Registration number:
Brent Cross Commercials Limited
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Brent Cross Commercials Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Brent Cross Commercials Limited
Company Information
Directors |
A Garrett C Garrett |
Company secretary |
A Garrett |
Registered office |
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Accountants |
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Brent Cross Commercials Limited
Statement of Financial Position as at 30 April 2022
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2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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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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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Brent Cross Commercials Limited
Statement of Financial Position as at 30 April 2022
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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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A Garrett
Director
Company registration number: 03127012
Brent Cross Commercials Limited
Notes to the Financial Statements for the Year Ended 30 April 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is the sale, hire and repair of commercial vehicles.
Accounting policies |
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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the potential effect of the current economic uncertainty and high inflation on the company and, although there is no certainty as to when this will end, the directors' view is that the impact will be manageable as the company operates within a sector that continues to have high demands for vehicle hire, the company's affairs are simple, easily maintained with no significant fixed overheads and it has been able to utilise the government assistance and grants where available.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
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 charge 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.
Brent Cross Commercials Limited
Notes to the Financial Statements for the Year Ended 30 April 2022
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 statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
All fixed assets are initially recorded at cost.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows;
Asset class |
Depreciation method and rate |
Fixtures & Fittings |
25% reducing balance |
Motor Vehicles |
25% reducing balance |
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.
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 income statement 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.
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.
Brent Cross Commercials Limited
Notes to the Financial Statements for the Year Ended 30 April 2022
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2021 |
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Additions |
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Disposals |
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At 30 April 2022 |
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Depreciation |
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At 1 May 2021 |
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Charge for the year |
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Eliminated on disposal |
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At 30 April 2022 |
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Carrying amount |
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At 30 April 2022 |
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At 30 April 2021 |
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Stocks |
2022 |
2021 |
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Stock |
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Debtors |
2022 |
2021 |
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Trade debtors |
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Other debtors |
23,153 |
28,372 |
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Brent Cross Commercials Limited
Notes to the Financial Statements for the Year Ended 30 April 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Corporation tax liability |
9,094 |
33,144 |
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Hire purchase and finance lease liabilities |
100,021 |
9,504 |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Hire purchase and finance lease liabilities |
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Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Hire purchases and finance leases liabilities |
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2022 |
2021 |
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Non-current loans and borrowings |
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Hire purchases and finance leases liabilities |
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Hire purchase liabilities are secured on the assets concerned.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
Related party transactions |
During the year, dividends totalling £71,772 (2021 - £66,972) were paid to A Garrett and C Garrett, directors.
As at 30 April 2022 the company was owed an amount of £2,400 by A Garrett. This debt was cleared after the year end through the payment of dividends.