Springfields Garage and Vehicle Repairs Limited 08300170 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Repair and maintenance of other transport equipment Digita Accounts Production Advanced 6.30.9574.0 true true 08300170 2023-02-01 2024-01-31 08300170 2024-01-31 08300170 core:CurrentFinancialInstruments 2024-01-31 08300170 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 08300170 core:Goodwill 2024-01-31 08300170 core:FurnitureFittingsToolsEquipment 2024-01-31 08300170 core:MotorVehicles 2024-01-31 08300170 bus:SmallEntities 2023-02-01 2024-01-31 08300170 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08300170 bus:FullAccounts 2023-02-01 2024-01-31 08300170 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08300170 bus:RegisteredOffice 2023-02-01 2024-01-31 08300170 bus:Director1 2023-02-01 2024-01-31 08300170 bus:Director2 2023-02-01 2024-01-31 08300170 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08300170 core:Goodwill 2023-02-01 2024-01-31 08300170 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 08300170 core:MotorVehicles 2023-02-01 2024-01-31 08300170 core:PlantMachinery 2023-02-01 2024-01-31 08300170 countries:England 2023-02-01 2024-01-31 08300170 2023-01-31 08300170 core:Goodwill 2023-01-31 08300170 core:FurnitureFittingsToolsEquipment 2023-01-31 08300170 core:MotorVehicles 2023-01-31 08300170 2022-02-01 2023-01-31 08300170 2023-01-31 08300170 core:CurrentFinancialInstruments 2023-01-31 08300170 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08300170 core:FurnitureFittingsToolsEquipment 2023-01-31 08300170 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 08300170

Springfields Garage and Vehicle Repairs Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Springfields Garage and Vehicle Repairs Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Springfields Garage and Vehicle Repairs Limited

Company Information

Directors

Mr Nathaniel Phillips

Mr Robert Sproson

Registered office

46 Douglas Avenue
Oakhill
Stoke-on-Trent
ST4 5JZ

Accountants

FHS Accounting Limited
Chartered Certified Accountants
Suite G18
Genesis Centre
Innovation Way
Stoke on Trent
ST6 4BF

 

Springfields Garage and Vehicle Repairs Limited

(Registration number: 08300170)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

12,998

15,418

Current assets

 

Stocks

6

2,550

2,250

Debtors

7

1,961

3,941

Cash at bank and in hand

 

43,108

25,697

 

47,619

31,888

Creditors: Amounts falling due within one year

8

(21,181)

(16,760)

Net current assets

 

26,438

15,128

Net assets

 

39,436

30,546

Capital and reserves

 

Called up share capital

10

10

Retained earnings

39,426

30,536

Shareholders' funds

 

39,436

30,546

For the financial year ending 31 January 2024 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 3 April 2024 and signed on its behalf by:
 

.........................................
Mr Nathaniel Phillips
Director

 

Springfields Garage and Vehicle Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
46 Douglas Avenue
Oakhill
Stoke-on-Trent
ST4 5JZ

These financial statements were authorised for issue by the Board on 3 April 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.

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 financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 sales/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.

 

Springfields Garage and Vehicle Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
 

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

N/A

 

Springfields Garage and Vehicle Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 inventories 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.

Financial instruments

Recognition and measurement
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis or similar credit risk characteristics.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Springfields Garage and Vehicle Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

30,000

30,000

At 31 January 2024

30,000

30,000

Amortisation

At 1 February 2023

30,000

30,000

At 31 January 2024

30,000

30,000

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

36,913

5,255

42,168

At 31 January 2024

36,913

5,255

42,168

Depreciation

At 1 February 2023

22,573

4,177

26,750

Charge for the year

2,151

269

2,420

At 31 January 2024

24,724

4,446

29,170

Carrying amount

At 31 January 2024

12,189

809

12,998

At 31 January 2023

14,340

1,078

15,418

6

Stocks

2024
£

2023
£

Other inventories

2,550

2,250

 

Springfields Garage and Vehicle Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

1,655

Prepayments

1,961

2,286

 

1,961

3,941

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

8,293

5,550

Taxation and social security

12,390

9,857

Accruals and deferred income

167

167

Other creditors

331

1,186

21,181

16,760

9

Related party transactions

All transactions undertaken with related parties were under normal market conditions and/or not material.

 

Springfields Garage and Vehicle Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Non adjusting events after the financial period