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Registration number: 00902521

Winford Road Garages Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Winford Road Garages Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Winford Road Garages Limited

(Registration number: 00902521)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,002,960

956,969

Current assets

 

Stocks

5

907,679

860,139

Debtors

6

127,552

118,105

Cash at bank and in hand

 

675,645

903,623

 

1,710,876

1,881,867

Creditors: Amounts falling due within one year

7

(479,427)

(422,629)

Net current assets

 

1,231,449

1,459,238

Total assets less current liabilities

 

2,234,409

2,416,207

Creditors: Amounts falling due after more than one year

7

(141,667)

(191,667)

Provisions for liabilities

(16,081)

(31,758)

Net assets

 

2,076,661

2,192,782

Capital and reserves

 

Called up share capital

22,000

22,000

Profit and loss account

2,054,661

2,170,782

Total equity

 

2,076,661

2,192,782

 

Winford Road Garages Limited

(Registration number: 00902521)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 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 January 2024 and signed on its behalf by:
 

J P Taylor
Director

   
     
 

Winford Road Garages Limited

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

1

General information

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

The address of its registered office is:
Littleton Mills
Winford
Bristol
BS40 8HJ

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

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. There have been no changes to accounting policies following the transition to the Financial Reporting Standard 102 Section 1A.

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 directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. The directors have been mindful of any potential future impact from events such as COVID-19, the impact of Brexit, the cost of living crisis and the current situation in Ukraine and have prepared budgets and projections for the next twelve months. From this review, the directors consider that the company is unlikely to be significantly affected and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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 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.

 

Winford Road Garages Limited

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

Government grants

Government grants under the Coronavirus Job Retention Scheme and Coronavirus Business Interruption Loan have been recognised on an accrual basis.

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

Plant and machinery

Over 10 years

Fixtures, fittings and office equipment

Over 5 to 10 years

Motor vehicles

Over 4 years

Freehold land and buildings

Not depreciated

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.

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.

 

Winford Road Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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 stocks 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.

Creditors

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

A 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.

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.

 

Winford Road Garages Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 44 (2022 - 44).

4

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 July 2022

624,553

159,807

621,863

174,808

Additions

-

10,625

27,751

202,286

Disposals

-

-

-

(142,447)

At 30 June 2023

624,553

170,432

649,614

234,647

Depreciation

At 1 July 2022

-

137,786

447,022

39,254

Charge for the year

-

11,626

45,776

53,927

Eliminated on disposal

-

-

-

(59,105)

At 30 June 2023

-

149,412

492,798

34,076

Carrying amount

At 30 June 2023

624,553

21,020

156,816

200,571

At 30 June 2022

624,553

22,021

174,841

135,554

 

Winford Road Garages Limited

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

Total
£

Cost or valuation

At 1 July 2022

1,581,031

Additions

240,662

Disposals

(142,447)

At 30 June 2023

1,679,246

Depreciation

At 1 July 2022

624,062

Charge for the year

111,329

Eliminated on disposal

(59,105)

At 30 June 2023

676,286

Carrying amount

At 30 June 2023

1,002,960

At 30 June 2022

956,969

Included within the net book value of land and buildings above is £624,553 (2022 - £624,553) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

907,679

860,139

6

Debtors

2023
£

2022
£

Trade debtors

87,674

82,739

Prepayments

39,878

35,366

127,552

118,105

 

Winford Road Garages Limited

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

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

50,000

50,000

Trade creditors

 

178,982

138,655

Social security and other taxes

 

180,316

167,602

Other creditors

 

24,185

16,995

Accruals

 

45,944

49,377

 

479,427

422,629

Due after one year

 

Loans and borrowings

8

141,667

191,667

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

141,667

191,667

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,000

50,000