Company Registration No. 2212296 (England and Wales)
J. Coates (Garage Services) Limited
Unaudited accounts
for the year ended 30 April 2023
J. Coates (Garage Services) Limited
Unaudited accounts
Contents
J. Coates (Garage Services) Limited
Statement of financial position
as at 30 April 2023
Tangible assets
198,853
106,208
Cash at bank and in hand
45,262
94,320
Creditors: amounts falling due within one year
(502,496)
(444,022)
Net current (liabilities)/assets
(42,763)
3,939
Total assets less current liabilities
156,090
110,147
Creditors: amounts falling due after more than one year
(106,544)
(40,000)
Provisions for liabilities
Deferred tax
(14,230)
(19,922)
Called up share capital
2,930
2,930
Capital redemption reserve
17,070
17,070
Profit and loss account
15,036
29,945
Shareholders' funds
35,316
50,225
For the year ending 30 April 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 directors acknowledge their 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 of Directors and authorised for issue on 16 January 2024 and were signed on its behalf by
A A Eden
Director
Company Registration No. 2212296
J. Coates (Garage Services) Limited
Notes to the Accounts
for the year ended 30 April 2023
J. Coates (Garage Services) Limited is a private company, limited by shares, registered in England and Wales, registration number 2212296. The registered office is Unit 2, Shawell Depot, Watling Street, Shawell, Lutterworth, Leicestershire, LE17 6AR.
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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.
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.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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:
Land & buildings
10% per annum on cost
Plant & machinery
25% per annum on net book amount
Motor vehicles
25% per annum on net book amount
Fixtures & fittings
20% per annum on net book amount
Stocks 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 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.
J. Coates (Garage Services) Limited
Notes to the Accounts
for the year ended 30 April 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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.
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Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 May 2022
7,682
197,981
159,239
24,806
389,708
Additions
-
22,339
136,000
-
158,339
At 30 April 2023
7,682
220,320
295,239
24,806
548,047
At 1 May 2022
6,329
158,437
99,314
19,420
283,500
Charge for the year
768
14,676
48,983
1,267
65,694
At 30 April 2023
7,097
173,113
148,297
20,687
349,194
At 30 April 2023
585
47,207
146,942
4,119
198,853
At 30 April 2022
1,353
39,544
59,925
5,386
106,208
J. Coates (Garage Services) Limited
Notes to the Accounts
for the year ended 30 April 2023
Amounts falling due within one year
Trade debtors
325,738
321,211
Accrued income and prepayments
16,370
3,463
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
9,648
10,000
Obligations under finance leases and hire purchase contracts
31,387
18,059
Trade creditors
228,580
161,813
Taxes and social security
130,711
146,650
Other creditors
98,385
94,600
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
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Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
75,793
-
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
Allotted, called up and fully paid:
1,470 Ordinary B shares of £1 each
1,470
1,470
1,260 Ordinary C shares of £1 each
1,260
1,260
200 Ordinary E shares of £1 each
200
200
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Average number of employees
During the year the average number of employees was 18 (2022: 21).