5 false false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02240342 2022-05-01 2023-04-30 02240342 2023-04-30 02240342 2022-04-30 02240342 2021-05-01 2022-04-30 02240342 2022-04-30 02240342 2021-04-30 02240342 core:LandBuildings core:LongLeaseholdAssets 2022-05-01 2023-04-30 02240342 core:LandBuildings core:ShortLeaseholdAssets 2022-05-01 2023-04-30 02240342 core:PlantMachinery 2022-05-01 2023-04-30 02240342 core:FurnitureFittings 2022-05-01 2023-04-30 02240342 bus:LeadAgentIfApplicable 2022-05-01 2023-04-30 02240342 bus:Director1 2022-05-01 2023-04-30 02240342 core:LandBuildings 2022-04-30 02240342 core:PlantMachinery 2022-04-30 02240342 core:FurnitureFittings 2022-04-30 02240342 core:FurnitureFittings 2023-04-30 02240342 core:WithinOneYear 2023-04-30 02240342 core:WithinOneYear 2022-04-30 02240342 core:AfterOneYear 2023-04-30 02240342 core:AfterOneYear 2022-04-30 02240342 core:LandBuildings 2022-05-01 2023-04-30 02240342 core:ShareCapital 2023-04-30 02240342 core:ShareCapital 2022-04-30 02240342 core:CapitalRedemptionReserve 2023-04-30 02240342 core:CapitalRedemptionReserve 2022-04-30 02240342 core:RetainedEarningsAccumulatedLosses 2023-04-30 02240342 core:RetainedEarningsAccumulatedLosses 2022-04-30 02240342 core:FurnitureFittings 2022-04-30 02240342 bus:SmallEntities 2022-05-01 2023-04-30 02240342 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 02240342 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 02240342 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 02240342 bus:FullAccounts 2022-05-01 2023-04-30 02240342 bus:Director1 2023-04-30
COMPANY REGISTRATION NUMBER: 02240342
Shere Garages Limited
Filleted Unaudited Financial Statements
30 April 2023
Shere Garages Limited
Financial Statements
Year ended 30 April 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Shere Garages Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Shere Garages Limited
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shere Garages Limited for the year ended 30 April 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
BROOKS & CO. Chartered Accountants
9 Cheam Road Ewell Epsom Surrey KT17 1SP
22 September 2023
Shere Garages Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
829
976
Current assets
Stocks
667,064
801,607
Debtors
6
8,459
Cash at bank and in hand
31,760
87,739
---------
---------
707,283
889,346
Creditors: amounts falling due within one year
7
214,456
384,842
---------
---------
Net current assets
492,827
504,504
---------
---------
Total assets less current liabilities
493,656
505,480
Creditors: amounts falling due after more than one year
8
44,353
83,884
---------
---------
Net assets
449,303
421,596
---------
---------
Capital and reserves
Called up share capital
24
24
Capital redemption reserve
76
76
Profit and loss account
449,203
421,496
---------
---------
Shareholders funds
449,303
421,596
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Shere Garages Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 22 September 2023 , and are signed on behalf of the board by:
P M G Muncey
Director
Company registration number: 02240342
Shere Garages Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Cheam Road, Ewell, Epsom, Surrey, KT17 1SP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
20% straight line
Improvement to Property
-
25% straight line
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 6 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2022
8,693
3,825
40,415
52,933
Disposals
( 8,693)
( 3,825)
( 19,573)
( 32,091)
-------
-------
--------
--------
At 30 April 2023
20,842
20,842
-------
-------
--------
--------
Depreciation
At 1 May 2022
8,693
3,825
39,439
51,957
Charge for the year
146
146
Disposals
( 8,693)
( 3,825)
( 19,572)
( 32,090)
-------
-------
--------
--------
At 30 April 2023
20,013
20,013
-------
-------
--------
--------
Carrying amount
At 30 April 2023
829
829
-------
-------
--------
--------
At 30 April 2022
976
976
-------
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
6,752
Other debtors
1,707
-------
----
8,459
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
42,956
42,956
Trade creditors
12,759
12,012
Corporation tax
6,525
27,594
Social security and other taxes
37,482
51,109
Loan
60,000
60,000
Other creditors
54,734
191,171
---------
---------
214,456
384,842
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
44,353
83,884
--------
--------
9. Director's advances, credits and guarantees
During the year, Mr P Muncey, a director of the company, made further advances to the company. The amount owed to Mr P Muncey at the year end totalled £ 46,707 (2022: £187,171). The advances are interest free and repayable on demand.