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Company Registration number: 05442373

Robert Little Garages Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 June 2023

 

Robert Little Garages Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Robert Little Garages Limited

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

14,649

7,196

Tangible assets

5

375,364

283,114

Other financial assets

6

45,786

26,500

 

435,799

316,810

Current assets

 

Stocks

7

589,967

328,978

Debtors

8

293,880

468,349

Cash at bank and in hand

 

296,119

376,626

 

1,179,966

1,173,953

Creditors: Amounts falling due within one year

9

(781,801)

(744,036)

Net current assets

 

398,165

429,917

Total assets less current liabilities

 

833,964

746,727

Creditors: Amounts falling due after more than one year

9

(56,350)

(85,750)

Provisions for liabilities

(47,429)

(32,855)

Net assets

 

730,185

628,122

Capital and reserves

 

Called up share capital

100

100

Retained earnings

730,085

628,022

Shareholders' funds

 

730,185

628,122

 

Robert Little Garages Limited

Balance Sheet as at 30 June 2023 (continued)

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.

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.

Company registration number: 05442373

Approved and authorised by the director on 2 November 2023
 

.........................................
Mr R G Little
Director

 

Robert Little Garages Limited

Notes to the 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 and Wales.

The address of its registered office is:

Harker Service Station
Harker
Carlisle
CA6 4DT
 

These financial statements were authorised for issue by the director on 2 November 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

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

 

Robert Little Garages Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

Taxation

The tax expense for the period comprises current and deferred 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

 

Robert Little Garages Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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

Leasehold property and property improvements

2% reducing balance

Plant and machinery

20% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% straight line

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

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Robert Little Garages Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

Robert Little Garages Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

4

INTANGIBLE ASSETS

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2022

35,000

7,570

42,570

Additions acquired separately

-

9,080

9,080

At 30 June 2023

35,000

16,650

51,650

Amortisation

At 1 July 2022

35,000

374

35,374

Amortisation charge

-

1,627

1,627

At 30 June 2023

35,000

2,001

37,001

Carrying amount

At 30 June 2023

-

14,649

14,649

At 30 June 2022

-

7,196

7,196

 

Robert Little Garages Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

5

TANGIBLE ASSETS

Property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

278,431

39,308

37,143

5,808

215,051

575,741

Additions

19,195

1,062

24,370

5,265

70,929

120,821

At 30 June 2023

297,626

40,370

61,513

11,073

285,980

696,562

Depreciation

At 1 July 2022

102,289

36,362

25,248

4,748

123,979

292,626

Charge for the year

3,907

1,002

2,837

615

20,211

28,572

At 30 June 2023

106,196

37,364

28,085

5,363

144,190

321,198

Carrying amount

At 30 June 2023

191,430

3,006

33,428

5,710

141,790

375,364

At 30 June 2022

176,141

2,946

11,895

1,060

91,072

283,114

 

Robert Little Garages Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

6

OTHER FINANCIAL ASSETS (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2022

26,500

26,500

Additions

19,286

19,286

At 30 June 2023

45,786

45,786

Carrying amount

At 30 June 2023

45,786

45,786

7

STOCKS

2023
£

2022
£

Stocks

589,967

328,978

8

DEBTORS

Current

2023
£

2022
£

Trade debtors

137,002

71,570

Prepayments

2,700

3,000

Other debtors

154,178

393,779

 

293,880

468,349

 

Robert Little Garages Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

9

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Loans and borrowings

124,400

29,400

Trade creditors

 

591,606

477,104

Taxation and social security

 

28,707

16,217

Accruals and deferred income

 

4,583

158,213

Other creditors

 

32,505

63,102

 

781,801

744,036


Secured creditors falling due within one year include £124,400 (2022 - £29,400) of bank loans and overdrafts.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

 

Loans and borrowings

56,350

85,750


Secured creditors falling due after more than one year include £56,350 (2022 - £85,750) of bank loans and overdrafts.

10

RELATED PARTY TRANSACTIONS

Transactions with the director

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr R G Little

Director's loan account

350,964

145,864

(350,964)

145,864

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr R G Little

Director's loan account

124,116

350,964

(124,116)

350,964