Registered number
10176159
Green Lane Garage (Preston) Limited
Filleted Accounts
31 March 2023
Green Lane Garage (Preston) Limited
Registered number: 10176159
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 105,081 90,998
Tangible assets 4 28,117 21,938
133,198 112,936
Current assets
Stocks 5,124 4,840
Debtors 5 260,958 229,624
Cash at bank and in hand 158,697 107,746
424,779 342,210
Creditors: amounts falling due within one year 6 (140,454) (93,322)
Net current assets 284,325 248,888
Total assets less current liabilities 417,523 361,824
Creditors: amounts falling due after more than one year 7 (22,751) (32,604)
Provisions for liabilities (4,257) (2,845)
Net assets 390,515 - 326,375
Capital and reserves
Called up share capital 100 100
Profit and loss account 390,415 326,275
Shareholder's funds 390,515 326,375
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stephen James Flynn
Director
Approved by the board on 18 December 2023
Green Lane Garage (Preston) Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicle 25% on reducing balance
Plant and machinery 25% on reducing balance
Fixtures, fittings and equipment 33% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Goodwill and leasehold improvements
Cost Leasehold improvement Goodwill
At 1 April 2022 36,294 140,000
Additions 35,236
At 31 March 2023 71,530 140,000
Amortisation
At 1 April 2022 3,629 81,667
Provided during the year 7,152 14,001
At 31 March 2023 10,781 95,668
Net book value
At 31 March 2023 60,749 44,332
At 31 March 2022 32,665 58,333
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. Leasehold Improvement is being written off over equal instalments of 10 years.
4 Tangible fixed assets
Fixtures, fittings and equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 4,064 84,115 7,863 96,042
Additions - 15,573 - 15,573
At 31 March 2023 4,064 99,688 7,863 111,615
Depreciation
At 1 April 2022 3,863 65,839 4,402 74,104
Charge for the year 67 8,462 865 9,394
At 31 March 2023 3,930 74,301 5,267 83,498
Net book value
At 31 March 2023 134 25,387 2,596 28,117
At 31 March 2022 201 18,276 3,461 21,938
5 Debtors 2023 2022
£ £
Trade debtors 57,594 37,842
Other debtors 203,364 191,782
260,958 229,624
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 2,610 2,814
Trade creditors 61,541 31,025
Taxation and social security costs 62,136 46,180
Other creditors 4,167 3,303
140,454 93,322
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,827 31,667
Obligations under finance lease and hire purchase contracts 924 937
22,751 32,604
8 Other information
Green Lane Garage (Preston) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Green Lane Garage
Green Lane West, Garstang
Preston, PR3 1NG
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