Bromley Garage Services Limited 02996001 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is Motor Repairs & Servicing Digita Accounts Production Advanced 6.30.9574.0 true true 02996001 2022-07-01 2023-06-30 02996001 2023-06-30 02996001 bus:Director3 1 2023-06-30 02996001 bus:Director4 1 2023-06-30 02996001 core:CurrentFinancialInstruments 2023-06-30 02996001 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 02996001 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 02996001 core:FurnitureFittings 2023-06-30 02996001 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 02996001 core:MotorVehicles 2023-06-30 02996001 core:OfficeEquipment 2023-06-30 02996001 core:PlantMachinery 2023-06-30 02996001 bus:SmallEntities 2022-07-01 2023-06-30 02996001 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 02996001 bus:FullAccounts 2022-07-01 2023-06-30 02996001 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 02996001 bus:RegisteredOffice 2022-07-01 2023-06-30 02996001 bus:Director3 2022-07-01 2023-06-30 02996001 bus:Director3 1 2022-07-01 2023-06-30 02996001 bus:Director4 2022-07-01 2023-06-30 02996001 bus:Director4 1 2022-07-01 2023-06-30 02996001 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02996001 core:FurnitureFittings 2022-07-01 2023-06-30 02996001 core:LandBuildings 2022-07-01 2023-06-30 02996001 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02996001 core:MotorVehicles 2022-07-01 2023-06-30 02996001 core:OfficeEquipment 2022-07-01 2023-06-30 02996001 core:PlantMachinery 2022-07-01 2023-06-30 02996001 countries:AllCountries 2022-07-01 2023-06-30 02996001 2022-06-30 02996001 bus:Director3 1 2022-06-30 02996001 bus:Director4 1 2022-06-30 02996001 core:FurnitureFittings 2022-06-30 02996001 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 02996001 core:MotorVehicles 2022-06-30 02996001 core:OfficeEquipment 2022-06-30 02996001 core:PlantMachinery 2022-06-30 02996001 2021-07-01 2022-06-30 02996001 2022-06-30 02996001 bus:Director3 1 2022-06-30 02996001 bus:Director4 1 2022-06-30 02996001 core:CurrentFinancialInstruments 2022-06-30 02996001 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 02996001 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 02996001 core:FurnitureFittings 2022-06-30 02996001 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 02996001 core:MotorVehicles 2022-06-30 02996001 core:OfficeEquipment 2022-06-30 02996001 core:PlantMachinery 2022-06-30 02996001 bus:Director3 1 2021-07-01 2022-06-30 02996001 bus:Director4 1 2021-07-01 2022-06-30 02996001 bus:Director3 1 2021-06-30 02996001 bus:Director4 1 2021-06-30 iso4217:GBP xbrli:pure

Bromley Garage Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Bromley Garage Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Bromley Garage Services Limited

Company Information

Directors

Mr PG Bromley

Miss LC Bromley

Registered office

Poplar Lane
Winnersh
Wokingham
Berkshire
RG41 5JR

Accountants

Grays Accountants Ltd

 

Bromley Garage Services Limited

(Registration number: 02996001)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

44,727

50,114

Current assets

 

Stocks

5

18,800

18,800

Debtors

6

144,686

185,499

Cash at bank and in hand

 

35,848

-

 

199,334

204,299

Creditors: Amounts falling due within one year

7

(144,028)

(153,541)

Net current assets

 

55,306

50,758

Total assets less current liabilities

 

100,033

100,872

Creditors: Amounts falling due after more than one year

7

-

(706)

Net assets

 

100,033

100,166

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

33

166

Shareholders' funds

 

100,033

100,166

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Bromley Garage Services Limited

(Registration number: 02996001)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 11 September 2023 and signed on its behalf by:
 

.........................................
Mr PG Bromley
Director

.........................................
Miss LC Bromley
Director

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
Poplar Lane
Winnersh
Wokingham
Berkshire
RG41 5JR

These financial statements were authorised for issue by the Board on 11 September 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

25% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 14).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 July 2022

54,941

84,223

108,784

9,362

74,790

At 30 June 2023

54,941

84,223

108,784

9,362

74,790

Depreciation

At 1 July 2022

26,376

81,658

105,544

8,454

59,954

Charge for the year

1,099

384

809

226

2,869

At 30 June 2023

27,475

82,042

106,353

8,680

62,823

Carrying amount

At 30 June 2023

27,466

2,181

2,431

682

11,967

At 30 June 2022

28,565

2,565

3,240

908

14,836

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Total
£

Cost or valuation

At 1 July 2022

332,100

At 30 June 2023

332,100

Depreciation

At 1 July 2022

281,986

Charge for the year

5,387

At 30 June 2023

287,373

Carrying amount

At 30 June 2023

44,727

At 30 June 2022

50,114

Included within the net book value of land and buildings above is £27,466 (2022 - £28,565) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

18,800

18,800

6

Debtors

Current

2023
£

2022
£

Trade debtors

127,125

163,111

Prepayments

349

588

Other debtors

17,212

21,800

 

144,686

185,499

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

-

16,712

Trade creditors

 

72,255

63,768

Taxation and social security

 

60,715

56,915

Accruals and deferred income

 

11,058

16,146

 

144,028

153,541

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

-

706

8

Related party transactions

Mr. P.G. Bromley and Miss L.C. Bromley are jointly the controlling and ultimate controlling party.

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr PG Bromley

Loans advanced in year

10,500

8,340

(10,500)

8,340

         
       

Miss LC Bromley

Loans advanced in year

10,500

8,340

(10,500)

8,340

         
       

 

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2022

At 1 July 2021
£

Advances to director
£

At 30 June 2022
£

Mr PG Bromley

Loans advanced in year

-

10,500

10,500

       
     

Miss LC Bromley

Loans advanced in year

-

10,500

10,500

       
     

 

Other transactions with directors

Loans advanced to directors have been repaid since the year end.