Registered number
11224893
Victoria Garage Ivybridge Ltd
Unaudited Filleted Accounts
30 June 2023
Victoria Garage Ivybridge Ltd
Registered number: 11224893
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 2 21,914
Tangible assets 4 222,406 29,962
222,408 51,876
Current assets
Stocks 7,400 7,649
Debtors 5 53,325 43,781
Cash at bank and in hand 307,554 299,027
368,279 350,457
Creditors: amounts falling due within one year 6 (367,932) (262,102)
Net current assets 347 88,355
Total assets less current liabilities 222,755 140,231
Creditors: amounts falling due after more than one year 7 (6,000) (9,134)
Provisions for liabilities (4,823) -
Net assets 211,932 131,097
Capital and reserves
Called up share capital 100 100
Profit and loss account 211,832 130,997
Shareholders' funds 211,932 131,097
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
James Ogborn
Director
Approved by the board on 19 February 2024
Victoria Garage Ivybridge Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 109,559
At 30 June 2023 109,559
Amortisation
At 1 July 2022 87,645
Provided during the year 21,912
At 30 June 2023 109,557
Net book value
At 30 June 2023 2
At 30 June 2022 21,914
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 - 52,211 6,300 58,511
Additions 203,114 1,291 - 204,405
At 30 June 2023 203,114 53,502 6,300 262,916
Depreciation
At 1 July 2022 - 23,509 5,040 28,549
Charge for the year - 10,701 1,260 11,961
At 30 June 2023 - 34,210 6,300 40,510
Net book value
At 30 June 2023 203,114 19,292 - 222,406
At 30 June 2022 - 28,702 1,260 29,962
Land deposit £203,114 paid in advance of final completion due by 2027
5 Debtors 2023 2022
£ £
Trade debtors 43,725 34,181
Other debtors 9,600 9,600
53,325 43,781
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,000 2,900
Trade creditors 187,621 67,787
Taxation and social security costs 57,222 65,341
Other creditors 120,089 126,074
367,932 262,102
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,000 9,134
8 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts 150,000 -
remaining balance of Land purchase arrangement completion due in 2027
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 120,000 144,000
10 Other information
Victoria Garage Ivybridge Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Old Railway Station
Blatchford Road
Ivybridge
PL21 0AE
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