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Company registration number: 00604840

Yandle's Garage Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Yandle's Garage Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Yandle's Garage Limited

(Registration number: 00604840)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,344

24,520

Current assets

 

Stocks

5

79,543

89,890

Debtors

6

25,312

25,271

Cash at bank and in hand

 

817,762

584,799

 

922,617

699,960

Creditors: Amounts falling due within one year

7

(242,160)

(197,160)

Net current assets

 

680,457

502,800

Net assets

 

708,801

527,320

Capital and reserves

 

Called up share capital

8,000

8,000

Profit and loss account

700,801

519,320

Total equity

 

708,801

527,320

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 26 February 2024 and signed on its behalf by:
 


S J Yandle
Director

   
 

Yandle's Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 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:
North Street
Martock
Somerset
TA12 6ER
United Kingdom

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are presented in Sterling (£).

Going concern

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

Turnover 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.

 

Yandle's Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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 on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

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

Plant and machinery

20% straight line method

Motor vehicles

20% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.

 

Yandle's Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023

Stocks

The stocks of finished goods and goods for resale are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 

Yandle's Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 10 (2022 - 11).

4

Tangible assets

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 September 2022

43,969

411,663

455,632

Additions

-

10,904

10,904

At 31 August 2023

43,969

422,567

466,536

Depreciation

At 1 September 2022

23,118

407,994

431,112

Charge for the year

4,170

2,910

7,080

At 31 August 2023

27,288

410,904

438,192

Carrying amount

At 31 August 2023

16,681

11,663

28,344

At 31 August 2022

20,851

3,669

24,520

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

79,543

89,890

6

Debtors

Current

2023
£

2022
£

Trade debtors

17,422

15,874

Prepayments

5,727

5,884

Other debtors

2,163

3,513

 

25,312

25,271

 

Yandle's Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

162,786

162,957

Taxation and social security

61,356

20,784

Accruals and deferred income

10,979

12,140

Other creditors

7,039

1,279

242,160

197,160

8

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

S J Yandle

Directors loan account, repayable on demand. Interest is charged on overdrawn balances exceeding £10,000 using the HMRC official beneficial loan interest rate.

(743)

994

(5,674)

(5,423)

         
       

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

S J Yandle

Directors loan account, repayable on demand. Interest is charged on overdrawn balances exceeding £10,000 using the HMRC official beneficial loan interest rate.

(689)

8,553

(8,607)

(743)