Company registration number 02002740 (England and Wales)
KEITH PRICE GARAGES LIMITED
Unaudited Financial Statements
for the Year Ended 30 November 2023
KEITH PRICE GARAGES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KEITH PRICE GARAGES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
516,499
426,079
Current assets
Stocks
3,336,714
3,731,323
Debtors
4
1,297,422
774,222
Cash at bank and in hand
522,059
162,213
5,156,195
4,667,758
Creditors: amounts falling due within one year
5
(2,783,445)
(2,344,199)
Net current assets
2,372,750
2,323,559
Total assets less current liabilities
2,889,249
2,749,638
Creditors: amounts falling due after more than one year
6
(140,000)
(220,000)
Provisions for liabilities
(79,943)
(50,544)
Net assets
2,669,306
2,479,094
Capital and reserves
Called up share capital
36,172
36,172
Revaluation reserve
7
11,329
11,329
Profit and loss reserves
2,621,805
2,431,593
Total equity
2,669,306
2,479,094
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KEITH PRICE GARAGES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 April 2024 and are signed on its behalf by:
Jennifer Price
Director
Company registration number 02002740 (England and Wales)
KEITH PRICE GARAGES LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 3 -
1
Accounting policies
Company information
Keith Price Garages Limited is a private company limited by shares incorporated in England and Wales. The registered office is Merthyr Road Garage, Merthyr Road, Abergavenny, Monmouthshire, NP7 5DB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
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 Turnover when:
The amount of Turnover 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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over the term of the lease
Plant and equipment
10% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
KEITH PRICE GARAGES LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2023
1
Accounting policies
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KEITH PRICE GARAGES LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2023
1
Accounting policies
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
47
43
KEITH PRICE GARAGES LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
365,913
287,358
37,933
72,389
763,593
Additions
17,937
1,408
157,558
176,903
At 30 November 2023
365,913
305,295
39,341
229,947
940,496
Depreciation and impairment
At 1 December 2022
176,601
104,478
18,021
38,414
337,514
Depreciation charged in the year
25,490
19,514
4,170
37,309
86,483
At 30 November 2023
202,091
123,992
22,191
75,723
423,997
Carrying amount
At 30 November 2023
163,822
181,303
17,150
154,224
516,499
At 30 November 2022
189,312
182,880
19,912
33,975
426,079
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
706,167
619,953
Other debtors
591,255
154,269
1,297,422
774,222
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
80,000
80,000
Trade creditors
2,432,188
1,894,695
Corporation tax
40,744
98,234
Other taxation and social security
90,095
126,869
Other creditors
140,418
144,401
2,783,445
2,344,199
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
140,000
220,000
KEITH PRICE GARAGES LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 7 -
7
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
11,329
11,329
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
3 vehicle leases with annual rentals of £15,010 and are due to end in 2024 and 2025.
2023
2022
£
£
18,600
80,974