Bramshaw Garage (Hampshire) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00794983 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

BRAMSHAW GARAGE (HAMPSHIRE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Wiggins

B R Wiggins

SECRETARY:

Mrs L C Wiggins

REGISTERED OFFICE:

Glebe Farm

Rockbourne

Fordingbridge

Hampshire

SP6 3NT

REGISTERED NUMBER:

00794983 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Tangible assets

4

74,380

101,688

Investments

5

27,755

27,755

Investment property

6

1,301,000

1,301,000

1,403,135

1,430,443

CURRENT ASSETS

Stocks

583,870

453,967

Debtors

7

378,617

319,663

Cash at bank and in hand

955

855

963,442

774,485

CREDITORS

Amounts falling due within one year

8

1,720,728

1,470,493

NET CURRENT LIABILITIES

(757,286

)

(696,008

)

TOTAL ASSETS LESS CURRENT LIABILITIES

645,849

734,435

CREDITORS

Amounts falling due after more than one year

9

(115,933

)

(189,802

)

PROVISIONS FOR LIABILITIES

(56,339

)

(57,889

)

NET ASSETS

473,577

486,744

CAPITAL AND RESERVES

Called up share capital

12

500

500

Capital redemption reserve

13

667

667

Fair value reserve

13

315,300

315,300

Retained earnings

13

157,110

170,277

SHAREHOLDERS' FUNDS

473,577

486,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 21 December 2023 and were signed on its behalf by:

B R Wiggins - Director

1.	STATUTORY INFORMATION

Bramshaw Garage (Hampshire) 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.

The financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

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

Preparation of consolidated financial statements

The financial statements contain information about Bramshaw Garage (Hampshire) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Improvements to property

-

15% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from the operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

255,081

Additions

2,282

Disposals

(15,000

)

At 31 March 2023

242,363

DEPRECIATION

At 1 April 2022

153,393

Charge for year

22,005

Eliminated on disposal

(7,415

)

At 31 March 2023

167,983

NET BOOK VALUE

At 31 March 2023

74,380

At 31 March 2022

101,688

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2022

and 31 March 2023

27,755

NET BOOK VALUE

At 31 March 2023

27,755

At 31 March 2022

27,755

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

1,301,000

NET BOOK VALUE

At 31 March 2023

1,301,000

At 31 March 2022

1,301,000

The fair value (open market basis) of investment property was assessed by the directors and in their opinion this remains unchanged at 31 March 2023.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

225,116

312,640

Other debtors

153,501

7,023

378,617

319,663

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

1,135,463

500,065

Hire purchase contracts (see note 10)

11,280

12,187

Trade creditors

289,692

627,818

Amounts owed to group undertakings

27,702

27,702

Taxation and social security

13,413

45,390

Other creditors

243,178

257,331

1,720,728

1,470,493

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

85,372

149,077

Hire purchase contracts (see note 10)

30,561

40,725

115,933

189,802

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

11,280

12,187

Between one and five years

30,561

40,725

41,841

52,912

Non-cancellable operating

leases

2023

2022

£

£

Within one year

20,834

20,834

Between one and five years

10,417

31,251

31,251

52,085

11.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdrafts

382,731

73,386

Bank loans

838,104

575,756

Hire purchase contracts

41,841

52,912

1,262,676

702,054

National Westminster Bank Plc hold a first legal mortgage over the properties of the company.

The bank also hold a mortgage debenture incorporating a fixed and floating charge over all current and future assets of the company.

Hire purchase liabilities are secured on the assets to which they relate.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

188

A Ordinary

£1

188

188

187

B Ordinary

£1

187

187

125

C Ordinary

£1

125

125

500

500

13.

RESERVES

Capital

Fair

Retained

redemption

value

earnings

reserve

reserve

Totals

£

£

£

£

At 1 April 2022

170,277

667

315,300

486,244

Profit for the year

16,833

-

-

16,833

Dividends

(30,000

)

-

-

(30,000

)

At 31 March 2023

157,110

667

315,300

473,077

Fair value reserve: Investment property

This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record the corresponding deferred tax (charge)/credit on fair value changes in investment property.

14.	RELATED PARTY DISCLOSURES

Creditors due within one year include £180,621 (2022 - £233,093) which is owed to the directors of the company.