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Company registration number: 05554155
Bridges Garage Ltd
Unaudited filleted financial statements
31 August 2018
Bridges Garage Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Bridges Garage Ltd
Directors and other information
Director R W Williams
Secretary R W Williams
Company number 05554155
Registered office Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
Business address Unit 1
Pentraeth Industrial Estate
Pentraeth
Anglesey
LL75 8LJ
Accountants Parker, O'Regan, Tann & Co
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
Bridges Garage Ltd
Chartered certified accountants' report to the director on the preparation of the
unaudited statutory financial statements of Bridges Garage Ltd
Year ended 31 August 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bridges Garage Ltd for the year ended 31 August 2018 as set out on pages 5 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the director of Bridges Garage Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Bridges Garage Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bridges Garage Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Bridges Garage Ltd 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 profit of Bridges Garage Ltd. You consider that Bridges Garage Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bridges Garage Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Parker, O'Regan, Tann & Co
Chartered Certified Accountants
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
9 November 2018
Bridges Garage Ltd
Statement of financial position
31 August 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 129,032 134,631
______ ______
129,032 134,631
Current assets
Stocks - 6,480
Debtors 6 481 11,287
Cash at bank and in hand 80,889 20,370
______ ______
81,370 38,137
Creditors: amounts falling due
within one year 7 ( 65,524) ( 74,382)
______ ______
Net current assets/(liabilities) 15,846 ( 36,245)
______ ______
Total assets less current liabilities 144,878 98,386
______ ______
Net assets 144,878 98,386
______ ______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 143,878 97,386
______ ______
Shareholders funds 144,878 98,386
______ ______
For the year ending 31 August 2018 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 November 2018 , and are signed on behalf of the board by:
R W Williams
Director
Company registration number: 05554155
Bridges Garage Ltd
Notes to the financial statements
Year ended 31 August 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bridges Garage Ltd, Bangor Business Centre, 2 Farrar Road, Bangor, Gwynedd, LL57 1LJ.
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 represents the total amount receivable for the period, excluding value added tax and net of trade discounts.
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.
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:
Freehold property - 2 % straight line
Plant and machinery - 12.50 % straight line
Fittings fixtures and equipment - 12.50 % straight line
Motor vehicles - 25.00 % straight line
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.
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.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.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.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 7 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 September 2017 162,667 91,212 5,775 16,350 276,004
Disposals - ( 91,212) ( 5,775) ( 16,350) ( 113,337)
______ ______ ______ ______ ______
At 31 August 2018 162,667 - - - 162,667
______ ______ ______ ______ ______
Depreciation
At 1 September 2017 31,501 89,280 4,846 15,746 141,373
Charge for the year 2,134 - - - 2,134
Disposals - ( 89,280) ( 4,846) ( 15,746) ( 109,872)
______ ______ ______ ______ ______
At 31 August 2018 33,635 - - - 33,635
______ ______ ______ ______ ______
Carrying amount
At 31 August 2018 129,032 - - - 129,032
______ ______ ______ ______ ______
At 31 August 2017 131,166 1,932 929 604 134,631
______ ______ ______ ______ ______
6. Debtors
2018 2017
£ £
Trade debtors - 6,782
Other debtors 481 4,505
______ ______
481 11,287
______ ______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 420 18,465
Corporation tax 10,316 1,156
Social security and other taxes - 6,661
Other creditors 54,788 48,100
______ ______
65,524 74,382
______ ______
8. Controlling party
The ultimate controlling party is the director.