Company registration number 01245691 (England and Wales)
ROBBS GARAGES (WALLASEY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ROBBS GARAGES (WALLASEY) LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ROBBS GARAGES (WALLASEY) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROBBS GARAGES (WALLASEY) LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Robbs Garages (Wallasey) Limited for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a professional firm regulated by the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Robbs Garages (Wallasey) Limited, as a body, in accordance with the terms of our engagement letter dated 23 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Robbs Garages (Wallasey) Limited and state those matters that we have agreed to state to the board of directors of Robbs Garages (Wallasey) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Robbs Garages (Wallasey) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Robbs Garages (Wallasey) 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 loss of Robbs Garages (Wallasey) Limited. You consider that Robbs Garages (Wallasey) 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 Robbs Garages (Wallasey) 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.
Whitnalls
5 August 2024
Accountants
Trident House
105 Derby Road
Liverpool
L20 8LZ
ROBBS GARAGES (WALLASEY) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,033
18,137
Current assets
Stocks
8,950
9,250
Debtors
5
34,395
27,051
Cash at bank and in hand
15,147
27,661
58,492
63,962
Creditors: amounts falling due within one year
6
(49,584)
(39,701)
Net current assets
8,908
24,261
Total assets less current liabilities
24,941
42,398
Creditors: amounts falling due after more than one year
7
(9,432)
(14,394)
Net assets
15,509
28,004
Capital and reserves
Called up share capital
8
31,445
31,445
Profit and loss reserves
(15,936)
(3,441)
Total equity
15,509
28,004
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.
ROBBS GARAGES (WALLASEY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 August 2024 and are signed on its behalf by:
A P Robb
Director
Company registration number 01245691 (England and Wales)
ROBBS GARAGES (WALLASEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Robbs Garages (Wallasey) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trident House, 105 Derby Road, Liverpool, L20 8LZ.
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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
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:
Freehold land and buildings
2% Straight line basis
Fixtures and fittings
15% - 25% Reducing balance basis
Motor vehicles
25% Reducing balance basis
ROBBS GARAGES (WALLASEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
4
ROBBS GARAGES (WALLASEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
22,634
Amortisation and impairment
At 1 December 2022 and 30 November 2023
22,634
Carrying amount
At 30 November 2023
At 30 November 2022
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
6,200
200,260
206,460
Depreciation and impairment
At 1 December 2022
1,446
186,878
188,324
Depreciation charged in the year
72
2,031
2,103
At 30 November 2023
1,518
188,909
190,427
Carrying amount
At 30 November 2023
4,682
11,351
16,033
At 30 November 2022
4,754
13,383
18,137
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,678
14,066
Other debtors
17,717
12,985
34,395
27,051
ROBBS GARAGES (WALLASEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,520
5,520
Trade creditors
33,078
20,565
Taxation and social security
6,206
8,676
Other creditors
4,780
4,940
49,584
39,701
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,432
14,394
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
31,345
31,345
31,345
31,345
Ordinary B of £1 each
100
100
100
100
31,445
31,445
31,445
31,445