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Registration number: 00741954

Avery's Garage & Transport Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Avery's Garage & Transport Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Avery's Garage & Transport Services Ltd

Company Information

Directors

Mrs S Avery

Mr R Avery

Registered office

The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

Accountants

KRW Accountants Ltd
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Avery's Garage & Transport Services Ltd

(Registration number: 00741954)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,340,862

1,310,620

Current assets

 

Stocks

5

10,250

10,250

Debtors

6

215,538

148,053

Cash at bank and in hand

 

196,111

224,386

 

421,899

382,689

Creditors: Amounts falling due within one year

7

(142,996)

(191,807)

Net current assets

 

278,903

190,882

Total assets less current liabilities

 

1,619,765

1,501,502

Creditors: Amounts falling due after more than one year

7

-

(57,828)

Net assets

 

1,619,765

1,443,674

Capital and reserves

 

Called up share capital

6,195

6,195

Capital redemption reserve

10,313

10,313

Retained earnings

1,603,257

1,427,166

Shareholders' funds

 

1,619,765

1,443,674

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 

 

Avery's Garage & Transport Services Ltd

(Registration number: 00741954)
Balance Sheet as at 30 November 2023

.........................................
Mr R Avery
Director

 

Avery's Garage & Transport Services Ltd

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.

The address of its registered office is:
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

The principal place of business is:
Gossard Park
Grovebury Road
Leighton Buzzard
Beds
LU7 4SQ

These financial statements were authorised for issue by the Board on 4 April 2024.

The company registration number is 00741954

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

 

Avery's Garage & Transport Services Ltd

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

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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 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.

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

Property improvements

10% on cost

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

20% reducing balance

Computer equipment

33% straight line

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.

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. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

 

Avery's Garage & Transport Services Ltd

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

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Avery's Garage & Transport Services Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 14).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 December 2022

1,203,452

9,532

106,207

1,925

Additions

-

-

2,450

-

At 30 November 2023

1,203,452

9,532

108,657

1,925

Depreciation

At 1 December 2022

5,820

9,532

71,856

1,670

Charge for the year

-

-

9,200

85

At 30 November 2023

5,820

9,532

81,056

1,755

Carrying amount

At 30 November 2023

1,197,632

-

27,601

170

At 30 November 2022

1,197,632

-

34,351

255

 

Avery's Garage & Transport Services Ltd

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

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

137,588

1,458,704

Additions

42,325

44,775

At 30 November 2023

179,913

1,503,479

Depreciation

At 1 December 2022

59,206

148,084

Charge for the year

5,248

14,533

At 30 November 2023

64,454

162,617

Carrying amount

At 30 November 2023

115,459

1,340,862

At 30 November 2022

78,382

1,310,620

Included within the net book value of land and buildings above is £1,197,632 (2022 - £1,197,632) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

10,250

10,250

6

Debtors

Current

2023
£

2022
£

Trade debtors

203,210

135,006

Prepayments

12,328

13,047

 

215,538

148,053

 

Avery's Garage & Transport Services Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

39,751

Trade creditors

 

52,329

55,271

Taxation and social security

 

78,436

84,459

Accruals and deferred income

 

740

1,255

Other creditors

 

11,491

11,071

 

142,996

191,807

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

57,828

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

6,187

6,187

6,187

6,187

Redeemable preferable of £1 each

8

8

8

8

 

6,195

6,195

6,195

6,195

 

Avery's Garage & Transport Services Ltd

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

57,828

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

39,751