Company Registration No. 08872481 (England and Wales)
Hillcroft Garage Limited
Unaudited accounts
for the year ended 28 February 2023
Hillcroft Garage Limited
Unaudited accounts
Contents
Hillcroft Garage Limited
Company Information
for the year ended 28 February 2023
Director
Andrew James Williams
Company Number
08872481 (England and Wales)
Registered Office
Chepstow Road
Langstone
Newport
NP18 2JN
Accountants
Evans Entwistle
Venta House
Maes-glas
Newport
NP20 2NS
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Hillcroft Garage Limited
for the year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hillcroft Garage Limited for the year ended 28 February 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle
Member in Practice
Venta House
Maes-glas
Newport
NP20 2NS
25 October 2023
Hillcroft Garage Limited
Statement of financial position
as at 28 February 2023
Tangible assets
57,588
36,439
Cash at bank and in hand
158,611
132,436
Creditors: amounts falling due within one year
(107,134)
(94,522)
Net current assets
57,229
77,548
Total assets less current liabilities
114,817
113,987
Creditors: amounts falling due after more than one year
(7,401)
(23,492)
Provisions for liabilities
Deferred tax
(6,624)
(6,923)
Called up share capital
10
10
Profit and loss account
100,782
83,562
Shareholders' funds
100,792
83,572
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 October 2023 and were signed on its behalf by
Andrew James Williams
Director
Company Registration No. 08872481
Hillcroft Garage Limited
Notes to the Accounts
for the year ended 28 February 2023
Hillcroft Garage Limited is a private company, limited by shares, registered in England and Wales, registration number 08872481. The registered office is Chepstow Road, Langstone, Newport, NP18 2JN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Hillcroft Garage Limited
Notes to the Accounts
for the year ended 28 February 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2022
84,957
40,995
10,777
136,729
Additions
35,680
3,500
2,900
42,080
At 28 February 2023
120,637
44,495
13,677
178,809
At 1 March 2022
61,075
34,649
4,566
100,290
Charge for the year
12,293
2,245
6,393
20,931
At 28 February 2023
73,368
36,894
10,959
121,221
At 28 February 2023
47,269
7,601
2,718
57,588
At 28 February 2022
23,882
6,346
6,211
36,439
Amounts falling due within one year
Trade debtors
3,517
17,098
Other debtors
2,235
12,536
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
30,360
30,180
Trade creditors
59,665
18,547
Taxes and social security
4,677
17,214
Other creditors
4,029
11,184
7
Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
4,175
3,100
Hillcroft Garage Limited
Notes to the Accounts
for the year ended 28 February 2023
8
Deferred taxation
2023
2022
Accelerated capital allowances
6,624
6,923
Provision at start of year
6,923
-
(Credited)/charged to the profit and loss account
(299)
6,923
Provision at end of year
6,624
6,923
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
10
10
Transactions with related parties
Hillcroft Langstone Ltd (05582384), Hillcroft Stores Ltd (10245684), Langstone Tyres (11154921) and the company are all under common control.
At the end of the financial year the company was owed:
Hillcroft Langstone Ltd £1,235 (2022: £1,235)
Langstone Tyres Ltd £1,000 (2022:N/A)
At the end of the financial year the company owed:
Hillcroft Stores Ltd £4,029 (2022: the company was owed £11,301)
11
Average number of employees
During the year the average number of employees was 11 (2022: 17).