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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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ARTHUR'S BRIDGE GARAGE LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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FOR |
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ARTHUR'S BRIDGE GARAGE LIMITED |
ARTHUR'S BRIDGE GARAGE LIMITED (REGISTERED NUMBER: 04275310) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 30 September 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ARTHUR'S BRIDGE GARAGE LIMITED |
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COMPANY INFORMATION |
For The Year Ended 30 September 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ARTHUR'S BRIDGE GARAGE LIMITED (REGISTERED NUMBER: 04275310) |
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ABRIDGED BALANCE SHEET |
30 September 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
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Tangible assets | 4 |
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CURRENT ASSETS |
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 ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 5 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ARTHUR'S BRIDGE GARAGE LIMITED (REGISTERED NUMBER: 04275310) |
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ABRIDGED BALANCE SHEET - continued |
30 September 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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ARTHUR'S BRIDGE GARAGE LIMITED (REGISTERED NUMBER: 04275310) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 30 September 2017 |
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1. | STATUTORY INFORMATION |
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Arthur's Bridge Garage Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents sales of car repair and servicing, excluding value added tax, performed during the year. |
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Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
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Goodwill |
Goodwill represents the excess of the fair value attributed to the investment in the business over the fair value of the |
underlying net assets at the date of their acquisition. Goodwill has been fully amortised over its useful life of five years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable |
to making the asset capable of operating as intended by management. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Freehold property | - | 2% on cost |
Fixtures and fittings | - | 25% on reducing balance |
Motor vehicles | - | 25% on reducing balance |
Computer equipment | - | 33.33% on cost |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price, less costs to complete and sell. Cost includes all costs of |
purchase, including costs to bring stock to its present location and condition. Provision is made for damaged, obsolete and |
slow-moving stock where appropriate. |
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Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. |
Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are |
assessed for evidence of impairment, and changes are recognised in profit or loss. |
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ARTHUR'S BRIDGE GARAGE LIMITED (REGISTERED NUMBER: 04275310) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or |
past reporting periods. |
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Deferred tax represents the future tax consequences of material transactions and events recognised in the financial |
statements of current and previous periods. |
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Current and deferred tax assets and liabilities are not discounted and are recognised at the amount of tax payable using the |
tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss in |
the period to which they relate. |
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3. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2016 |
and 30 September 2017 |
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AMORTISATION |
At 1 October 2016 |
and 30 September 2017 |
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NET BOOK VALUE |
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At 30 September 2017 |
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At 30 September 2016 |
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ARTHUR'S BRIDGE GARAGE LIMITED (REGISTERED NUMBER: 04275310) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2017 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 October 2016 |
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Additions |
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At 30 September 2017 |
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DEPRECIATION |
At 1 October 2016 |
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Charge for year |
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At 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2017 | 2016 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 123,801 | 134,373 |
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6. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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7. | SECURED DEBTS |
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The freehold property is secured via the mortgage provided by National Westminster Bank Plc with a debenture charge |
registered on 11 March 2013. |
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On the 6 September 2013 the bank overdraft and mortgage were secured by a fixed charge over the company's assets. |
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8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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As at 30 September 2017, the director had loaned the company £17,490 (2016 - £19,946). There is no interest due on the |
loan and it is repayable upon demand. |
ARTHUR'S BRIDGE GARAGE LIMITED (REGISTERED NUMBER: 04275310) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2017 |
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9. | RELATED PARTY DISCLOSURES |
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During the year ended 30 September 2017, Arthur's Bridge Garage Limited entered into the following transactions with |
related undertakings: |
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Arthur's Bridge Garage Limited made loan advances amounting to £56,560 (2016 - £nil) |
Arthur's Bridge Garage Limited cross charged expenses of £29,254 (2016 - £12,077) |
Arthur's Bridge Garage Limited was charged rent amounting to £18,738 (2016 - £17,131) |
Arthur's Bridge Garage Limited received other amounts totalling £1,717 (2016 - £22,996) |
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As at 30 September 2017, the balance due from related undertakings was £111,836 (2016 - £46,477) and this amount is |
included within Debtors due within one year. |
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10. | TRANSITION TO FRS 102 |
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This is the first year that the company has presented its results in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102. The last financial statements under previous UK GAAP were for the year ended 30 September |
2016 and the date of transition to FRS 102 Section 1A was 1 October 2015. |
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As a result of the change to new UK GAAP, we are required to prepare a reconciliation of the profit for the financial year |
ended 30 September 2016 and the total equity as at 1 October 2015 and 30 September 2016 between UK GAAP as |
previously reported and under FRS 102 Section 1A, in these financial statements. |
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Presentation of the results for the comparative year in accordance with Section 1A of FRS 102 has not resulted in any |
change to the results compared to those presented under previous UK GAAP. Therefore it has not been necessary to present |
a reconciliation of movements in equity in these accounts. |