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REGISTERED NUMBER: 05719641 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

EXCHANGE GARAGE AUTOS LIMITED

EXCHANGE GARAGE AUTOS LIMITED (REGISTERED NUMBER: 05719641)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EXCHANGE GARAGE AUTOS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTOR: A Tear





SECRETARY: A Tear





REGISTERED OFFICE: 27 - 29 Old Market
Wisbech
Cambridgeshire
PE13 1NE





REGISTERED NUMBER: 05719641 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

EXCHANGE GARAGE AUTOS LIMITED (REGISTERED NUMBER: 05719641)

BALANCE SHEET
31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 785 906

CURRENT ASSETS
Stocks 9,790 13,048
Debtors 5 2,879 945
Cash in hand 2 67
12,671 14,060
CREDITORS
Amounts falling due within one year 6 117,730 91,850
NET CURRENT LIABILITIES (105,059 ) (77,790 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(104,274

)

(76,884

)

CREDITORS
Amounts falling due after more than one
year

7

16,467

21,667
NET LIABILITIES (120,741 ) (98,551 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (120,841 ) (98,651 )
SHAREHOLDERS' FUNDS (120,741 ) (98,551 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

EXCHANGE GARAGE AUTOS LIMITED (REGISTERED NUMBER: 05719641)

BALANCE SHEET - continued
31 MARCH 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 September 2022 and were signed by:





A Tear - Director


EXCHANGE GARAGE AUTOS LIMITED (REGISTERED NUMBER: 05719641)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Exchange Garage Autos Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company had net liabilities of £120,741 by virtue of its total liabilities exceeding its total assets. The director is confident that the going concern basis for the preparation of the financial statements is appropriate, and has confirmed his continuing support for the company in writing.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures & fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EXCHANGE GARAGE AUTOS LIMITED (REGISTERED NUMBER: 05719641)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Fixtures
machinery & fittings Totals
£    £    £   
COST
At 1 April 2021 2,204 1,162 3,366
Additions 133 - 133
At 31 March 2022 2,337 1,162 3,499
DEPRECIATION
At 1 April 2021 1,388 1,072 2,460
Charge for year 232 22 254
At 31 March 2022 1,620 1,094 2,714
NET BOOK VALUE
At 31 March 2022 717 68 785
At 31 March 2021 816 90 906

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 2,879 945

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans and overdrafts 16,622 17,838
Trade creditors 4,922 3,559
Taxation and social security 1,088 1,407
Other creditors 95,098 69,046
117,730 91,850

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.22 31.3.21
£    £   
Bank loans 16,467 21,667

Amounts falling due in more than five years:

Repayable by instalments
No description - 867