Company Registration No. 6076307 (England and Wales)
WEST END GARAGE (YEOVIL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
WEST END GARAGE (YEOVIL) LIMITED
COMPANY INFORMATION
Directors
J R Rawlings
S F Rawlings
Secretary
S F Rawlings
Company number
6076307
Registered office
West End Garage
West Street
Stoke Sub Hamdon
Yeovil
TA14 6QL
WEST END GARAGE (YEOVIL) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WEST END GARAGE (YEOVIL) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
2
15,000
12,500
Tangible assets
3
218
291
15,218
12,791
Current assets
Stocks
290
670
Cash at bank and in hand
31,326
32,503
31,616
33,173
Creditors: amounts falling due within one year
4
(6,338)
(5,391)
Net current assets
25,278
27,782
Total assets less current liabilities
40,496
40,573
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
40,494
40,571
Total equity
40,496
40,573
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 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2023 and are signed on its behalf by:
J R Rawlings
Director
Company Registration No. 6076307
WEST END GARAGE (YEOVIL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
WEST END GARAGE (YEOVIL) LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is West End Garage, West Street, Stoke Sub Hamdon, Yeovil, TA14 6QL.
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
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 equipment
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
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.
WEST END GARAGE (YEOVIL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
2
Intangible fixed assets
Other
£
Cost
At 1 February 2022 and 31 January 2023
50,000
Amortisation and impairment
At 1 February 2022
37,500
Amortisation charged for the year
(2,500)
At 31 January 2023
35,000
Carrying amount
At 31 January 2023
15,000
At 31 January 2022
12,500
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 and 31 January 2023
19,530
Depreciation and impairment
At 1 February 2022
19,239
Depreciation charged in the year
73
At 31 January 2023
19,312
Carrying amount
At 31 January 2023
218
At 31 January 2022
291
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
914
139
Corporation tax
3,770
4,289
Other taxation and social security
1,016
325
Other creditors
638
688
6,338
5,441
WEST END GARAGE (YEOVIL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
100 Ordinary Shares of £1 each
100
100
Issued and fully paid
2 Ordinary Shares of £1 each
2
2