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Company No: 05303621

Hamblens Garage Limited

Unaudited Financial Statements

Year Ended

31 December 2023

 

Hamblens Garage Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Hamblens Garage Limited

Company Information

Director

M Lolley

Company secretary

J L Lolley

Registered office

Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY

Accountants

Brett Pittwood
Chartered Certified Accountants
Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY

 

Hamblens Garage Limited

(Registration number: 05303621)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,000

4,000

Tangible assets

5

10,420

12,037

 

12,420

16,037

Current assets

 

Stocks

6

6,950

6,800

Debtors

7

8,668

8,249

Investments

8

-

97

Cash at bank and in hand

 

203,567

184,215

 

219,185

199,361

Creditors: Amounts falling due within one year

9

(151,635)

(142,175)

Net current assets

 

67,550

57,186

Total assets less current liabilities

 

79,970

73,223

Creditors: Amounts falling due after more than one year

9

(14,994)

(25,362)

Net assets

 

64,976

47,861

Capital and reserves

 

Called up share capital

100

100

Retained earnings

64,876

47,761

Shareholders' funds

 

64,976

47,861

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 August 2024
 

M Lolley
Director

 

Hamblens Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY
United Kingdom

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.

The financial statements are presented in sterling which is the functional currency of the company. Monetary amounts are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Hamblens Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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 equipment

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

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

Vehicle servicing business

5% straight line basis

MOT testing business

33.3% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Hamblens Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Hamblens Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Financial instruments

Classification
Financial assets

Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 7).

 

Hamblens Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

55,000

55,000

At 31 December 2023

55,000

55,000

Amortisation

At 1 January 2023

51,000

51,000

Amortisation charge

2,000

2,000

At 31 December 2023

53,000

53,000

Carrying amount

At 31 December 2023

2,000

2,000

At 31 December 2022

4,000

4,000

5

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

54,869

5,000

15,597

75,466

Additions

1,859

-

-

1,859

At 31 December 2023

56,728

5,000

15,597

77,325

Depreciation

At 1 January 2023

45,935

4,039

13,455

63,429

Charge for the year

2,699

241

536

3,476

At 31 December 2023

48,634

4,280

13,991

66,905

Carrying amount

At 31 December 2023

8,094

720

1,606

10,420

At 31 December 2022

8,934

961

2,142

12,037

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

6,950

6,800

 

Hamblens Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

7

Debtors

2023
£

2022
£

Trade debtors

6,226

-

Other debtors

-

782

Prepayments

2,442

7,467

8,668

8,249

8

Current asset investments

2023
£

2022
£

Other investments

-

97

 

Hamblens Garage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

9,929

9,448

Trade creditors

 

7,144

10,160

Taxation and social security

 

16,005

10,150

Accruals and deferred income

 

2,952

7,741

Other creditors

 

115,605

104,676

 

151,635

142,175

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

14,994

25,362

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,994

25,362

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,929

9,448