Registration number:
Ugborough Garages Limited
for the Year Ended 31 May 2023
Ugborough Garages Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ugborough Garages Limited
Company Information
Director |
Mr A J Lugger |
Registered office |
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Accountants |
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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.
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6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
Ugborough Garages Limited
(Registration number: 00804507)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
55 |
55 |
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Revaluation reserve |
94,685 |
97,673 |
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Retained earnings |
27,465 |
27,553 |
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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:
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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
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Mr A J Lugger
Director
Ugborough Garages Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
General information |
The address of its registered office is:
United Kingdom
The principal place of business is:
Well Cross
Ugborough
Ivybridge
Devon
PL21 0PH
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Ugborough Garages Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Additions |
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At 31 May 2023 |
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Depreciation |
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At 1 June 2022 |
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Charge for the year |
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At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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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
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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