Company Registration No. 06646231 (England and Wales)
CHEQUERS GARAGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
CHEQUERS GARAGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CHEQUERS GARAGE LIMITED
BALANCE SHEET
AS AT 31 JULY 2018
31 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
31,563
40,366
Tangible assets
4
231,110
236,739
262,673
277,105
Current assets
Stocks
1,780
1,780
Debtors
5
33,731
35,275
Cash at bank and in hand
96,975
49,480
132,486
86,535
Creditors: amounts falling due within one year
6
(123,119)
(91,603)
Net current assets/(liabilities)
9,367
(5,068)
Total assets less current liabilities
272,040
272,037
Creditors: amounts falling due after more than one year
7
(95,753)
(115,734)
Provisions for liabilities
(3,198)
(3,290)
Net assets
173,089
153,013
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
173,088
153,012
Total equity
173,089
153,013
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CHEQUERS GARAGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2018
31 July 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 April 2019
Mr. M. Stenning
Director
Company Registration No. 06646231
CHEQUERS GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
- 3 -
1
Accounting policies
Company information
Chequers Garage Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Chequers Garage, Fullers Road, Aston Tirrold, Didcot, Oxfordshire, OX11 9EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover is recognised
on the date the sales invoice is raised. G
oods
and services provided in the normal course of business
as a garage, and
is shown net of VAT
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
20/50 years straight line basis
Plant and machinery
20% reducing balance method
Fixtures, fittings & equipment
20% reducing balance method
Motor vehicles
20% reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists it is released through the profit and loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
CHEQUERS GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 4 -
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price
. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans
,
are
recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised at transaction price
.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CHEQUERS GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2017 - 6).
CHEQUERS GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2017
58,015
Additions
3,500
At 31 July 2018
61,515
Amortisation and impairment
At 1 August 2017
17,649
Amortisation charged for the year
12,303
At 31 July 2018
29,952
Carrying amount
At 31 July 2018
31,563
At 31 July 2017
40,366
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2017
231,573
61,777
293,350
Additions
-
3,896
3,896
At 31 July 2018
231,573
65,673
297,246
Depreciation and impairment
At 1 August 2017
19,773
36,838
56,611
Depreciation charged in the year
3,944
5,581
9,525
At 31 July 2018
23,717
42,419
66,136
Carrying amount
At 31 July 2018
207,856
23,254
231,110
At 31 July 2017
211,800
24,939
236,739
CHEQUERS GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 7 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
30,355
33,064
Other debtors
3,376
2,211
33,731
35,275
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
21,464
23,682
Trade creditors
46,639
29,198
Corporation tax
9,757
13,613
Other taxation and social security
15,520
13,294
Other creditors
29,739
11,816
123,119
91,603
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
92,565
109,747
Other creditors
3,188
5,987
95,753
115,734
Bank loans are secured against the company assets they were used to purchase, and a fixed and floating charge against company assets.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1 each
1
1
1
1
CHEQUERS GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 8 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
7,793
12,988