Ash Bank Garage Limited 31/03/2018 iXBRL

Ash Bank Garage Limited 31/03/2018 iXBRL

ASH BANK GARAGE LIMITED - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Ash Bank Garage Limited have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 01909950
Ash Bank Garage Limited
Unaudited filleted abridged financial statements
31 March 2018
Ash Bank Garage Limited
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Notes to the financial statements
Ash Bank Garage Limited
Directors and other information
Directors Mr M. S. West
Mrs V. L. Grayson
Secretary V. L. Grayson
Company number 01909950
Registered office 276 Ash Bank Road
Werrington
Stoke-on-Trent
Staffordshire
ST9 0JS
Business address 276 Ash Bank Road
Werrington
Stoke-on-Trent
Staffordshire
ST9 0JS
Accountant Colclough Harrall & co
Queens gardens business centre
31 Ironmarket
Newcastle
Staffordshire
ST5 1RP
Ash Bank Garage Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Ash Bank Garage Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Ash Bank Garage Limited for the year ended 31 March 2018 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Ash Bank Garage Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Ash Bank Garage Limited and state those matters that we have agreed to state to the board of directors of Ash Bank Garage Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html. http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Ash Bank Garage Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Ash Bank Garage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ash Bank Garage Limited. You consider that Ash Bank Garage Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Ash Bank Garage Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Colclough Harrall & co
Chartered Certified Accountant
Queens gardens business centre
31 Ironmarket
Newcastle
Staffordshire
ST5 1RP
20 December 2018
Ash Bank Garage Limited
Abridged statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 30,967 35,556
_______ _______
30,967 35,556
Current assets
Stocks 990,991 878,951
Debtors 147,326 148,154
Cash at bank and in hand ( 896) 1,510
_______ _______
1,137,421 1,028,615
Creditors: amounts falling due
within one year 6 ( 1,127,254) ( 899,130)
_______ _______
Net current assets 10,167 129,485
_______ _______
Total assets less current liabilities 41,134 165,041
Provisions for liabilities - ( 4,397)
_______ _______
Net assets 41,134 160,644
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 40,134 159,644
_______ _______
Shareholders funds 41,134 160,644
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 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 20 December 2018 , and are signed on behalf of the board by:
Mrs V. L. Grayson
Director
Company registration number: 01909950
Ash Bank Garage Limited
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England, UK. The address of the registered office is 276 Ash Bank Road, Werrington, Stoke-on-Trent, Staffordshire, ST9 0JS.
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. 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 received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Short leasehold property - Straight line over the life of the lease
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 25 % reducing balance
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.
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Staff costs
The average number of persons employed by the company during the year amounted to 10 (2017: 10 ).
5. Tangible assets
£
Cost
At 1 April 2017 and 31 March 2018 225,880
_______
Depreciation
At 1 April 2017 190,324
Charge for the year 4,589
_______
At 31 March 2018 194,913
_______
Carrying amount
At 31 March 2018 30,967
_______
At 31 March 2017 35,556
_______
6. Creditors: amounts falling due within one year
Included in creditors is Bank overdraft which is secured on the assets of the Company £116,786 (2017 £46,629). Also stocking loans secured on some of the cars in stock £785,010 (2017 £598,127)
7. Related party transactions
Included in creditors is £138,711, which is an interest free loan given to the Company by one of its directors Mr M. West.