Registration number:
Days Garage Limited
for the Year Ended 31 July 2017
Victoria House
Staplefield Lane
Staplefield
West Sussex
RH17 6AS
Days Garage Limited
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Days Garage Limited
Company Information
Directors |
Mr I J Stamp Mr D Stamp Ms S A Gunner Mr S F K Jedrzejewski |
Registered office |
|
Accountants |
|
Page 1 |
Days Garage Limited
Directors' Report for the Year Ended 31 July 2017
The directors present their report and the financial statements for the year ended 31 July 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of garage repair service
Small companies provision statement
This report has 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.
Approved by the
.........................................
Mr I J Stamp
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Days Garage Limited
for the Year Ended 31 July 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Days Garage Limited for the year ended 31 July 2017 as set out on pages 4 to 18 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Days Garage Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Days Garage Limited and state those matters that we have agreed to state to the Board of Directors of Days Garage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Days Garage Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Days Garage Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Days Garage Limited. You consider that Days Garage Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Days Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Staplefield Lane
Staplefield
West Sussex
RH17 6AS
Page 3 |
Days Garage Limited
Profit and Loss Account for the Year Ended 31 July 2017
Note |
2017 |
2016 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
389 |
417 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Days Garage Limited
Statement of Comprehensive Income for the Year Ended 31 July 2017
2017 |
2016 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Page 5 |
Days Garage Limited
(Registration number: 03200221)
Balance Sheet as at 31 July 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their 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.
Page 6 |
Days Garage Limited
(Registration number: 03200221)
Balance Sheet as at 31 July 2017
Approved and authorised by the
.........................................
Mr I J Stamp
Director
Page 7 |
Days Garage Limited
Statement of Changes in Equity for the Year Ended 31 July 2017
Share capital |
Profit and loss account |
Total |
|
At 1 August 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 July 2017 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 August 2015 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
New share capital subscribed |
|
- |
|
At 31 July 2016 |
|
|
|
Page 8 |
Days Garage Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
17 Hurst Green Road
Oxted
Surrey
RH8 9BS
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 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.
Page 9 |
Days Garage Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
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.
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 |
Leasehold improvements |
15% reducing balance |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
15% reducing balance |
Equipment |
15% reducing balance |
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% straight line |
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.
Page 10 |
Days Garage Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
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.
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.
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.
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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Page 11 |
Days Garage Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 August 2016 |
|
|
At 31 July 2017 |
|
|
Amortisation |
||
At 1 August 2016 |
|
|
Amortisation charge |
|
|
At 31 July 2017 |
|
|
Carrying amount |
||
At 31 July 2017 |
|
|
At 31 July 2016 |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Page 12 |
Days Garage Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
||
Cost or valuation |
|||||
At 1 August 2016 |
|
|
|
|
|
Disposals |
- |
- |
( |
- |
|
At 31 July 2017 |
|
|
|
|
|
Depreciation |
|||||
At 1 August 2016 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
|
At 31 July 2017 |
|
|
|
|
|
Carrying amount |
|||||
At 31 July 2017 |
|
|
|
|
|
At 31 July 2016 |
|
|
|
|
Total |
|||||
Cost or valuation |
|||||
At 1 August 2016 |
|
||||
Disposals |
( |
||||
At 31 July 2017 |
|
||||
Depreciation |
|||||
At 1 August 2016 |
|
||||
Charge for the year |
|
||||
Eliminated on disposal |
( |
||||
At 31 July 2017 |
|
||||
Carrying amount |
|||||
At 31 July 2017 |
|
||||
At 31 July 2016 |
|
Included within the net book value of land and buildings above is £6,416 (2016 - £7,548) in respect of long leasehold land and buildings.
Page 13 |
Days Garage Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Stocks |
2017 |
2016 |
|
Other inventories |
|
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
- |
|
|
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
2 |
|
2 |
|
|
|
|
Dividends |
Interim dividends paid
Page 14 |
Days Garage Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
2017 |
2016 |
|||
Interim dividend of £
|
|
|
||
Interim dividend of £
|
|
|
||
|
|
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
|
Remuneration |
|
|
Transition to FRS 102 |
Balance Sheet at 1 August 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Intangible assets |
12,250 |
- |
- |
12,250 |
Tangible assets |
41,926 |
- |
- |
41,926 |
54,176 |
- |
- |
54,176 |
|
Current assets |
||||
Stocks |
5,400 |
- |
- |
5,400 |
Debtors |
79,959 |
- |
- |
79,959 |
Cash at bank and in hand |
204,715 |
- |
- |
204,715 |
290,074 |
- |
- |
290,074 |
|
Creditors: Amounts falling due within one year |
(140,793) |
- |
- |
(140,793) |
Net current assets |
149,281 |
- |
- |
149,281 |
Total assets less current liabilities |
203,457 |
- |
- |
203,457 |
Provisions for liabilities |
- |
(4,969) |
- |
(4,969) |
Net assets/(liabilities) |
203,457 |
(4,969) |
- |
198,488 |
Page 15 |
Days Garage Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
||||
Called up share capital |
(101) |
- |
- |
(101) |
Profit and loss account |
(203,356) |
4,969 |
- |
(198,387) |
Total equity |
(203,457) |
4,969 |
- |
(198,488) |
Page 16 |
Days Garage Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Balance Sheet at 31 July 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Intangible assets |
9,500 |
- |
- |
9,500 |
Tangible assets |
36,608 |
- |
- |
36,608 |
46,108 |
- |
- |
46,108 |
|
Current assets |
||||
Stocks |
5,200 |
- |
- |
5,200 |
Debtors |
64,179 |
- |
- |
64,179 |
Cash at bank and in hand |
281,948 |
- |
- |
281,948 |
351,327 |
- |
- |
351,327 |
|
Creditors: Amounts falling due within one year |
(159,174) |
- |
- |
(159,174) |
Net current assets |
192,153 |
- |
- |
192,153 |
Total assets less current liabilities |
238,261 |
- |
- |
238,261 |
Provisions for liabilities |
- |
(4,353) |
- |
(4,353) |
Net assets/(liabilities) |
238,261 |
(4,353) |
- |
233,908 |
Capital and reserves |
||||
Called up share capital |
(102) |
- |
- |
(102) |
Profit and loss account |
(238,159) |
4,353 |
- |
(233,806) |
Total equity |
(238,261) |
4,353 |
- |
(233,908) |
Page 17 |
Days Garage Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Profit and Loss Account for the year ended 31 July 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
1,152,510 |
- |
- |
1,152,510 |
Cost of sales |
(767,499) |
- |
- |
(767,499) |
Gross profit |
385,011 |
- |
- |
385,011 |
Administrative expenses |
(313,476) |
- |
- |
(313,476) |
Other operating income |
2,900 |
- |
- |
2,900 |
Operating profit |
74,435 |
- |
- |
74,435 |
Other interest receivable and similar income |
445 |
- |
- |
445 |
Interest payable and similar expenses |
(28) |
- |
- |
(28) |
417 |
- |
- |
417 |
|
Profit before tax |
74,852 |
- |
- |
74,852 |
Taxation |
(16,049) |
617 |
- |
(15,432) |
Profit for the financial year |
58,803 |
617 |
- |
59,420 |
Page 18 |