Washbourne (Garage) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00548443 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2017

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:

Cross Garage

Caldicot

Monmouthshire

NP6 4XB

REGISTERED NUMBER:

00548443 (England and Wales)

ACCOUNTANTS:

Ashmole & Co

Park Chambers

10 Hereford Road

Abergavenny

Monmouthshire

NP7 5PR

FIXED ASSETS

Tangible assets

4

1,159

1,408

Investment property

5

1,250,000

1,250,000

1,251,159

1,251,408

CURRENT ASSETS

Debtors

6

11,143

1,198

Cash at bank

5,359

653

16,502

1,851

CREDITORS

Amounts falling due within one year

7

94,425

79,445

NET CURRENT LIABILITIES

(77,923

)

(77,594

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,173,236

1,173,814

CREDITORS

Amounts falling due after more than one year

8

(263,586

)

(271,875

)

PROVISIONS FOR LIABILITIES

(231

)

(281

)

NET ASSETS

909,419

901,658

CAPITAL AND RESERVES

Called up share capital

3,608

3,608

Fair value reserve

10

1,178,902

1,178,902

Capital redemption reserve

1,406

1,406

Retained earnings

(274,497

)

(282,258

)

SHAREHOLDERS' FUNDS

909,419

901,658

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 January 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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.

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 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2016

and 30 April 2017

1,656

DEPRECIATION

At 1 May 2016

248

Charge for year

249

At 30 April 2017

497

NET BOOK VALUE

At 30 April 2017

1,159

At 30 April 2016

1,408

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

and 30 April 2017

1,250,000

NET BOOK VALUE

At 30 April 2017

1,250,000

At 30 April 2016

1,250,000

Cost or valuation at 30 April 2017 is represented by:

£

Valuation in 2016

799,795

Cost

450,205

1,250,000

The Investment property was revalued on 7th December 2015 by ETP Property Consultants.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

500

-

Amounts owed by group undertakings

9,671

-

Other debtors

972

1,198

11,143

1,198

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans and overdrafts

33,598

31,231

Trade creditors

33,438

38,277

Taxation and social security

21,924

4,666

Other creditors

5,465

5,271

94,425

79,445

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans

263,586

271,875

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

138,786

121,875

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.17

30.4.16

£

£

Bank loans

294,786

300,000

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

10.

RESERVES

Fair

value

reserve

£

At 1 May 2016

and 30 April 2017

1,178,902

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2017 and

30 April 2016:

30.4.17

30.4.16

£

£

T F Washbourne and Mrs L M Washbourne

Balance outstanding at start of year

-

-

Amounts advanced

35,713

-

Amounts repaid

(35,777

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(64

)

-

12.	RELATED PARTY DISCLOSURES

13.	ULTIMATE CONTROLLING PARTY

The controlling party is R J Washbourne.