Registered number
12003886
Boughton Garage Ltd
Filleted Accounts
31 May 2023
Boughton Garage Ltd
Registered number: 12003886
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 30,951 22,579
Current assets
Debtors 4 47,924 28,172
Cash at bank and in hand 2,632 5,289
50,556 33,461
Creditors: amounts falling due within one year 5 (48,670) (23,368)
Net current assets 1,886 10,093
Total assets less current liabilities 32,837 32,672
Creditors: amounts falling due after more than one year 6 (26,954) (28,364)
Provisions for liabilities (5,881) (4,290)
Net assets 2 18
Capital and reserves
Called up share capital 1 1
Profit and loss account 1 17
Shareholders' funds 2 18
The directors are 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 directors acknowledge their 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.
I Platt
Director
Approved by the board on 20 February 2024
Boughton Garage Ltd
Notes to the Accounts
for the year ended 31 May 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.
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:
Motor vehicles 25% reducing balance
Tools and equipment 20% reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Tools and equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2022 16,083 20,000 36,083
Additions 12,657 4,500 17,157
At 31 May 2023 28,740 24,500 53,240
Depreciation
At 1 June 2022 5,768 7,736 13,504
Charge for the year 4,594 4,191 8,785
At 31 May 2023 10,362 11,927 22,289
Net book value
At 31 May 2023 18,378 12,573 30,951
At 31 May 2022 10,315 12,264 22,579
4 Debtors 2023 2022
£ £
Other debtors and prepayments 47,924 28,172
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,407 15,576
Trade creditors 18,240 1,335
Taxation and social security costs 7,620 4,979
Other creditors and accruals 1,403 1,478
48,670 23,368
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,954 28,364
7 Other information
Boughton Garage Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bath Lane Garage
Stanton Works, Bath Lane
Mansfield
Nottinghamshire
NG18 2BZ
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