Company registration number 02354442 (England and Wales)
NORTH JESMOND GARAGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
NORTH JESMOND GARAGE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
NORTH JESMOND GARAGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,144
6,293
Current assets
Stocks
5,400
3,700
Debtors
4
90,410
127,931
Cash at bank and in hand
20,138
40,001
115,948
171,632
Creditors: amounts falling due within one year
5
(90,795)
(94,719)
Net current assets
25,153
76,913
Total assets less current liabilities
28,297
83,206
Provisions for liabilities
1,576
1,576
Net assets
29,873
84,782
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
28,873
83,782
Total equity
29,873
84,782
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 March 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 22 September 2023 and are signed on its behalf by:
A.D. Duggan
M.S. Wilson
Director
Director
Company Registration No. 02354442
NORTH JESMOND GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
North Jesmond Garage Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lodore Road, Jesmond, Newcastle Upon Tyne, Tyne And Wear, United Kingdom, NE2 3NR.
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
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:
Land and buildings Freehold
2% Straight Line
Plant and machinery
15% Straight Line
Computer equipment
25% Straight Line
Motor vehicles
25% Straight Line
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.
NORTH JESMOND GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.4
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
NORTH JESMOND GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2022 - 9).
2023
2022
Number
Number
Total
9
9
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
71,086
191,917
263,003
Additions
280
280
At 31 March 2023
71,086
192,197
263,283
Depreciation and impairment
At 1 April 2022
71,064
185,646
256,710
Depreciation charged in the year
3,429
3,429
At 31 March 2023
71,064
189,075
260,139
Carrying amount
At 31 March 2023
22
3,122
3,144
At 31 March 2022
22
6,271
6,293
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,029
10,226
Corporation tax recoverable
26,250
36,700
Other debtors
56,131
81,005
90,410
127,931
NORTH JESMOND GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,248
8,770
Trade creditors
48,612
41,136
Corporation tax
12,262
20,063
Other taxation and social security
13,279
15,079
Other creditors
10,394
9,671
90,795
94,719
NORTH JESMOND GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
A.D. Duggan -
-
79,655
39,709
(65,000)
54,364
79,655
39,709
(65,000)
54,364