Company Registration No. 04847364 (England and Wales)
Bancroft Garage Limited
Unaudited accounts
for the year ended 31 March 2023
Bancroft Garage Limited
Unaudited accounts
Contents
Bancroft Garage Limited
Company Information
for the year ended 31 March 2023
Company Number
04847364 (England and Wales)
Registered Office
40 WILLOUGHBY ROAD
London
N8 0JG
United Kingdom
Accountants
Tatar Brothers & Co Accountants
40 Willoughby Road
Hornsey
London
N8 0JG
Bancroft Garage Limited
Statement of financial position
as at 31 March 2023
Intangible assets
27,040
32,448
Tangible assets
17,087
11,489
Cash at bank and in hand
15,584
1,477
Creditors: amounts falling due within one year
(20,614)
(37,214)
Net current assets
1,255
269
Total assets less current liabilities
45,382
44,206
Provisions for liabilities
Deferred tax
(3,247)
(1,038)
Called up share capital
100
100
Profit and loss account
42,035
43,068
Shareholders' funds
42,135
43,168
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 April 2024 and were signed on its behalf by
Bektas Kaya
Director
Company Registration No. 04847364
Bancroft Garage Limited
Notes to the Accounts
for the year ended 31 March 2023
Bancroft Garage Limited is a private company, limited by shares, registered in England and Wales, registration number 04847364. The registered office is 40 WILLOUGHBY ROAD, London, N8 0JG, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance and 10% reducing balance
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty five years.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Bancroft Garage Limited
Notes to the Accounts
for the year ended 31 March 2023
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 April 2022
5,100
53,810
58,910
At 31 March 2023
5,100
62,697
67,797
At 1 April 2022
-
47,421
47,421
Charge for the year
-
3,289
3,289
At 31 March 2023
-
50,710
50,710
At 31 March 2023
5,100
11,987
17,087
At 31 March 2022
5,100
6,389
11,489
Amounts falling due within one year
Bancroft Garage Limited
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
269
Taxes and social security
251
14,655
Other creditors
1,901
4,205
Loans from directors
18,462
11,855
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Average number of employees
During the year the average number of employees was 6 (2022: 6).