Company Registration No. 11514919 (England and Wales)
RUBERY GARAGE SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
RUBERY GARAGE SERVICES LTD
COMPANY INFORMATION
Directors
Mr M D Harvey
Mr C L Powell
Company number
11514919
Registered office
11 Whetty Lane
Rednal
Birmingham
B45 9DR
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
47 High Street
Dudley
DY1 1PN
RUBERY GARAGE SERVICES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
RUBERY GARAGE SERVICES LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RUBERY GARAGE SERVICES LTD FOR THE YEAR ENDED 31 AUGUST 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rubery Garage Services Ltd for the year ended 31 August 2022 which comprise, the balance sheet and the related notes 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 Rubery Garage Services Ltd, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rubery Garage Services Ltd
and state those matters that we have agreed to state to the Board of Directors of Rubery Garage Services Ltd, 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 Rubery Garage Services Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Rubery Garage Services Ltd 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 profit of Rubery Garage Services Ltd. You consider that Rubery Garage Services Ltd 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 financial statements of Rubery Garage Services Ltd. 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.
Ormerod Rutter Limited
15 December 2022
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
RUBERY GARAGE SERVICES LTD
BALANCE SHEET
AS AT 31 AUGUST 2022
31 August 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3
3
Tangible assets
4
89,322
97,956
89,325
97,959
Current assets
Stocks
24,820
10,858
Debtors
5
18,882
700
Cash at bank and in hand
16,494
126,153
60,196
137,711
Creditors: amounts falling due within one year
6
(56,565)
(131,137)
Net current assets
3,631
6,574
Total assets less current liabilities
92,956
104,533
Creditors: amounts falling due after more than one year
7
(27,342)
(37,444)
Provisions for liabilities
8
(16,535)
(18,390)
Net assets
49,079
48,699
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
48,979
48,599
Total equity
49,079
48,699
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
RUBERY GARAGE SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2022
31 August 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 December 2022 and are signed on its behalf by:
Mr C L Powell
Director
Company Registration No. 11514919
RUBERY GARAGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 4 -
1
Accounting policies
Company information
Rubery Garage Services Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
11 Whetty Lane, Rednal, Birmingham, B45 9DR.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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.
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:
Plant and equipment
10% on reducing balance
Computer equipment
33% straight line
Motor vehicles
25% on reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
RUBERY GARAGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 5 -
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.
1.6
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.
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.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4
(2021 - 4).
RUBERY GARAGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2021 and 31 August 2022
3
Amortisation and impairment
At 1 September 2021 and 31 August 2022
Carrying amount
At 31 August 2022
3
At 31 August 2021
3
4
Tangible fixed assets
Plant and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2021
125,400
273
125,673
Additions
166
1,500
1,666
At 31 August 2022
125,400
439
1,500
127,339
Depreciation and impairment
At 1 September 2021
27,628
90
27,718
Depreciation charged in the year
9,778
146
375
10,299
At 31 August 2022
37,406
236
375
38,017
Carrying amount
At 31 August 2022
87,994
203
1,125
89,322
At 31 August 2021
97,773
183
97,956
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
230
700
Amounts owed by group undertakings
17,831
Other debtors
821
18,882
700
RUBERY GARAGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,155
10,054
Trade creditors
10,274
9,102
Taxation and social security
34,688
31,413
Other creditors
1,448
80,568
56,565
131,137
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
27,342
37,444
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
16,535
18,390
9
Secured debts
The following secured debts are included within creditors:
2022
2021
£
£
Bank loans
37,497
47,498
Bank loans are secured by way of a government-backed guarantee.
10
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
RUBERY GARAGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 8 -
11
Control
Ultimate parent company
The ultimate parent company is Rubery Garage Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
There is no ultimate controlling party due to no controlling interest in the ultimate parent company.