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COMPANY REGISTRATION NUMBER: 06052113
DRYCLOUGH LANE GARAGE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2022
DRYCLOUGH LANE GARAGE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
DRYCLOUGH LANE GARAGE LIMITED
BALANCE SHEET
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
7
453,618
468,261
Current assets
Stocks
8
5,000
5,000
Debtors
9
36,309
34,584
Investments
10
308,202
101,041
Cash at bank and in hand
254,369
466,782
------------
------------
603,880
607,407
Creditors: amounts falling due within one year
11
( 74,820)
( 98,404)
------------
------------
Net current assets
529,060
509,003
------------
------------
Total assets less current liabilities
982,678
977,264
------------
------------
Net assets
982,678
977,264
------------
------------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
982,578
977,164
------------
------------
Shareholders funds
982,678
977,264
------------
------------
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 Section 1A of 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 profit and loss account has not been delivered.
For the year ending 31 March 2022 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 June 2022 , and are signed on behalf of the board by:
R Bryant
Director
Company registration number: 06052113
DRYCLOUGH LANE GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Leasing costs
Rentals payable under operating leases are charged to the profit and loss account as incurred.
Pension costs
Contributions to defined contribution pension schemes are changed to the profit and loss account when paid.
Turnover
Turnover represents the value of goods and services provided net of value added tax. The company's turnover is derived entirely within the United Kingdom.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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
Goodwill
Purchased goodwill is amortised over its estimated useful economic life of 5 years on a straight line basis.
Depreciation
The depreciation of tangible fixed assets is based on cost and is applied using the following rates:
Freehold property
-
2.5%pa straight line
Equipment and vehicles
-
25%pa reducing balance
Stocks
Stock is valued at lower of cost and net realisable value.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences as residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2021: 12 ).
5. Turnover
The turnover is derived entirely within the United Kingdom.
6. Intangible assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
97,000
------------
Amortisation
At 1 April 2021 and 31 March 2022
97,000
------------
Carrying amount
At 31 March 2022
------------
At 31 March 2021
------------
7. Tangible assets
Property
Equipment and vehicles
Total
£
£
£
Cost
At 1 April 2021
595,723
256,879
852,602
Additions
16,501
16,501
Disposals
( 1,500)
( 1,500)
------------
------------
------------
At 31 March 2022
595,723
271,880
867,603
------------
------------
------------
Depreciation
At 1 April 2021
192,532
191,809
384,341
Charge for the year
14,893
14,751
29,644
------------
------------
------------
At 31 March 2022
207,425
206,560
413,985
------------
------------
------------
Carrying amount
At 31 March 2022
388,298
65,320
453,618
------------
------------
------------
At 31 March 2021
403,191
65,070
468,261
------------
------------
------------
8. Stocks
2022
2021
£
£
Raw materials and consumables
5,000
5,000
------------
------------
9. Debtors
2022
2021
£
£
Trade debtors
36,309
34,584
------------
------------
10. Investments
2022
2021
£
£
Investment bond at fair value
308,202
101,041
------------
------------
11. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
28,124
28,747
Accruals and deferred income
1,500
1,500
Corporation tax
45,196
68,157
------------
------------
74,820
98,404
------------
------------
12. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
13. Pension commitments
The total pension cost for the year in relation to independently administered defined contribution pension schemes was £87,663 (2021: £84,043).
14. Related party transactions
Aggregate dividends paid to the director during the year amounted to £85,000 (2021: £80,000) The company is controlled by R Bryant .