Registration number:
Adams (Fairfield Garages) Limited
for the Year Ended 31 August 2020
Adams (Fairfield Garages) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Adams (Fairfield Garages) Limited
(Registration number: 00340933)
Balance Sheet as at 31 August 2020
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2019 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Adams (Fairfield Garages) Limited
(Registration number: 00340933)
Balance Sheet as at 31 August 2020
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Director
Adams (Fairfield Garages) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 represents rental income receivable.
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 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.
Investment property
Adams (Fairfield Garages) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
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 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.
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Adams (Fairfield Garages) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Investment properties |
2020 |
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At 1 September 2019 |
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At 31 August 2020 |
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The director considers that the Investment Properties total of £12,562 reflects the current fair value.
The company has been advised by Kelda plc that there has been a degree of contamination at one of their boreholes situated next to the petrol station at Tudworth Road, Hatfield, Doncaster which is owned by Adams (Fairfield Garages) Limited. Kelda believe that Adams (Fairfield Garages) Limited have contaminated the site. Kelda have notified the company of their possible litigation to reclaim costs from Adams (Fairfield Garages) Limited which they have and will incur in cleaning up the site. The investigation is still ongoing and costs have yet to be quantified. As the extent of any liability is uncertain the accounts have not been adjusted to reflect this.
Debtors |
2020 |
2019 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2020 |
2019 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
1,915 |
942 |
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Adams (Fairfield Garages) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 September 2019 |
Advances to directors |
Repayments by director |
At 31 August 2020 |
Mr F J Keys |
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Directors current account |
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2019 |
At 1 September 2018 |
Advances to directors |
Repayments by director |
At 31 August 2019 |
Mr F J Keys |
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Directors current account |
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( |
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