,614

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

319,973

550,110

 

D Gawthrope ACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

310,242

310,242