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Company Registration Number: 1684247
NEWGARAGE LIMITED
Unaudited Filleted Financial Statements
31 March 2023
NEWGARAGE LIMITED
Contents
Balance Sheet
Notes To The Financial Statements
NEWGARAGE LIMITED
Balance Sheet
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,288,329 1,166,075
Current assets
Debtors 6 4,505 2,060
Cash at bank and in hand 48,942 93,171
_________ _________
53,447 95,231
Creditors: amounts falling due
within one year 7 ( 143,311) ( 82,139)
_________ _________
Net current (liabilities)/assets ( 89,864) 13,092
_________ _________
Total assets less current liabilities 1,198,465 1,179,167
Provisions for liabilities 8 ( 5,589) ( 8,656)
_________ _________
Net assets 1,192,876 1,170,511
_________ _________
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 1,192,776 1,170,411
_________ _________
Shareholders funds 1,192,876 1,170,511
_________ _________
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 November 2023 , and are signed on behalf of the board by:
............................. .............................
Mr H.N. Patel Mrs V.H. Patel
Director Director
Company Registration Number: 1684247
NEWGARAGE LIMITED
Notes To The Financial Statements
Year Ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in the UK. The address of the registered office is 14-24, Tudor Street, Riverside, Cardiff, CF10 8RF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable in resepct of investmemnt property rentals, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. All of the financial instruments appicable to the company are considered to be basic, as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold investment property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2022 1,135,000 255,674 1,390,674
Additions 138,672 - 138,672
Disposals - ( 232,489) ( 232,489)
_________ _________ _________
At 31 March 2023 1,273,672 23,185 1,296,857
_________ _________ _________
Depreciation
At 1 April 2022 - 224,599 224,599
Charge for the year - 2,586 2,586
Disposals - ( 218,657) ( 218,657)
_________ _________ _________
At 31 March 2023 - 8,528 8,528
_________ _________ _________
Carrying amount
At 31 March 2023 1,273,672 14,657 1,288,329
_________ _________ _________
At 31 March 2022 1,135,000 31,075 1,166,075
_________ _________ _________
Investment property
The company's investment properties were professionally valued by Chris Clarke Surveyors Ltd in June 2020, and the resulting values were incorporated into the financial statements for the year ended 31 March 2020. In the opinion of the directors there has been no further significant change in the market value of these properties since that time.
6. Debtors
2023 2022
£ £
Trade debtors 1,762 1,913
Other debtors 2,743 147
_________ _________
4,505 2,060
_________ _________
7. Creditors: amounts falling due within one year
2023 2022
£ £
Sundry loans 21,748 5,998
Trade creditors 14,247 -
Deferred income 1,150 1,150
Social security and other taxes 14,430 12,519
Director loan accounts 88,866 54,412
Other creditors and accruals 2,870 8,060
_________ _________
143,311 82,139
_________ _________
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 April 2022 8,656 8,656
Charges against provisions ( 3,067) ( 3,067)
_________ _________
At 31 March 2023 5,589 5,589
_________ _________
9. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2023 2022
£ £
Included in provisions (note 8) 5,589 8,656
_________ _________
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 2,547 5,614
Fair value adjustment of investment property 3,042 3,042
_________ _________
5,589 8,656
_________ _________
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_________ _________ _________ _________
11. Fair value reserve
The profit and loss account balance includes £407,707 (31 March 2022 - £407,707) accumulated fair value adjustments in respect of the company's investment properties. Under company law this amount is not considered to be distributable.
12. Controlling party
The company is controlled by one of its directors, Mr H.N. Patel , who, with his associates, currently holds 51% of the issued share capital.