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Company Registration No. 04847364 (England and Wales)
Bancroft Garage Limited Unaudited accounts for the year ended 31 March 2023
Bancroft Garage Limited Unaudited accounts Contents
Page
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Bancroft Garage Limited Company Information for the year ended 31 March 2023
Director
Bektas Kaya
Company Number
04847364 (England and Wales)
Registered Office
40 WILLOUGHBY ROAD London N8 0JG United Kingdom
Accountants
Tatar Brothers & Co Accountants 40 Willoughby Road Hornsey London N8 0JG
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Bancroft Garage Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
27,040 
32,448 
Tangible assets
17,087 
11,489 
44,127 
43,937 
Current assets
Inventories
5,921 
2,850 
Debtors
364 
33,156 
Cash at bank and in hand
15,584 
1,477 
21,869 
37,483 
Creditors: amounts falling due within one year
(20,614)
(37,214)
Net current assets
1,255 
269 
Total assets less current liabilities
45,382 
44,206 
Provisions for liabilities
Deferred tax
(3,247)
(1,038)
Net assets
42,135 
43,168 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
42,035 
43,068 
Shareholders' funds
42,135 
43,168 
For the year ending 31 March 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 director acknowledges his 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 and authorised for issue on 12 April 2024 and were signed on its behalf by
Bektas Kaya Director Company Registration No. 04847364
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Bancroft Garage Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Bancroft Garage Limited is a private company, limited by shares, registered in England and Wales, registration number 04847364. The registered office is 40 WILLOUGHBY ROAD, London, N8 0JG, United Kingdom.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 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:
Plant & machinery
25% reducing balance and 10% reducing balance
Intangible fixed assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty five years.
Inventories
Inventories 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 manufacturing/completion.
Deferred taxation
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.
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Bancroft Garage Limited Notes to the Accounts for the year ended 31 March 2023
Government grants
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.
Financial instruments
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.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2022
135,200 
At 31 March 2023
135,200 
Amortisation
At 1 April 2022
102,752 
Charge for the year
5,408 
At 31 March 2023
108,160 
Net book value
At 31 March 2023
27,040 
At 31 March 2022
32,448 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2022
5,100 
53,810 
58,910 
Additions
- 
8,887 
8,887 
At 31 March 2023
5,100 
62,697 
67,797 
Depreciation
At 1 April 2022
- 
47,421 
47,421 
Charge for the year
- 
3,289 
3,289 
At 31 March 2023
- 
50,710 
50,710 
Net book value
At 31 March 2023
5,100 
11,987 
17,087 
At 31 March 2022
5,100 
6,389 
11,489 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Other debtors
364 
33,156 
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Bancroft Garage Limited Notes to the Accounts for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
- 
269 
VAT
- 
6,230 
Taxes and social security
251 
14,655 
Other creditors
1,901 
4,205 
Loans from directors
18,462 
11,855 
20,614 
37,214 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Average number of employees
During the year the average number of employees was 6 (2022: 6).
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