Company registration number 06467176 (England and Wales)
ASHWELL GARAGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ASHWELL GARAGE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ASHWELL GARAGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
222,899
220,598
Current assets
Stocks
29,403
29,403
Debtors
4
108,545
107,825
Cash at bank and in hand
957,303
771,379
1,095,251
908,607
Creditors: amounts falling due within one year
5
(132,208)
(110,790)
Net current assets
963,043
797,817
Total assets less current liabilities
1,185,942
1,018,415
Provisions for liabilities
(11,721)
(11,284)
Net assets
1,174,221
1,007,131
Capital and reserves
Called up share capital
112
112
Profit and loss reserves
1,174,109
1,007,019
Total equity
1,174,221
1,007,131
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 8 November 2023 and are signed on its behalf by:
Mr L Thompson
Director
Company Registration No. 06467176
ASHWELL GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Ashwell Garage Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 Station Road, Ashwell, Baldock, Hertfordshire, England, SG7 5LG.
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 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:
Plant and equipment
- 20% reducing balance
Fixtures and fittings
- 20% reducing balance
Computers
- 20% reducing balance
Motor vehicles
- 10% reducing balance
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ASHWELL GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
161,208
119,276
280,484
Additions
11,582
11,582
At 31 March 2023
161,208
130,858
292,066
Depreciation and impairment
At 1 April 2022
59,886
59,886
Depreciation charged in the year
9,281
9,281
At 31 March 2023
69,167
69,167
Carrying amount
At 31 March 2023
161,208
61,691
222,899
At 31 March 2022
161,208
59,390
220,598
ASHWELL GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,225
7,825
Other debtors
102,320
100,000
108,545
107,825
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
34,030
34,154
Corporation tax
39,555
36,854
Other taxation and social security
22,329
14,026
Other creditors
36,294
25,756
132,208
110,790