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Scarth Hill Garage Limited

Registration number : 13777510



















Annual Report and Unaudited Financial Statements

for the period from 2 December 2021 to 31 December 2022

 

Scarth Hill Garage Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Scarth Hill Garage Limited

Company Information

Director

Mr Callum David Jones

Registered office

Maghull Business Centre
1 Liverpool Road North
Maghull
Merseyside
L31 2HB

Accountants

McParland Williams
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Scarth Hill Garage Limited

(Registration number: 13777510)
Balance Sheet as at 31 December 2022

Note

2022
£

Fixed assets

 

Intangible assets

6

9,600

Tangible assets

7

2,925

 

12,525

Current assets

 

Debtors

8

5,633

Cash at bank and in hand

 

308

 

5,941

Creditors: Amounts falling due within one year

9

(17,665)

Net current liabilities

 

(11,724)

Net assets

 

801

Capital and reserves

 

Called up share capital

100

Profit and loss account

701

Total equity

 

801

For the financial period ending 31 December 2022 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 November 2023
 

.........................................
Mr Callum David Jones
Director

   
     
 

Scarth Hill Garage Limited

Notes to the Unaudited Financial Statements for the period from 2 December 2021 to 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Maghull Business Centre
1 Liverpool Road North
Maghull
Merseyside
L31 2HB

These financial statements were authorised for issue by the director on 29 November 2023.

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.

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.

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:

 

Scarth Hill Garage Limited

Notes to the Unaudited Financial Statements for the period from 2 December 2021 to 31 December 2022

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Plant & Machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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.

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.

 

Scarth Hill Garage Limited

Notes to the Unaudited Financial Statements for the period from 2 December 2021 to 31 December 2022

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 the director) during the period, was 3.

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

Depreciation expense

975

Amortisation expense

2,400

5

Taxation

Tax charged/(credited) in the income statement

2 December 2021 to 31 December 2022
 £

Current taxation

UK corporation tax

4,322

 

Scarth Hill Garage Limited

Notes to the Unaudited Financial Statements for the period from 2 December 2021 to 31 December 2022

6

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

12,000

12,000

At 31 December 2022

12,000

12,000

Amortisation

Amortisation charge

2,400

2,400

At 31 December 2022

2,400

2,400

Carrying amount

At 31 December 2022

9,600

9,600

The aggregate amount of research and development expenditure recognised as an expense during the period is £-.
 

7

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

1,400

2,500

3,900

At 31 December 2022

1,400

2,500

3,900

Depreciation

Charge for the period

350

625

975

At 31 December 2022

350

625

975

Carrying amount

At 31 December 2022

1,050

1,875

2,925

8

Debtors

2022
£

Trade debtors

136

Other debtors

5,497

5,633

 

Scarth Hill Garage Limited

Notes to the Unaudited Financial Statements for the period from 2 December 2021 to 31 December 2022

9

Creditors

Creditors: amounts falling due within one year

2022
£

Due within one year

Trade creditors

4,683

Taxation and social security

11,010

Accruals and deferred income

1,750

Other creditors

222

17,665

10

Share capital

Allotted, called up and fully paid shares

 

2022

 

No.

£

Ordinary of £1 each

100

100

     

11

Related party transactions

Director's remuneration

The director's remuneration for the period was as follows:

2022
£

Remuneration

6,825