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Registration number: 03928315

Prepared for the registrar

Cheltenham and Gloucester Auto Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Cheltenham and Gloucester Auto Centre Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Cheltenham and Gloucester Auto Centre Limited

Company Information

Directors

C M Langbridge

M P Langbridge

Company secretary

C M Langbridge

Registered office

Cheltenham and Gloucester Auto Centre
Gloucester Road
Staverton
Cheltenham
GL51 0TF

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Cheltenham and Gloucester Auto Centre Limited

(Registration number: 03928315)
Balance Sheet as at 30 November 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

1,320,060

1,329,025

 

1,320,060

1,329,025

Current assets

 

Stocks

12,409

9,037

Debtors

6

12,114

21,876

Cash at bank and in hand

 

83,028

102,285

 

107,551

133,198

Creditors: Amounts falling due within one year

7

(482,874)

(473,175)

Net current liabilities

 

(375,323)

(339,977)

Total assets less current liabilities

 

944,737

989,048

Creditors: Amounts falling due after more than one year

7

(15,654)

(104,549)

Deferred tax liabilities

9

(20,181)

(17,156)

Net assets

 

908,902

867,343

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

908,702

867,143

Total equity

 

908,902

867,343

For the financial year ending 30 November 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 April 2024 and signed on its behalf by:
 


M P Langbridge
Director

 

Cheltenham and Gloucester Auto Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 and principal place of business is:
Cheltenham and Gloucester Auto Centre
Gloucester Road
Staverton
Cheltenham
GL51 0TF

 

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue 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 and after eliminating sales within the company.

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.

 

Cheltenham and Gloucester Auto Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 income tax is recognised on temporary 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 income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Land

Nil

Buildings

Straight line over 50 years

Computer equipment

33% of cost

Fixtures, fittings and equipment

25% of written down value

Motor vehicles

25% of written down value

Goodwill

Purchased goodwill is capitalised and written off in equal annual instalments over five years. The directors believe this is a reasonable of its useful economic life due to the location of the garage and customer base.

Trade 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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks 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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Cheltenham and Gloucester Auto Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cheltenham and Gloucester Auto Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was as follows:

 

Cheltenham and Gloucester Auto Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 December 2022

75,000

75,000

At 30 November 2023

75,000

75,000

Amortisation

At 1 December 2022

75,000

75,000

At 30 November 2023

75,000

75,000

Carrying amount

At 30 November 2023

-

-

At 30 November 2022

-

-

 

Cheltenham and Gloucester Auto Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

 

5

Tangible assets

Land and buildings
£

Computer equipment
 £

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 December 2022

1,364,648

42,148

119,989

5,250

1,532,035

Additions

-

519

35,409

400

36,328

At 30 November 2023

1,364,648

42,667

155,398

5,650

1,568,363

Depreciation

At 1 December 2022

93,609

24,822

82,610

1,969

203,010

Charge for the year

21,062

8,429

14,948

854

45,293

At 30 November 2023

114,671

33,251

97,558

2,823

248,303

Carrying amount

At 30 November 2023

1,249,977

9,416

57,840

2,827

1,320,060

At 30 November 2022

1,271,039

17,326

37,379

3,281

1,329,025

 

Cheltenham and Gloucester Auto Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

 

6

Debtors

2023
 £

2022
 £

Trade debtors

9,507

16,373

Prepayments

2,607

5,503

 

12,114

21,876

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

388,569

368,413

Trade creditors

 

32,386

45,183

Social security and other taxes

 

23,638

17,024

Outstanding defined contribution pension costs

 

1,274

780

Other creditors

 

10,138

482

Accrued expenses

 

11,879

10,100

Corporation tax liability

14,990

31,193

 

482,874

473,175

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

15,654

104,549

 

Cheltenham and Gloucester Auto Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,200

64,200

Other borrowings

378,369

304,213

388,569

368,413

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,654

104,549

 

9

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

20,181

2022

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

17,156