West End Garage (Car & Light Commercial) Limited 12996437 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Maintenance & repair of motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true 12996437 2022-04-01 2023-03-31 12996437 2023-03-31 12996437 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 12996437 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 12996437 core:CurrentFinancialInstruments 2023-03-31 12996437 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12996437 core:Non-currentFinancialInstruments 2023-03-31 12996437 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12996437 core:Goodwill 2023-03-31 12996437 core:FurnitureFittingsToolsEquipment 2023-03-31 12996437 core:MotorVehicles 2023-03-31 12996437 core:OtherPropertyPlantEquipment 2023-03-31 12996437 bus:SmallEntities 2022-04-01 2023-03-31 12996437 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12996437 bus:FullAccounts 2022-04-01 2023-03-31 12996437 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12996437 bus:RegisteredOffice 2022-04-01 2023-03-31 12996437 bus:Director1 2022-04-01 2023-03-31 12996437 bus:Director2 2022-04-01 2023-03-31 12996437 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12996437 bus:Agent1 2022-04-01 2023-03-31 12996437 core:Goodwill 2022-04-01 2023-03-31 12996437 core:FurnitureFittings 2022-04-01 2023-03-31 12996437 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 12996437 core:MotorVehicles 2022-04-01 2023-03-31 12996437 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 12996437 core:PlantMachinery 2022-04-01 2023-03-31 12996437 countries:England 2022-04-01 2023-03-31 12996437 2022-03-31 12996437 core:Goodwill 2022-03-31 12996437 core:FurnitureFittingsToolsEquipment 2022-03-31 12996437 core:MotorVehicles 2022-03-31 12996437 core:OtherPropertyPlantEquipment 2022-03-31 12996437 2021-04-01 2022-03-31 12996437 2022-03-31 12996437 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 12996437 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 12996437 core:CurrentFinancialInstruments 2022-03-31 12996437 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12996437 core:Non-currentFinancialInstruments 2022-03-31 12996437 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 12996437 core:Goodwill 2022-03-31 12996437 core:FurnitureFittingsToolsEquipment 2022-03-31 12996437 core:MotorVehicles 2022-03-31 12996437 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 12996437

West End Garage (Car & Light Commercial) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

West End Garage (Car & Light Commercial) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

West End Garage (Car & Light Commercial) Limited

Company Information

Directors

D Taylor

K Taylor

Registered office

Station Yard
Dropping Lane
Bruton
Somerset
BA10 0NL

Accountants

Gilbie Roberts Limited
Chartered Certified Accountants
1 Church Terrace
Yeovil
Somerset
BA20 1HX

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
West End Garage (Car & Light Commercial) Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of West End Garage (Car & Light Commercial) Limited for the year ended 31 March 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of West End Garage (Car & Light Commercial) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of West End Garage (Car & Light Commercial) Limited and state those matters that we have agreed to state to the Board of Directors of West End Garage (Car & Light Commercial) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than West End Garage (Car & Light Commercial) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that West End Garage (Car & Light Commercial) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of West End Garage (Car & Light Commercial) Limited. You consider that West End Garage (Car & Light Commercial) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of West End Garage (Car & Light Commercial) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Gilbie Roberts Limited
Chartered Certified Accountants
1 Church Terrace
Yeovil
Somerset
BA20 1HX

16 November 2023

 

West End Garage (Car & Light Commercial) Limited

(Registration number: 12996437)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

44,800

50,400

Tangible assets

5

86,762

76,579

 

131,562

126,979

Current assets

 

Debtors

6

87,704

48,212

Cash at bank and in hand

 

102,214

66,415

 

189,918

114,627

Creditors: Amounts falling due within one year

7

(196,013)

(133,362)

Net current liabilities

 

(6,095)

(18,735)

Total assets less current liabilities

 

125,467

108,244

Creditors: Amounts falling due after more than one year

7

(8,277)

(29,496)

Net assets

 

117,190

78,748

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

117,189

78,747

Shareholders' funds

 

117,190

78,748

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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 

 

West End Garage (Car & Light Commercial) Limited

(Registration number: 12996437)
Balance Sheet as at 31 March 2023

.........................................
D Taylor
Director

 

West End Garage (Car & Light Commercial) Limited

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.

The address of its registered office is:
Station Yard
Dropping Lane
Bruton
Somerset
BA10 0NL

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.

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.

 

West End Garage (Car & Light Commercial) Limited

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

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

15% 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:

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.

 

West End Garage (Car & Light Commercial) Limited

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 9 (2022 - 8).

 

West End Garage (Car & Light Commercial) Limited

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

56,000

56,000

At 31 March 2023

56,000

56,000

Amortisation

At 1 April 2022

5,600

5,600

Amortisation charge

5,600

5,600

At 31 March 2023

11,200

11,200

Carrying amount

At 31 March 2023

44,800

44,800

At 31 March 2022

50,400

50,400

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

4,470

42,900

47,771

95,141

Additions

8,304

12,200

20,739

41,243

Disposals

-

(14,000)

-

(14,000)

At 31 March 2023

12,774

41,100

68,510

122,384

Depreciation

At 1 April 2022

671

10,725

7,166

18,562

Charge for the year

1,815

8,469

10,276

20,560

Eliminated on disposal

-

(3,500)

-

(3,500)

At 31 March 2023

2,486

15,694

17,442

35,622

Carrying amount

At 31 March 2023

10,288

25,406

51,068

86,762

At 31 March 2022

3,799

32,175

40,605

76,579

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

 

West End Garage (Car & Light Commercial) Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

83,996

48,212

Prepayments

258

-

Other debtors

3,450

-

 

87,704

48,212

 

West End Garage (Car & Light Commercial) Limited

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

26,082

21,219

Trade creditors

 

44,427

21,958

Taxation and social security

 

36,924

11,338

Accruals and deferred income

 

1,850

1,850

Other creditors

 

86,730

76,997

 

196,013

133,362

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

8,277

29,496

8

Share capital

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

7,778

10,997

Other borrowings

499

18,499

8,277

29,496

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

3,219

3,219

Other borrowings

22,863

18,000

26,082

21,219

 

West End Garage (Car & Light Commercial) Limited

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

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £192,360 (2022 - £216,648).