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COMPANY REGISTRATION NUMBER: 03982367
The Village Garage Limited
Filleted Unaudited Financial Statements
27 April 2023
The Village Garage Limited
Statement of Financial Position
27 April 2023
27 Apr 23
28 Apr 22
Note
£
£
£
Current assets
Stocks
24,500
24,500
Cash at bank and in hand
2,335
2,066
--------
--------
26,835
26,566
Creditors: amounts falling due within one year
5
69,161
72,482
--------
--------
Net current liabilities
42,326
45,916
--------
--------
Total assets less current liabilities
( 42,326)
( 45,916)
--------
--------
Net liabilities
( 42,326)
( 45,916)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 42,328)
( 45,918)
--------
--------
Shareholders deficit
( 42,326)
( 45,916)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 27 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Village Garage Limited
Statement of Financial Position (continued)
27 April 2023
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
Mr W Thomas
Director
Company registration number: 03982367
The Village Garage Limited
Notes to the Financial Statements
Period from 29 April 2022 to 27 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the going concern basis due to the continued support of the director.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. Creditors: amounts falling due within one year
27 Apr 23
28 Apr 22
£
£
Trade creditors
989
837
Social security and other taxes
877
826
Other creditors
67,295
70,819
--------
--------
69,161
72,482
--------
--------
6. Director's advances, credits and guarantees
The directors loan account remained in credit throughout the current year. There were no guarantees in the year.
7. Related party transactions
During the year, the company was under control of Mr W Thomas . Mr W Thomas is the sole director and majority shareholder.