Registered number
08367333
Coborn Garage Ltd.
Filleted Accounts
31 January 2023
Coborn Garage Ltd.
Registered number: 08367333
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 707
Tangible assets 4 548,408 539,177
548,408 539,884
Current assets
Debtors 5 19,463 21,540
Cash at bank and in hand 411,647 215,687
431,110 237,227
Creditors: amounts falling due within one year 6 (280,778) (189,233)
Net current assets 150,332 47,994
Total assets less current liabilities 698,740 587,878
Creditors: amounts falling due after more than one year 7 (263,860) (314,248)
Net assets 434,880 273,630
Capital and reserves
Called up share capital 300 300
Profit and loss account 434,580 273,330
Shareholders' funds 434,880 273,630
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Gami
Director
Approved by the board on 24 October 2023
Coborn Garage Ltd.
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 179,500
At 31 January 2023 179,500
Amortisation
At 1 February 2022 178,793
Provided during the year 707
At 31 January 2023 179,500
Net book value
At 31 January 2023 -
At 31 January 2022 707
Goodwill is being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2022 523,336 75,224 598,560
Additions - 17,589 17,589
At 31 January 2023 523,336 92,813 616,149
Depreciation
At 1 February 2022 - 59,383 59,383
Charge for the year - 8,358 8,358
At 31 January 2023 - 67,741 67,741
Net book value
At 31 January 2023 523,336 25,072 548,408
At 31 January 2022 523,336 15,841 539,177
5 Debtors 2023 2022
£ £
Trade debtors 1,961 5,881
Other debtors 17,502 15,659
19,463 21,540
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 63,474 37,899
Trade creditors 50,439 37,882
Taxation and social security costs 78,886 39,920
Other creditors 87,979 73,532
280,778 189,233
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 263,860 314,248
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 327,334 352,147
The bank has a fixed and floating charge over the company's assets to secure the bank loan.
9 Other information
Coborn Garage Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
206 Colts Lane
Bethnal Green
London
E2 6JN
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