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Company No: 01336003 (England and Wales)

ABBEY GARAGE (SOUTH WEST) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ABBEY GARAGE (SOUTH WEST) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ABBEY GARAGE (SOUTH WEST) LIMITED

BALANCE SHEET

As at 31 December 2023
ABBEY GARAGE (SOUTH WEST) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 799,228 796,978
Investments 4 273,227 401,612
1,072,455 1,198,590
Current assets
Stocks 5 559,322 585,839
Debtors 6 377,199 325,782
Cash at bank and in hand 315 315
936,836 911,936
Creditors: amounts falling due within one year 7 ( 547,439) ( 446,914)
Net current assets 389,397 465,022
Total assets less current liabilities 1,461,852 1,663,612
Creditors: amounts falling due after more than one year 8 ( 314,654) ( 330,262)
Provision for liabilities 9 ( 127,242) ( 158,710)
Net assets 1,019,956 1,174,640
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 447,261 447,261
Fair value reserve 148,227 244,612
Capital redemption reserve 49,900 49,900
Profit and loss account 374,468 432,767
Total shareholders' funds 1,019,956 1,174,640

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 financial statements of Abbey Garage (South West) Limited (registered number: 01336003) were approved and authorised for issue by the Board of Directors on 30 May 2024. They were signed on its behalf by:

L Winterson
Director
ABBEY GARAGE (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ABBEY GARAGE (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Abbey Garage (South West) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 189 High Street, Street, Somerset, BA16 0NE, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

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. Turnover is recognised when the goods are physically delivered to the customer and services are fully completed.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Freehold land and buildings are carried at revaluation, derived by the open market value considered by the directors. Revaluation is carried out annually.

Tangible assets, other than freehold land and buildings, are stated at costs, less accumulated depreciation and accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so at to write off the cost or valuation of assets, less their residual value, over their estimated useful lives, as follows:

Land and buildings 50 years straight line
Plant and machinery 10 % reducing balance
Fixtures and fittings 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Other stocks comprise of car stock and are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, other 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.

Raw materials and consumable stock are stated at the lower of cost or estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade and other 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded are valued at fair value being the amount of the underlying net assets of the fixed asset investments, any changes in fair value are recognised in other comprehensive income, valuation decreases will be recognised through the fair value reserve to the extent that they are reversing a valuation increase and recognised in the profit and loss once the decrease exceeds the fair value reserve.

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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Capital redemption reserve records the nominal value of shares repurchased by the company.

Property revaluation reserve is the surplus or deficit arising on the revaluation and deferred tax on the revaluation of the freehold property.

Investment fair value reserve is the surplus or deficit arising on the fair value adjustments and deferred tax on the fair value movements of its investment in its subsidiary.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 11

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 750,000 267,213 105,192 1,122,405
Additions 0 275 8,903 9,178
Disposals 0 0 ( 2,532) ( 2,532)
At 31 December 2023 750,000 267,488 111,563 1,129,051
Accumulated depreciation
At 01 January 2023 0 241,295 84,132 325,427
Charge for the financial year 0 2,619 4,309 6,928
Disposals 0 0 ( 2,532) ( 2,532)
At 31 December 2023 0 243,914 85,909 329,823
Net book value
At 31 December 2023 750,000 23,574 25,654 799,228
At 31 December 2022 750,000 25,918 21,060 796,978

Revaluation of tangible assets

Freehold land and buildings were valued by the directors during the year. Freehold land and buildings with a net book value of £750,000 (2022 - £750,000) have been pledged to secure borrowings of the Company. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. A tax liability of £66,000 (2022- £66,000) would arise if the property was realised at its net book value of £750,000 and this has been included within deferred tax in the accounts and realised through the revaluation reserve. The historical cost and accumulated depreciation is as follows:

2023 2022
£ £
Historical cost 263,545 263,545
Accumulated depreciation (26,806) (26,806)
Carrying value 236,739 236,739

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 273,227 401,612

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 401,612
Fair value adjustments (128,385)
At 31 December 2023 273,227
Carrying value at 31 December 2023 273,227
Carrying value at 31 December 2022 401,612

Fair value is measured at the amount of the underlying net assets of the fixed asset investment. The fair value decrease of £128,385 (2022 - £56,150) has been recognised in other comprehensive income. The decrease of the deferred tax liability on the fair value reserve of £32,000 (2022 - increase of £9,000) has also been recognised in other comprehensive income. The net decrease of the investment fair value reserve during the year was therefore £160385 (2022 - £65,150).

5. Stocks

2023 2022
£ £
Stocks 509,452 547,662
Raw materials 49,870 38,177
559,322 585,839

6. Debtors

2023 2022
£ £
Trade debtors 10,223 15,194
Amounts owed by Group undertakings 340,673 283,605
Other debtors 26,303 26,983
377,199 325,782

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 173,934 146,922
Trade creditors 68,028 17,273
Other taxation and social security 26,235 23,568
Obligations under finance leases and hire purchase contracts (secured) 97,038 108,904
Other creditors 182,204 150,247
547,439 446,914

Bank loans and overdrafts comprise an overdraft balance of £148,154 (2022 - £121,142), a bank loan balance secured on the freehold property of £15,780 (2022 - £15,780), and a bounce back loan balance of £10,000 (2022 - £10,000).

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Other creditors include stocking loan balances totalling £166,111 (2022 - £131,876) which are secured on the stock items to which they relate.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 97,075 123,094
Obligations under finance leases and hire purchase contracts 122,975 186,549
Other creditors 94,604 20,619
314,654 330,262

There are no amounts included above in respect of which any security has been given by the small entity.

Bank loans comprise a bank loan balance secured on the freehold property of £82,908 (2022 - £98,927), and a bounce back loan balance of £14,167 (2022 - £24,167).

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Other creditors comprise a directors loan balance £98,195 (2022 - £28,480), of which £5,072 (2022 - £7,861) falls due within one year and the balance of £93,123 (2022 - £20,619) over one year. No assets have been pledged as security.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 19,788 35,807

Bank loans comprise a bank loan secured against the freehold property and the final instalment is due on 1 May 2029.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 127,242 158,710

The deferred tax liability is made up of, the deferred tax liability of £11,480 on accelerated capital allowances (2022 - £10,846), the deferred tax liability of £66,000 on revaluation of tangible assets (2022 - £66,000), £50,000 deferred tax liability on the fair value reserve (2022 - £82,000) and a tax asset of £238 on other timing differences (2022 - £136).

10. Off Balance Sheet arrangements

The total amount of guarantees not included in the balance sheet is £63,876 (2022 - £65,285). The company has unlimited bank guarantees in favour of Glastonbury Motor Body Repairs Limited. The aggregate guarantee across the group totals £310,718 (2022 - £301,134). These are secured over the freehold property