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2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2021
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2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
01202436
Bawtry Road Service Station Limited |
|
Filleted Unaudited Financial Statements |
|
Bawtry Road Service Station Limited |
|
Year ended 31 March 2024
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 7 |
|
|
Bawtry Road Service Station Limited |
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Bawtry Road Service Station Limited |
|
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bawtry Road Service Station Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Bawtry Road Service Station Limited in accordance with the terms of our engagement letter dated 24 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Bawtry Road Service Station Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bawtry Road Service Station Limited and its director for our work or for this report.
It is your duty to ensure that Bawtry Road Service Station Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bawtry Road Service Station Limited. You consider that Bawtry Road Service Station Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Bawtry Road Service Station Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES
Chartered accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
1 August 2024
Bawtry Road Service Station Limited |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
993,400 |
1,001,900 |
|
|
|
|
Current assets
Stocks |
72,405 |
53,078 |
Debtors |
6 |
147,907 |
73,622 |
Cash at bank and in hand |
690,000 |
416,269 |
|
--------- |
--------- |
|
910,312 |
542,969 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
705,741 |
477,245 |
|
--------- |
--------- |
Net current assets |
204,571 |
65,724 |
|
------------ |
------------ |
Total assets less current liabilities |
1,197,971 |
1,067,624 |
|
|
|
|
Provisions |
177,305 |
177,430 |
|
------------ |
------------ |
Net assets |
1,020,666 |
890,194 |
|
------------ |
------------ |
|
|
|
Bawtry Road Service Station Limited |
|
Statement of Financial Position (continued) |
|
31 March 2024
Capital and reserves
Called up share capital |
100 |
100 |
Revaluation reserve |
691,994 |
697,484 |
Profit and loss account |
328,572 |
192,610 |
|
------------ |
--------- |
Shareholders funds |
1,020,666 |
890,194 |
|
------------ |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
29 July 2024
, and are signed on behalf of the board by:
Company registration number:
01202436
Bawtry Road Service Station Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Brecks, Rotherham, South Yorkshire, S65 3JB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. The Companies freehold land and buildings were professional valued to £300,000. Under the transitional provisions of FRSSE (effective January 2015) the properties continue to be stated at that valuation less accumulated depreciation to date and that valuation has not been updated.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold buildings |
- |
2% straight line |
|
Plant and machinery |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover an related costs as contract activity progresses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2023:
8
).
5.
Tangible assets
|
Freehold property |
Plant and machinery |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 and 31 March 2024 |
1,000,000 |
161,531 |
1,161,531 |
|
------------ |
--------- |
------------ |
Depreciation |
|
|
|
At 1 April 2023 |
– |
159,631 |
159,631 |
Charge for the year |
8,000 |
500 |
8,500 |
|
------------ |
--------- |
------------ |
At 31 March 2024 |
8,000 |
160,131 |
168,131 |
|
------------ |
--------- |
------------ |
Carrying amount |
|
|
|
At 31 March 2024 |
992,000 |
1,400 |
993,400 |
|
------------ |
--------- |
------------ |
At 31 March 2023 |
1,000,000 |
1,900 |
1,001,900 |
|
------------ |
--------- |
------------ |
|
|
|
|
The company land and buildings have been revalued at the year end date by the director, this based on the current open market value of the property in its' current condition and location and reflective of its' commercial value as a prime site operating in this specialist sector. The total value is apportioned as to land at £600,000 and buildings at £400,000, with depreciation of the buildings to be applied, going forward, on the basis of the pre-existing accounting policy.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
147,907 |
73,622 |
|
--------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
75 |
– |
Trade creditors |
527,450 |
326,620 |
Corporation tax |
71,592 |
34,611 |
Social security and other taxes |
21,845 |
67,006 |
Other creditors |
84,779 |
49,008 |
|
--------- |
--------- |
|
705,741 |
477,245 |
|
--------- |
--------- |
|
|
|
8.
Analysis of other comprehensive income
|
Revaluation reserve |
Profit and loss account |
Total |
|
£ |
£ |
£ |
Year ended 31 March 2024 |
|
|
|
Reclassification from revaluation reserve to profit and loss account |
(
5,490) |
5,490 |
– |
|
------- |
------- |
---- |
|
|
|
|
Year ended 31 March 2023 |
|
|
|
Revaluation of tangible assets |
707,530 |
– |
707,530 |
Reclassification from revaluation reserve to profit and loss account |
– |
29,970 |
29,970 |
Tax relating to components of other comprehensive income |
(
176,955) |
– |
(
176,955) |
|
--------- |
-------- |
--------- |
|
530,575 |
29,970 |
560,545 |
|
--------- |
-------- |
--------- |
|
|
|
|
9.
Director's advances, credits and guarantees
A loan account exist as between the director and the company. At the year end date of 31 March 2024, a total of £42,298 (2023: £16,865) was owing to the director, in this respect, which loan total is interest free and not subject to any formal repayment terms.