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REGISTRAR OF COMPANIES

Registration number: 01177002

Davidsons Garage (Penrith) Limited

Unaudited Financial Statements

31 December 2023

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Davidsons Garage (Penrith) Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Davidsons Garage (Penrith) Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Davidsons Garage (Penrith) Limited for the year ended 31 December 2023 as set out on pages 2 to 10 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Davidsons Garage (Penrith) Limited, as a body, in accordance with the terms of our engagement letter dated 16 June 2021. Our work has been undertaken solely to prepare for your approval the accounts of Davidsons Garage (Penrith) Limited and state those matters that we have agreed to state to the Board of Directors of Davidsons Garage (Penrith) 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 Davidsons Garage (Penrith) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Davidsons Garage (Penrith) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Davidsons Garage (Penrith) Limited. You consider that Davidsons Garage (Penrith) 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 accounts of Davidsons Garage (Penrith) 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

19 April 2024

 

Davidsons Garage (Penrith) Limited

(Registration number: 01177002)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

615,122

639,442

Current assets

 

Stocks

123,786

103,273

Debtors

5

308,178

65,670

Cash at bank and in hand

 

495,849

863,970

 

927,813

1,032,913

Creditors: Amounts falling due within one year

6

(912,246)

(1,075,835)

Net current assets/(liabilities)

 

15,567

(42,922)

Total assets less current liabilities

 

630,689

596,520

Provisions for liabilities

(15,487)

(18,530)

Net assets

 

615,202

577,990

Capital and reserves

 

Allotted, called up and fully paid share capital

10,000

10,000

Other reserves

35,377

35,377

Profit and loss account

569,825

532,613

Total equity

 

615,202

577,990

 

Davidsons Garage (Penrith) Limited

(Registration number: 01177002)
Balance Sheet as at 31 December 2023 (continued)

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:
 

.........................................

C A Stamper

Director

 

Davidsons Garage (Penrith) 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 principal place of business is:
Scotland Road
PENRITH
CA11 7NR

The address of its registered office is:
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

Davidsons Garage (Penrith) Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

10% reducing balance basis / Not depreciated

Plant and equipment

20% reducing balance basis

Fixtures and fittings

10% straight line basis

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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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.

 

Davidsons Garage (Penrith) Limited

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

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. Trade creditors 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 where due after more than one year.

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.

 

Davidsons Garage (Penrith) Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 13).

 

Davidsons Garage (Penrith) Limited

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

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2023

707,087

130,652

21,253

858,992

Additions

-

1,189

-

1,189

At 31 December 2023

707,087

131,841

21,253

860,181

Depreciation

At 1 January 2023

142,097

75,151

2,302

219,550

Charge for the year

12,149

11,235

2,125

25,509

At 31 December 2023

154,246

86,386

4,427

245,059

Carrying amount

At 31 December 2023

552,841

45,455

16,826

615,122

At 31 December 2022

564,990

55,501

18,951

639,442

5

Debtors

2023
£

2022
£

Trade debtors

50,651

55,502

Other debtors

257,527

10,168

308,178

65,670

 

Davidsons Garage (Penrith) Limited

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

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

9,781

-

Trade creditors

 

220,811

267,810

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

632,621

720,545

Taxation and social security

 

25,483

32,665

Corporation tax liability

 

15,430

48,327

Other creditors

 

8,120

6,488

 

912,246

1,075,835

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

9,781

-

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £26,500 (2022 - £1,349).

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2023
£

W E Stamper

Loan

-

40,002

(40,219)

-

-

217

-

               
         

J J Stamper

Loan

-

195,002

-

-

-

1,166

196,168

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rates of 2% and 2.25% on advances to directors.

 

Davidsons Garage (Penrith) Limited

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

10

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Davidsons Garage Holdings Limited, registered office of FIFTEEN Rosehill, Montgomery Way, Rosehill Estate, Carlisle, CA1 2RW.