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Company registration number: 03389026
R R & B Garages Limited
Unaudited filleted financial statements
30 September 2023
R R & B Garages Limited
Contents
Statement of financial position
Notes to the financial statements
R R & B Garages Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 72,117 48,263
_______ _______
72,117 48,263
Current assets
Stocks 143,517 126,144
Debtors 6 100,387 92,227
Cash at bank and in hand 1,639 28,613
_______ _______
245,543 246,984
Creditors: amounts falling due
within one year 7 ( 253,809) ( 185,144)
_______ _______
Net current (liabilities)/assets ( 8,266) 61,840
_______ _______
Total assets less current liabilities 63,851 110,103
Creditors: amounts falling due
after more than one year 8 ( 24,540) ( 41,459)
_______ _______
Net assets 39,311 68,644
_______ _______
Capital and reserves
Called up share capital 9 5,000 5,000
Profit and loss account 34,311 63,644
_______ _______
Shareholder funds 39,311 68,644
_______ _______
For the year ending 30 September 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 January 2024 , and are signed on behalf of the board by:
Mr I A Pinder
Director
R R & B Garages Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Portland Road, Edgbaston, Birmingham, West Midlands, B16 9HN. The business address is Forbes House, 30 Harris Business Park, Hanbury Road, Stoke Prior, Bromsgrove, Worcestershire, B60 4BD.
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 for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % 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.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Debtors and creditors due 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 9 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 117,156 25,850 98,085 241,091
Additions - 4,821 32,724 37,545
Disposals - ( 2,211) - ( 2,211)
_______ _______ _______ _______
At 30 September 2023 117,156 28,460 130,809 276,425
_______ _______ _______ _______
Depreciation
At 1 October 2022 91,647 21,505 79,676 192,828
Charge for the year 5,103 1,570 6,468 13,141
Disposals - ( 1,661) - ( 1,661)
_______ _______ _______ _______
At 30 September 2023 96,750 21,414 86,144 204,308
_______ _______ _______ _______
Carrying amount
At 30 September 2023 20,406 7,046 44,665 72,117
_______ _______ _______ _______
At 30 September 2022 25,509 4,345 18,409 48,263
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 64,979 61,093
Other debtors 35,408 31,134
_______ _______
100,387 92,227
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 74,722 40,192
Trade creditors 96,601 51,434
Corporation tax 469 12,134
Social security and other taxes 21,706 29,401
Other creditors 60,311 51,983
_______ _______
253,809 185,144
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 18,333 30,000
Other creditors 6,207 11,459
_______ _______
24,540 41,459
_______ _______
Included within creditors is an unsecured Bounce Back loan of £30,000.
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 5,000 5,000 5,000 5,000
_______ _______ _______ _______