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Registration number: 00804507

Ugborough Garages Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Ugborough Garages Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Ugborough Garages Limited

Company Information

Director

Mr A J Lugger

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ugborough Garages Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ugborough Garages Limited for the year ended 31 May 2023 as set out on pages 3 to 8 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ugborough Garages Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ugborough Garages Limited and state those matters that we have agreed to state to the Board of Directors of Ugborough Garages Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ugborough Garages Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ugborough Garages Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ugborough Garages Limited. You consider that Ugborough Garages Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ugborough Garages Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

17 October 2023

 

Ugborough Garages Limited

(Registration number: 00804507)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

145,800

156,211

Current assets

 

Stocks

5

12,950

10,690

Debtors

6

16,689

31,698

Cash at bank and in hand

 

133,002

63,261

 

162,641

105,649

Creditors: Amounts falling due within one year

7

(175,076)

(130,130)

Net current liabilities

 

(12,435)

(24,481)

Total assets less current liabilities

 

133,365

131,730

Provisions for liabilities

(11,160)

(6,449)

Net assets

 

122,205

125,281

Capital and reserves

 

Called up share capital

55

55

Revaluation reserve

94,685

97,673

Retained earnings

27,465

27,553

Shareholders' funds

 

122,205

125,281

 

Ugborough Garages Limited

(Registration number: 00804507)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director on 17 October 2023
 

.........................................

Mr A J Lugger

Director

 

Ugborough Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
Well Cross
Ugborough
Ivybridge
Devon
PL21 0PH

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.

Revenue recognition

Turnover comprises the fair value of the consideration received for the provision of motor repair services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

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.

 

Ugborough Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Land

No depreciatin

Buildings

2% straight line

Stocks

Stock is stated at the lower of costs incurred, and estimated selling price, of the items used in the servicing and repairs of motor vehicles. Stock is valued on a first in first out basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 9).

 

Ugborough Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

251,844

45,556

60,240

141,911

499,551

Additions

-

783

-

4,185

4,968

At 31 May 2023

251,844

46,339

60,240

146,096

504,519

Depreciation

At 1 June 2022

146,348

38,446

45,146

113,400

343,340

Charge for the year

4,337

1,082

3,775

6,185

15,379

At 31 May 2023

150,685

39,528

48,921

119,585

358,719

Carrying amount

At 31 May 2023

101,159

6,811

11,319

26,511

145,800

At 31 May 2022

105,496

7,110

15,094

28,511

156,211

Included within the net book value of land and buildings above is £101,159 (2022 - £105,496) in respect of freehold land and buildings.
 

 

Ugborough Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Stocks

2023
£

2022
£

Other inventories

12,950

10,690

6

Debtors

2023
£

2022
£

Trade debtors

7,352

18,421

Prepayments

3,872

3,589

Other debtors

5,465

9,688

16,689

31,698

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

14,930

13,550

Taxation and social security

25,911

12,326

Accruals and deferred income

4,604

4,368

Other creditors

129,631

99,886

175,076

130,130