Company registration number 01904073 (England and Wales)
VICTORIA ROAD GARAGE (HEBDEN BRIDGE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
VICTORIA ROAD GARAGE (HEBDEN BRIDGE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VICTORIA ROAD GARAGE (HEBDEN BRIDGE) LIMITED
BALANCE SHEET
AS AT
29 APRIL 2023
29 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
703
780
Current assets
Stocks
1,500
2,000
Debtors
4
12,780
12,310
Cash at bank and in hand
3,618
6,476
17,898
20,786
Creditors: amounts falling due within one year
5
(13,399)
(11,404)
Net current assets
4,499
9,382
Total assets less current liabilities
5,202
10,162
Provisions for liabilities
(148)
Net assets
5,202
10,014
Capital and reserves
Called up share capital
6
3
3
Profit and loss reserves
5,199
10,011
Total equity
5,202
10,014
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 September 2023 and are signed on its behalf by:
B Sunderland
Director
Company registration number 01904073 (England and Wales)
VICTORIA ROAD GARAGE (HEBDEN BRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2023
- 2 -
1
Accounting policies
Company information
Victoria Road Garage (Hebden Bridge) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Victoria Road Garage, Crown Works, Victoria Road, Hebden Bridge, West Yorkshire, HX7 8JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The truedirectors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
VICTORIA ROAD GARAGE (HEBDEN BRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
VICTORIA ROAD GARAGE (HEBDEN BRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 April 2022 and 29 April 2023
11,370
Depreciation and impairment
At 30 April 2022
10,590
Depreciation charged in the year
77
At 29 April 2023
10,667
Carrying amount
At 29 April 2023
703
At 29 April 2022
780
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,245
5,887
Corporation tax recoverable
1,180
Prepayments
6,355
6,423
12,780
12,310
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,105
6,302
Taxation and social security
235
1,360
Other creditors
12,059
3,742
13,399
11,404
Other creditors includes an amount of £8,314 (2022 - £1,175) due to the directors.
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary shares of £1 each
3
3