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Registration number: 12473002

Westbury Garage (Shrewsbury) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Westbury Garage (Shrewsbury) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Westbury Garage (Shrewsbury) Limited

Company Information

Directors

Mr M J Wyatt

Mrs T E Wyatt

Registered office

Featherbed Lane
Shrewsbury
Shropshire
SY1 4NU

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Westbury Garage (Shrewsbury) Limited

(Registration number: 12473002)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,367

14,271

Tangible assets

5

14,647

20,614

 

23,014

34,885

Current assets

 

Stocks

6

74,400

82,238

Debtors

7

11,169

10,499

Cash at bank and in hand

 

101,755

75,857

 

187,324

168,594

Creditors: Amounts falling due within one year

8

(79,799)

(98,983)

Net current assets

 

107,525

69,611

Total assets less current liabilities

 

130,539

104,496

Creditors: Amounts falling due after more than one year

8

-

(1,379)

Provisions for liabilities

(2,558)

(3,728)

Net assets

 

127,981

99,389

Capital and reserves

 

Called up share capital

9

120

120

Retained earnings

127,861

99,269

Shareholders' funds

 

127,981

99,389

For the financial year ending 30 April 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 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.

 

Westbury Garage (Shrewsbury) Limited

(Registration number: 12473002)
Balance Sheet as at 30 April 2024

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 21 January 2025 and signed on its behalf by:
 


Mr M J Wyatt
Director

 

Westbury Garage (Shrewsbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Featherbed Lane
Shrewsbury
Shropshire
SY1 4NU

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.

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.

 

Westbury Garage (Shrewsbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Plant and machinery

25% straight line

Office equipment

25% straight line

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

Goodwill

5 years straight line

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.

 

Westbury Garage (Shrewsbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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.

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 10 (2023 - 9).

 

Westbury Garage (Shrewsbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

29,523

29,523

At 30 April 2024

29,523

29,523

Amortisation

At 1 May 2023

15,252

15,252

Amortisation charge

5,904

5,904

At 30 April 2024

21,156

21,156

Carrying amount

At 30 April 2024

8,367

8,367

At 30 April 2023

14,271

14,271

 

Westbury Garage (Shrewsbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

3,872

38,715

42,587

Additions

-

5,911

5,911

At 30 April 2024

3,872

44,626

48,498

Depreciation

At 1 May 2023

2,501

19,472

21,973

Charge for the year

968

10,910

11,878

At 30 April 2024

3,469

30,382

33,851

Carrying amount

At 30 April 2024

403

14,244

14,647

At 30 April 2023

1,371

19,243

20,614

Tangible assets includes assets held under hire purchase contracts with a net book value of £5,383 (2023 - £10,766) at 30 April 2024. The depreciation charge totalled £5,383 (2023 - £5,383) in respect of these assets during the period.

6

Stocks

2024
£

2023
£

Other inventories

74,400

82,238

7

Debtors

Current

2024
£

2023
£

Trade debtors

11,049

10,379

Other debtors

120

120

 

11,169

10,499

 

Westbury Garage (Shrewsbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

1,379

23,431

Trade creditors

 

24,103

32,411

Taxation and social security

 

39,073

30,077

Accruals and deferred income

 

2,449

2,822

Other creditors

 

12,795

10,242

 

79,799

98,983

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

1,379

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

120

120

120

120

       
 

Westbury Garage (Shrewsbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

1,379

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

1,379

4,306

Other borrowings

-

19,125

1,379

23,431

The hire purchase contracts are secured against the assets to which they relate.

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

15,000

15,000

Later than one year and not later than five years

60,000

60,000

Later than five years

21,250

36,250

96,250

111,250

12

Related party transactions

At 30 April 2024 there was a balance of £11,610 (2023 - £9,250) due to the director, which is included in Other creditors.

13

Control

The ultimate controlling party is the director, Mr M J Wyatt.