Registered number
07574714
St Johns Garage Limited
Filleted Accounts
31 March 2018
St Johns Garage Limited
Registered number: 07574714
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 104,695 62,707
Current assets
Debtors 4 249,418 26,970
Cash at bank and in hand 374,259 488,903
623,677 515,873
Creditors: amounts falling due within one year 5 (127,479) (123,132)
Net current assets 496,198 392,741
Total assets less current liabilities 600,893 455,448
Creditors: amounts falling due after more than one year 6 - (1,244)
Net assets 600,893 454,204
Capital and reserves
Called up share capital 100 100
Profit and loss account 600,793 454,104
Shareholders' funds 600,893 454,204
The director is 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 director acknowledges his 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.
M P Jeffreys
Director
Approved by the board on 13 November 2018
St Johns 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 25% reducing balance
Motor vehicles 25% reducing balance
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.
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 2,500
At 31 March 2018 2,500
Amortisation
At 1 April 2017 2,500
At 31 March 2018 2,500
Net book value
At 31 March 2018 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2017 2,710 87,964 53,317 143,991
Additions - 47,686 31,075 78,761
Disposals - - (5,422) (5,422)
At 31 March 2018 2,710 135,650 78,970 217,330
Depreciation
At 1 April 2017 - 59,624 21,660 81,284
Charge for the year - 18,807 14,916 33,723
On disposals - - (2,372) (2,372)
At 31 March 2018 - 78,431 34,204 112,635
Net book value
At 31 March 2018 2,710 57,219 44,766 104,695
At 31 March 2017 2,710 28,340 31,657 62,707
4 Debtors 2018 2017
£ £
Trade debtors 44,773 22,815
Other debtors 204,645 4,155
249,418 26,970
5 Creditors: amounts falling due within one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 692 4,149
Trade creditors 56,525 21,001
Taxation and social security costs 68,614 74,291
Other creditors 1,648 23,691
127,479 123,132
6 Creditors: amounts falling due after one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts - 1,244
7 Related party transactions
Other creditors include an amount due to the director of £149 (2017 - £20,326).
8 Controlling party
The ultimate controlling party is Mr M P Jeffreys.
9 Other information
St Johns Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Bransford Road Trading Estate
Bransford Road
St Johns
Worcester
WR2 4EU
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