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Registration number: 06855328

A & G Garages Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

A & G Garages Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

A & G Garages Limited

Company Information

Directors

Mrs Karen Narnor

Mr Dornu Narnor

Registered office

C/o Bright Partnership
26 Edward Court
Altrincham
WA14 5GL

Accountants

Bright Partnership LLP
Chartered Accountants & Business Advisors
26 Edward Court
Broadheath
Altrincham
WA14 5GL

 

A & G Garages Limited

(Registration number: 06855328)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

10,109

11,549

Tangible assets

5

5,272

7,325

 

15,381

18,874

Current assets

 

Stocks

2,500

2,500

Debtors

6

47,901

52,521

Cash at bank and in hand

 

-

8,586

 

50,401

63,607

Creditors: Amounts falling due within one year

7

(357,767)

(342,570)

Net current liabilities

 

(307,366)

(278,963)

Total assets less current liabilities

 

(291,985)

(260,089)

Creditors: Amounts falling due after more than one year

7

(30,400)

(48,000)

Provisions for liabilities

(261)

(539)

Net liabilities

 

(322,646)

(308,628)

Capital and reserves

 

Called up share capital

8

250,003

250,003

Retained earnings

(572,649)

(558,631)

Shareholders' deficit

 

(322,646)

(308,628)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 September 2022 and signed on its behalf by:
 

 

A & G Garages Limited

(Registration number: 06855328)
Balance Sheet as at 31 March 2022

.........................................
Mr Dornu Narnor
Company secretary and director

 

A & G Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/o Bright Partnership
26 Edward Court
Altrincham
WA14 5GL
England

The principal place of business is:
Unit 4
Britannia Business House
Edwin Road
Manchester
M11 3ER

These financial statements were authorised for issue by the Board on 12 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

A & G Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Motor vehicles

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

A & G Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

A & G Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2021 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

28,833

28,833

At 31 March 2022

28,833

28,833

Amortisation

At 1 April 2021

17,284

17,284

Amortisation charge

1,440

1,440

At 31 March 2022

18,724

18,724

Carrying amount

At 31 March 2022

10,109

10,109

At 31 March 2021

11,549

11,549

 

A & G Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

14,330

32,245

46,575

Disposals

(1,600)

-

(1,600)

At 31 March 2022

12,730

32,245

44,975

Depreciation

At 1 April 2021

11,441

27,809

39,250

Charge for the year

574

887

1,461

Eliminated on disposal

(1,008)

-

(1,008)

At 31 March 2022

11,007

28,696

39,703

Carrying amount

At 31 March 2022

1,723

3,549

5,272

At 31 March 2021

2,889

4,436

7,325

6

Debtors

Current

2022
£

2021
£

Trade debtors

45,901

49,261

Prepayments

-

1,260

Other debtors

2,000

2,000

 

47,901

52,521

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

168,790

158,141

Trade creditors

 

12,233

25,884

Taxation and social security

 

18,635

16,608

Accruals and deferred income

 

28,545

15,604

Other creditors

 

129,564

126,333

 

357,767

342,570

 

A & G Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

30,400

48,000

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

250,000

250,000

250,000

250,000

         

9

Related party transactions

Summary of transactions with other related parties

Included in creditors is a balance due to the Directors of £139,189 (2021 : £141,170)