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Registered number: 07761154
Bridge Sollars Garage Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Alliance Accountants Ltd
19 Gloucester Road
Ross on Wye
Herefordshire
HR9 5LQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07761154
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 183,341 191,005
183,341 191,005
CURRENT ASSETS
Stocks 5 805,556 689,007
Debtors 6 53,922 92,985
Cash at bank and in hand 118,487 249,178
977,965 1,031,170
Creditors: Amounts Falling Due Within One Year 7 (344,286 ) (343,585 )
NET CURRENT ASSETS (LIABILITIES) 633,679 687,585
TOTAL ASSETS LESS CURRENT LIABILITIES 817,020 878,590
Creditors: Amounts Falling Due After More Than One Year 8 (94,598 ) (194,749 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,607 ) (4,646 )
NET ASSETS 717,815 679,195
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 717,813 679,193
SHAREHOLDERS' FUNDS 717,815 679,195
Page 1
Page 2
For the year ending 30 November 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Penny
Director
Mrs Kate Penny
Director
15/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Bridge Sollars Garage Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07761154 . The registered office is Bridge Sollars Garage, Brecon Rd, Hereford, Herefordshire, HR4 7JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Plant & Machinery 15% on cost
Fixtures & Fittings 20% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 8)
8 8
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 191,202 22,982 10,504 224,688
As at 30 November 2023 191,202 22,982 10,504 224,688
Depreciation
As at 1 December 2022 12,790 18,792 2,101 33,683
Provided during the period 3,824 2,160 1,680 7,664
As at 30 November 2023 16,614 20,952 3,781 41,347
Net Book Value
As at 30 November 2023 174,588 2,030 6,723 183,341
As at 1 December 2022 178,412 4,190 8,403 191,005
5. Stocks
2023 2022
£ £
Stock 805,556 689,007
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,500 42,484
Other debtors 51,422 50,501
53,922 92,985
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 19,179 5,516
Bank loans and overdrafts 100,151 95,095
Other creditors 154,594 150,958
Taxation and social security 70,362 92,016
344,286 343,585
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 94,598 194,749
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Matthew Penny 15,628 109 - - 15,737
Mrs Kate Penny 15,628 109 - - 15,737
The above loan is unsecured, interest free and repayable on demand.
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