Registered number
06852772
Melbourne Garages Limited
Filleted Accounts
31 March 2023
Melbourne Garages Limited
Registered number: 06852772
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,956 15,927
Current assets
Stocks 500 500
Debtors 4 4,476 2,633
Cash at bank and in hand 88,532 81,896
93,508 85,029
Creditors: amounts falling due within one year 5 (46,145) (87,511)
Net current assets/(liabilities) 47,363 (2,482)
Total assets less current liabilities 58,319 13,445
Creditors: amounts falling due after more than one year 6 (20,008) (30,272)
Provisions for liabilities - (3,026)
Net assets/(liabilities) 38,311 (19,853)
Capital and reserves
Called up share capital 100 100
Profit and loss account 38,211 (19,953)
Shareholders' funds 38,311 (19,853)
The directors are 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 directors acknowledge their 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.
Mr M Smith
Director
Approved by the board on 6 September 2023
Melbourne Garages Limited
Notes to the Accounts
for the year ended 31 March 2023
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:
Freehold buildings
Plant and machinery 10% Reducing Balance
Fixtures, fittings, tools and equipment 10% Reducing Balance
Computers 33% Reducing Balance
Motor Vehicles 20% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 41,271 16,343 57,614
Additions 10,420 - 10,420
Disposals (39,732) (16,093) (55,825)
At 31 March 2023 11,959 250 12,209
Depreciation
At 1 April 2022 27,553 14,134 41,687
Charge for the year 276 10 286
On disposals (26,784) (13,936) (40,720)
At 31 March 2023 1,045 208 1,253
Net book value
At 31 March 2023 10,914 42 10,956
At 31 March 2022 13,718 2,209 15,927
4 Debtors 2023 2022
£ £
Trade debtors 4,476 2,633
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 13,291 17,747
Taxation and social security costs 31,386 20,911
Other creditors 1,468 48,853
46,145 87,511
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,008 30,272
7 Other information
Melbourne Garages Limited is a private company limited by shares and incorporated in England. Its registered office is:
Castle Lane Industrial Estate
Castle Lane
Melbourne
Derby
DE73 8JB
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