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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
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GRIFFIN'S GARAGE LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
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FOR |
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GRIFFIN'S GARAGE LIMITED |
GRIFFIN'S GARAGE LIMITED (REGISTERED NUMBER: 04453346) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 6 |
GRIFFIN'S GARAGE LIMITED |
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COMPANY INFORMATION |
for the year ended 31 May 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
10 St Ann Street |
Salisbury |
Wiltshire |
SP1 2DN |
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BANKERS: |
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46 Fore Street |
Trowbridge |
Wiltshire |
BA14 8EL |
GRIFFIN'S GARAGE LIMITED (REGISTERED NUMBER: 04453346) |
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BALANCE SHEET |
31 May 2018 |
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31.5.18 | 31.5.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 | 7 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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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 and |
(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. |
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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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GRIFFIN'S GARAGE LIMITED (REGISTERED NUMBER: 04453346) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2018 |
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1. | STATUTORY INFORMATION |
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Griffin's 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value of vehicle repairs provided to the company's customers during the year net of value |
added tax and discounts and is measured at the fair value of the consideration received or receivable for the |
provision of the services provided. |
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Turnover is recognised upon completion of work on customers vehicles at which time the customer is invoiced and |
the significant risks and rewards of ownership of the work undertaken have transferred to the customer. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if |
appropriate, or if there is an indication of a significant change since the last reporting date. |
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Stocks |
The company holds stock of parts and consumables associated with its trade. |
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As both parts and consumables are not subject to either technical or physical obsolescence they are valued at cost. |
Parts are ordered on a just in time basis and issued to jobs on a first in first out basis. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of |
the future payments is treated as a liability. |
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Going concern |
The financial statements have been prepared on a going concern basis, which assumes that the company will |
continue in existence for the foreseeable future. |
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The director has declared his intention to continue to support the company for the foreseeable future and will not |
require repayment of his directors' loan account within 12 months of signing the directors report. |
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The director considers that in preparing the financial statements he has taken into account all information that could |
be reasonably be expected to be available. On this basis he considers that it is appropriate to prepare the financial |
statements on a going concern basis. |
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Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses |
for bad and doubtful debts. |
GRIFFIN'S GARAGE LIMITED (REGISTERED NUMBER: 04453346) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The financial statements have been prepared on a going concern basis, which assumes that the company will |
continue in existence for the foreseeable future. |
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The director has declared his intention to continue to support the company for the foreseeable future and will not |
require repayment of his directors' loan account within 12 months of signing the directors report. |
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The director considers that in preparing the financial statement he has taken into account all information that could |
reasonably be expected to be available. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 June 2017 |
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Additions |
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Disposals |
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( |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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GRIFFIN'S GARAGE LIMITED (REGISTERED NUMBER: 04453346) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 June 2017 |
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Disposals | ( |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Eliminated on disposal | ( |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.18 | 31.5.17 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.18 | 31.5.17 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.18 | 31.5.17 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GRIFFIN'S GARAGE LIMITED |
PREVIOUSLY KNOWN AS GRIFFIN'S RESCUE LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a |
Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of Griffin's Garage Limited for the year ended 31 May 2018 which comprise the Statement of Income and |
Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Griffin's Garage Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Griffin's Garage Limited and state those matters that we have agreed to state to the director of Griffin's Garage Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Griffin's Garage Limited and its director for our work or for this report. |
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It is your duty to ensure that Griffin's Garage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Griffin's Garage Limited. You consider that Griffin's Garage Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Griffin's 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 financial statements. |
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Chartered Accountants |
10 St Ann Street |
Salisbury |
Wiltshire |
SP1 2DN |
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