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Company registration number: 07437332
Panteg Garage Limited
Unaudited filleted financial statements
30 November 2021
Panteg Garage Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Panteg Garage Limited
Directors and other information
Directors L Jenkins
S Roberts
J Coyne
Company number 07437332
Registered office 20 Panteg Road
Felinfoel
Llanelli
SA15 3TF
Accountants Rimmer & May
19 Murray Street
Llanelli
Carmarthenshire
SA15 1AQ
Panteg Garage Limited
Statement of financial position
30 November 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 12,196 8,028
_______ _______
12,196 8,028
Current assets
Stocks 1,200 1,000
Debtors 6 7,868 -
Cash at bank and in hand 49,785 47,111
_______ _______
58,853 48,111
Creditors: amounts falling due
within one year 7 ( 30,505) ( 19,324)
_______ _______
Net current assets 28,348 28,787
_______ _______
Total assets less current liabilities 40,544 36,815
Creditors: amounts falling due
after more than one year 8 ( 21,000) ( 30,000)
Provisions for liabilities ( 1,939) -
_______ _______
Net assets 17,605 6,815
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 17,603 6,813
_______ _______
Shareholders funds 17,605 6,815
_______ _______
For the year ending 30 November 2021 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 August 2022 , and are signed on behalf of the board by:
L Jenkins
Director
Company registration number: 07437332
Panteg Garage Limited
Notes to the financial statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Panteg Road, Felinfoel, Llanelli, SA15 3TF.
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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 December 2020 24,843 16,000 40,843
Additions 7,533 - 7,533
Disposals - ( 16,000) ( 16,000)
_______ _______ _______
At 30 November 2021 32,376 - 32,376
_______ _______ _______
Depreciation
At 1 December 2020 16,815 16,000 32,815
Charge for the year 3,365 - 3,365
Disposals - ( 16,000) ( 16,000)
_______ _______ _______
At 30 November 2021 20,180 - 20,180
_______ _______ _______
Carrying amount
At 30 November 2021 12,196 - 12,196
_______ _______ _______
At 30 November 2020 8,028 - 8,028
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 5,355 -
Other debtors 2,513 -
_______ _______
7,868 -
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 6,000 405
Trade creditors 12,855 3,690
Corporation tax 1,557 924
Social security and other taxes 6,049 2,297
Other creditors 4,044 12,008
_______ _______
30,505 19,324
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 21,000 30,000
_______ _______
9. Events after the end of the reporting period
The company paid a dividend of £ 4,000 in March 2022.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
L Jenkins - 1,811 1,811
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
L Jenkins - - -
_______ _______ _______
The amount advanced to the director is interest free and repayable on demand.