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Registration number: 05415180

1st Gear (South West) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

1st Gear (South West) Ltd

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

1st Gear (South West) Ltd

Company Information

Director

Mr Graham Woodcock

Company secretary

Mrs Amanda Woodcock

Registered office

18 Grenadine Close
Torquay
Devon
TQ2 7GN

Accountants

Neil Wilson & Co Chartered Accountants
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

1st Gear (South West) Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

8,102

23,548

Total comprehensive income for the year

8,102

23,548

 

1st Gear (South West) Ltd

(Registration number: 05415180)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

108

145

Current assets

 

Debtors

6

27,775

43,149

Cash at bank and in hand

 

5,083

55,470

 

32,858

98,619

Creditors: Amounts falling due within one year

7

(19,180)

(77,080)

Net current assets

 

13,678

21,539

Total assets less current liabilities

 

13,786

21,684

Provisions for liabilities

(122)

(122)

Net assets

 

13,664

21,562

Capital and reserves

 

Called up share capital

8

5

5

Retained earnings

13,659

21,557

Shareholders' funds

 

13,664

21,562

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 May 2023
 

.........................................
Mr Graham Woodcock
Director

 

1st Gear (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
18 Grenadine Close
Torquay
Devon
TQ2 7GN

These financial statements were authorised for issue by the director on 5 May 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.

Accounts are prepared in Sterling (£) to the nearest whole pound.

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.

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.

 

1st Gear (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight line

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.

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.

 

1st Gear (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

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 the director) during the year, was 2 (2022 - 2).

 

1st Gear (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

25,000

25,000

At 31 March 2023

25,000

25,000

Amortisation

At 1 April 2022

25,000

25,000

At 31 March 2023

25,000

25,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

2,324

2,324

At 31 March 2023

2,324

2,324

Depreciation

At 1 April 2022

2,179

2,179

Charge for the year

37

37

At 31 March 2023

2,216

2,216

Carrying amount

At 31 March 2023

108

108

At 31 March 2022

145

145

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

3,662

3,516

Amounts owed by related parties

11

24,113

39,633

   

27,775

43,149

 

1st Gear (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

51,434

Trade creditors

 

1,000

1,000

Taxation and social security

 

1,900

4,797

Accruals and deferred income

 

500

75

Other creditors

 

15,780

19,774

 

19,180

77,080

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

5

5

5

5

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

49,354

Other borrowings

-

2,080

-

51,434

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of Nil per each NewRow_0

 

111

 

222

         

Reconciliation to Dividends categories

Difference to be corrected

 

111

 

222

 

1st Gear (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

11

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Graham Woodcock

Director loan

39,633

10,000

(25,520)

24,113

         
       

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Mr Graham Woodcock

Director loan

39,906

(273)

39,633

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

8,868

Contributions paid to money purchase schemes

190

-

12,760

8,868

Dividends paid to the director

   

2023
£

 

2022
£

Mr Graham Woodcock

       

Dividends paid

 

10,000

 

10,000

         

Mrs Amanda Woodcock

       

Dividends paid to director

 

10,000

 

10,000