Registered number
11007053
Broadway Garage Yaxley Limited
Filleted Accounts
31 October 2023
Broadway Garage Yaxley Limited
Registered number: 11007053
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 53,315 14,656
53,315 14,656
Current assets
Stocks 2,000 48,500
Debtors 4 105,638 8,151
Cash at bank and in hand 11,671 16,547
119,309 73,198
Creditors: amounts falling due within one year 5 (104,518) (40,576)
Net current assets 14,791 32,622
Total assets less current liabilities 68,106 47,278
Creditors: amounts falling due after more than one year 6 (60,219) (42,348)
Provisions for liabilities (6,686) (3,286)
Net assets 1,201 1,644
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,101 1,544
Shareholders' funds 1,201 1,644
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 members have 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.
D Meighan
Director
Approved by the board on 27 March 2024
Broadway Garage Yaxley Limited
Notes to the Accounts
for the year ended 31 October 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:
Computer equipment 25% reducing balance
Plant and machinery 20% reducing balance
Motor vehicles 25% 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.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Computer equipment Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 8,246 4,403 11,695 24,344
Additions 4,727 4,250 54,890 63,867
Disposals (6,940) - (9,695) (16,635)
At 31 October 2023 6,033 8,653 56,890 71,576
Depreciation
At 1 November 2022 4,155 2,130 3,403 9,688
Charge for the year 852 1,084 13,327 15,263
On disposals (3,787) - (2,903) (6,690)
At 31 October 2023 1,220 3,214 13,827 18,261
Net book value
At 31 October 2023 4,813 5,439 43,063 53,315
At 31 October 2022 4,091 2,273 8,292 14,656
4 Debtors 2023 2022
£ £
Trade debtors 7,327 7,604
Other debtors 98,311 547
105,638 8,151
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,233 3,000
Obligations under finance lease and hire purchase contracts 3,109 11,505
Trade creditors 3,265 2,246
Taxation and social security costs 36,216 11,971
Other creditors 40,695 11,854
104,518 40,576
Obligations under finance lease and hire purchase contracts of £3,109 (2022: £11,505), due within one year, are secured by the company.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 47,528 7,750
Obligations under finance lease and hire purchase contracts 12,691 34,598
60,219 42,348
Obligations under finance lease and hire purchase contracts of £12,691 (2022: £34,598), due after more than one year, are secured by the company.
7 Pension commitments
The company contributes to a defined contribution scheme for its employees. At the balance sheet date there were overpayments of £181 (2022: £256 outstanding contributions). This amount is included within other debtors (2022: other creditors)
8 Loans to directors
During the year, advances made to the directors totalled £123,959 (2022: £43,168) and repayments totalled £43,781 (2022: £58,502). At the year end the directors owed £72,623 (2022: £7,843 was owed to the directors). Interest totalling £288 (2022: £nil) has been charged on this loan and the loan is repayable on demand. This amount is included within other debtors (2022: other creditors).
9 Other information
Broadway Garage Yaxley Limited is a private company limited by shares and incorporated in England. Its registered office is:
289 Broadway
Yaxley
Peterborough
PE7 3NR
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