Registered number
07522536
Meanygate Garage Limited
Unaudited Filleted Accounts
31 March 2018
Meanygate Garage Limited
Registered number: 07522536
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 2 4,000 5,000
Tangible assets 3 30,409 22,809
34,409 27,809
Current assets
Stocks 18,222 17,973
Debtors 4 600 1,249
Cash at bank and in hand 17,625 33,050
36,447 52,272
Creditors: amounts falling due within one year 5 (24,923) (32,250)
Net current assets 11,524 20,022
Total assets less current liabilities 45,933 47,831
Creditors: amounts falling due after more than one year 6 (15,662) (27,782)
Provisions for liabilities (5,778) (4,562)
Net assets 24,493 15,487
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 3,977 3,977
Profit and loss account 20,416 11,410
Shareholders' funds 24,493 15,487
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Bailey
Director
Approved by the board on 5 November 2018
Meanygate Garage Limited
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery reducing balance at various rates
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2017 15,000
At 31 March 2018 15,000
Amortisation
At 1 April 2017 10,000
Provided during the year 1,000
At 31 March 2018 11,000
Net book value
At 31 March 2018 4,000
At 31 March 2017 5,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017 48,745
Additions 14,811
At 31 March 2018 63,556
Depreciation
At 1 April 2017 25,936
Charge for the year 7,211
At 31 March 2018 33,147
Net book value
At 31 March 2018 30,409
At 31 March 2017 22,809
4 Debtors 2018 2017
£ £
Trade debtors - 649
Other debtors 600 600
600 1,249
5 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 5,064 5,064
Obligations under finance lease and hire purchase contracts 1,766 6,121
Trade creditors 10,694 1,334
Taxation and social security costs 7,382 10,151
Other creditors 17 9,580
24,923 32,250
6 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 10,195 10,973
Obligations under finance lease and hire purchase contracts 5,467 1,130
Other creditors - 15,679
15,662 27,782
7 Revaluation reserve 2018 2017
£ £
At 1 April 2017 3,977 3,977
At 31 March 2018 3,977 3,977
8 Controlling party
The company is controlled by Mr S Bailey and Mrs A Bailey by virtue of their directorship and shareholding.
9 Other information
Meanygate Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9, Arkwright Court,
Commercial Road,
Darwen,
Lancashire
BB3 0FG
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