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REGISTERED NUMBER: 02686114 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Drakes Garage (Shiptonthorpe) Limited

Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)






Contents of the Financial Statements
for the year ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Drakes Garage (Shiptonthorpe) Limited

Company Information
for the year ended 28 February 2023







DIRECTORS: N R Drake
F Drake
R N Drake





SECRETARY: F Drake





REGISTERED OFFICE: Drakes Garage
York Road
Shiptonthorpe
York
YO43 3PH





REGISTERED NUMBER: 02686114 (England and Wales)





ACCOUNTANTS: Fisher & Company Limited
Kingfisher House
65 Market Place
Market Weighton
York
East Riding of Yorks
YO43 3AN

Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)

Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,385,901 1,379,643

CURRENT ASSETS
Inventories 1,300,765 1,193,604
Debtors 5 602,162 450,247
Cash at bank and in hand 622,404 877,296
2,525,331 2,521,147
CREDITORS
Amounts falling due within one year 6 1,990,834 2,165,992
NET CURRENT ASSETS 534,497 355,155
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,920,398

1,734,798

CREDITORS
Amounts falling due after more than one
year

7

(181,524

)

(229,030

)

PROVISIONS FOR LIABILITIES (56,968 ) (33,879 )
NET ASSETS 1,681,906 1,471,889

CAPITAL AND RESERVES
Called up share capital 60,000 60,000
Retained earnings 1,621,906 1,411,889
SHAREHOLDERS' FUNDS 1,681,906 1,471,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)

Statement of Financial Position - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





N R Drake - Director


Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)

Notes to the Financial Statements
for the year ended 28 February 2023

1. STATUTORY INFORMATION

Drakes Garage (Shiptonthorpe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, for this reason the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the directors historical experience and knowledge as well as other factors which may be considered relevant, as a result the actual results may differ from these estimates.

The estimates and underlying assumptions applied are reviewed by the directors on an ongoing basis.

Revisions to these accounting estimates are recognised in the period to which the the revisions have been , revised where these revisions affect only that period, or in the period of revision and future periods where this revision would affect both current and future periods.

Revenue recognition
(i) Sale of vehicles: Revenue for vehicles is recognised when the vehicles are delivered and legal title of the vehicles supplied has passed to the customer, sales are made on a credit basis. The amounts reported are net of VAT, where applicable and trade discounts.

(ii) Sales relating to repair and maintenance of motor vehicles: Revenues relating to the repair and maintenance of vehicles is recognised when the required work is completed and the vehicles are returned back to the customer, sales are made on a credit basis. The amounts reported are net of VAT and trade discounts.

(iii) Interest income: Interest income is recognised using the effective interest rate method.

Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost less estimated residual value of each item on a systematic basis over their expected useful lives as follows:

Property- Straight line over 50 years
Plant and equipment- Straight line over 5 to 8 years

The land element of freehold property is not depreciated.

Assets held under hire purchase agreements of finance leases are depreciated in the same way as owned assets.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 for the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Inventories and work in progress
Inventories relate to vehicles stocks and part stocks held, these are stated at the lower of cost and estimated selling price less costs to sale. Inventories are recognised as an expenses in the period in which the related revenue is recognised.

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Provision is made for damaged, obsolete and slow moving stock where appropriate.

Work in progress is recognised by way of material costs allocated on each job and the value of labour allocated as at the balance sheet date.

Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of section 11 and section 12 of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions relating to the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there in an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets:

Basic financial assets, which include trade receivable, cash and bank balances are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:

Basic financial liabilities, including creditors, loans from related parties that are classified as debt, are initially recognised at transaction price unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future payments discounts at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carries at amortised cost, using the effective interest rate method.

Trade creditors represent obligations to pay for goods and services provided to the company in the ordinary course of business from suppliers. Amounts payable are classifies as current liabilities if payment is due within one year, if not they are presented as amounts due for payment in excess of one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Cash and cash equivalents:

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held with the bank.


Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued
Taxation and deferred tax
Taxation expenses for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of the income and expense in the assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only 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 tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2022 - 49 ) .

Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 1,280,759 1,020,849 2,301,608
Additions - 117,923 117,923
Disposals - (82,900 ) (82,900 )
At 28 February 2023 1,280,759 1,055,872 2,336,631
DEPRECIATION
At 1 March 2022 112,424 809,541 921,965
Charge for year 8,843 70,077 78,920
Eliminated on disposal - (50,155 ) (50,155 )
At 28 February 2023 121,267 829,463 950,730
NET BOOK VALUE
At 28 February 2023 1,159,492 226,409 1,385,901
At 28 February 2022 1,168,335 211,308 1,379,643

Included in cost of land and buildings is freehold land of £ 375,000 (2022 - £ 375,000 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2022 111,251
Additions 97,345
Disposals (22,305 )
Transfer to ownership (65,446 )
At 28 February 2023 120,845
DEPRECIATION
At 1 March 2022 54,546
Charge for year 27,887
Eliminated on disposal (17,710 )
Transfer to ownership (46,634 )
At 28 February 2023 18,089
NET BOOK VALUE
At 28 February 2023 102,756
At 28 February 2022 56,705

Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 577,741 398,411
Other debtors 24,421 51,836
602,162 450,247

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 91,340 69,221
Hire purchase contracts (see note 8) 59,237 114,324
Trade creditors 1,010,017 1,503,234
Taxation and social security 267,653 289,696
Other creditors 562,587 189,517
1,990,834 2,165,992

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 8,673 144,329
Hire purchase contracts (see note 8) 172,851 84,701
181,524 229,030

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 73,174 127,579
Between one and five years 204,167 97,665
277,341 225,244

Finance charges repayable:
Within one year 13,937 13,255
Between one and five years 31,316 12,964
45,253 26,219

Net obligations repayable:
Within one year 59,237 114,324
Between one and five years 172,851 84,701
232,088 199,025

Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 3,211

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 100,013 213,550
Hire purchase contracts 232,088 199,025
332,101 412,575

The general bank overdraft facility has been secured upon all present freehold and leasehold properties, first charge over book and other debts, chattels, goodwill and uncalled capital, both present and future and first floating charge over all assets and undertaking both present and future.

The bank loan is secured on the land and buildings.

The specific assets held under finance arrangements.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors and shareholders operated a joint current account with the company during the year the facility has been provided on an unsecured basis and at all times remained repayable upon demand, interest is charged in accordance with the prevailing H M Revenue & Customs rates.

The movements in the joint account are summarised as below:

Description%OpeningAmountsAmountsClosing
RateBalanceAdvancedRepaidBalance
££££

Directors Loan2.00Nil160,167(160,167)Nil
Nil160,167(160,167)Nil

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £160,167 were paid to the directors .

A company in which the one of the directors was a director and participator, traded with the company during the year.

During the year the company purchased services from the related party as well as recharging goods and services to the related party, the transactions were recorded through the normal trading accounts during the year.

As at 28 February 2023 the company owed £152 (2022 - £Nil) to the related party.

As at 28 February 2023 the company was owed £Nil (2022 - £91) by the related party.

Drakes Garage (Shiptonthorpe) Limited (Registered number: 02686114)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

12. ULTIMATE CONTROLLING PARTY

No individual has over all control of the company.