4 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10274581 2023-04-01 2024-03-31 10274581 2024-03-31 10274581 2023-03-31 10274581 2022-04-01 2023-03-31 10274581 2023-03-31 10274581 2022-03-31 10274581 core:NetGoodwill 2023-04-01 2024-03-31 10274581 core:PlantMachinery 2023-04-01 2024-03-31 10274581 core:MotorVehicles 2023-04-01 2024-03-31 10274581 bus:Director1 2023-04-01 2024-03-31 10274581 bus:Director2 2023-04-01 2024-03-31 10274581 core:NetGoodwill 2023-03-31 10274581 core:NetGoodwill 2024-03-31 10274581 core:PlantMachinery 2023-03-31 10274581 core:MotorVehicles 2023-03-31 10274581 core:PlantMachinery 2024-03-31 10274581 core:MotorVehicles 2024-03-31 10274581 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10274581 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10274581 core:WithinOneYear 2024-03-31 10274581 core:WithinOneYear 2023-03-31 10274581 core:UKTax 2023-04-01 2024-03-31 10274581 core:UKTax 2022-04-01 2023-03-31 10274581 core:ShareCapital 2024-03-31 10274581 core:ShareCapital 2023-03-31 10274581 core:RetainedEarningsAccumulatedLosses 2024-03-31 10274581 core:RetainedEarningsAccumulatedLosses 2023-03-31 10274581 core:ShareCapital 2022-03-31 10274581 core:RetainedEarningsAccumulatedLosses 2022-03-31 10274581 core:PreviouslyStatedAmount core:ShareCapital 2024-03-31 10274581 core:FinancialAssetsAmortisedCost 2024-03-31 10274581 core:FinancialAssetsAmortisedCost 2023-03-31 10274581 core:FinancialLiabilitiesAmortisedCost 2024-03-31 10274581 core:FinancialLiabilitiesAmortisedCost 2023-03-31 10274581 core:BetweenOneFiveYears 2024-03-31 10274581 core:BetweenOneFiveYears 2023-03-31 10274581 core:NetGoodwill 2023-03-31 10274581 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 10274581 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10274581 core:PlantMachinery 2023-03-31 10274581 core:MotorVehicles 2023-03-31 10274581 bus:Director1 2023-03-31 10274581 bus:Director1 2024-03-31 10274581 bus:Director2 2023-03-31 10274581 bus:Director2 2024-03-31 10274581 bus:Director1 2022-03-31 10274581 bus:Director1 2023-03-31 10274581 bus:Director2 2022-03-31 10274581 bus:Director2 2023-03-31 10274581 bus:Director1 2022-04-01 2023-03-31 10274581 bus:Director2 2022-04-01 2023-03-31 10274581 bus:SmallEntities 2023-04-01 2024-03-31 10274581 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10274581 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10274581 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10274581 bus:FullAccounts 2023-04-01 2024-03-31 10274581 1 2023-04-01 2024-03-31
Company registration number: 10274581
Russell Garage (Whalley Range) Ltd
Unaudited filleted financial statements
31 March 2024
Russell Garage (Whalley Range) Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Russell Garage (Whalley Range) Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 27,900 37,200
Tangible assets 7 10,996 8,663
_______ _______
38,896 45,863
Current assets
Stocks 1,950 1,940
Debtors 8 5,684 9,186
Cash at bank and in hand 590,360 455,927
_______ _______
597,994 467,053
Creditors: amounts falling due
within one year 9 ( 119,507) ( 92,695)
_______ _______
Net current assets 478,487 374,358
_______ _______
Total assets less current liabilities 517,383 420,221
Provisions for liabilities ( 2,656) ( 2,138)
_______ _______
Net assets 514,727 418,083
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 514,627 417,983
_______ _______
Shareholders funds 514,727 418,083
_______ _______
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mr Dean Hole Mrs Victoria Hole
Director Director
Company registration number: 10274581
Russell Garage (Whalley Range) Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 339,017 339,117
Profit for the year 139,001 139,001
_______ _______ _______
Total comprehensive income for the year - 139,001 139,001
Dividends paid and payable ( 60,035) ( 60,035)
_______ _______ _______
Total investments by and distributions to owners - ( 60,035) ( 60,035)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 417,984 418,084
Profit for the year 157,683 157,683
_______ _______ _______
Total comprehensive income for the year - 157,683 157,683
Dividends paid and payable ( 61,040) ( 61,040)
_______ _______ _______
Total investments by and distributions to owners - ( 61,040) ( 61,040)
_______ _______ _______
At 31 March 2024 100 514,627 514,727
_______ _______ _______
Russell Garage (Whalley Range) Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 31A Russell Road, Whalley Range, Manchester, M16 8DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 104,448 95,141
Social security costs 9,048 8,487
Other pension costs 2,111 2,099
_______ _______
115,607 105,727
_______ _______
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 54,449 35,163
_______ _______
Deferred tax:
Origination and reversal of timing differences 518 565
_______ _______
Tax on profit 54,967 35,728
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 24.79 % (2023: 19.00%).
2024 2023
£ £
Profit before taxation 212,650 174,729
_______ _______
Profit multiplied by rate of tax 52,716 33,199
Effect of capital allowances and depreciation 1,733 1,964
_______ _______
Tax on profit 54,449 35,163
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 93,000 93,000
_______ _______
Amortisation
At 1 April 2023 55,800 55,800
Charge for the year 9,300 9,300
_______ _______
At 31 March 2024 65,100 65,100
_______ _______
Carrying amount
At 31 March 2024 27,900 27,900
_______ _______
At 31 March 2023 37,200 37,200
_______ _______
7. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 23,304 650 23,954
Additions 5,999 - 5,999
_______ _______ _______
At 31 March 2024 29,303 650 29,953
_______ _______ _______
Depreciation
At 1 April 2023 15,063 228 15,291
Charge for the year 3,560 106 3,666
_______ _______ _______
At 31 March 2024 18,623 334 18,957
_______ _______ _______
Carrying amount
At 31 March 2024 10,680 316 10,996
_______ _______ _______
At 31 March 2023 8,241 422 8,663
_______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 3,862 6,863
Other debtors 1,822 2,323
_______ _______
5,684 9,186
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 11,569 7,221
Corporation tax 54,360 35,163
Social security and other taxes 17,857 18,414
Other creditors 35,721 31,897
_______ _______
119,507 92,695
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note ) 2,656 2,138
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 701 565
_______ _______
11. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 3,862 6,863
Cash at bank 590,160 455,727
_______ _______
594,022 462,590
_______ _______
Financial liabilities measured at amortised cost
Trade creditors 11,569 7,221
Accruals 2,178 1,896
Directors' loans 33,543 30,000
_______ _______
47,290 39,117
_______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 15,600 15,600
Later than 1 year and not later than 5 years 33,380 48,980
_______ _______
48,980 64,580
_______ _______
The operating lease runs for ten years up until 21st May 2027 and relates to the business premises.
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Dean Hole ( 10,000) ( 1,829) ( 11,829)
Mrs Victoria Hole ( 20,000) ( 1,714) ( 21,714)
_______ _______ _______
( 30,000) ( 3,543) ( 33,543)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Dean Hole ( 4,000) ( 6,000) ( 10,000)
Mrs Victoria Hole ( 14,000) ( 6,000) ( 20,000)
_______ _______ _______
( 18,000) ( 12,000) ( 30,000)
_______ _______ _______
14. Controlling party
The company is controlled by the directors Mr Dean Hole and Mrs Victoria Hole as they own all of the issued share capital of the company.