The Garage In The Village Ltd Filleted accounts for Companies House (small and micro)

THE GARAGE IN THE VILLAGE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08072889

The Garage In The Village Ltd

Filleted Unaudited Financial Statements

31 May 2021

The Garage In The Village Ltd

Statement of Financial Position

31 May 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		17,373	15,363

Current assets

Stocks	6	46,803	–
Debtors	7	10,964	42,745
Cash at bank and in hand		35,652	11,175
		--------	--------
		93,419	53,920

Creditors: amounts falling due within one year	8	99,400		52,820
		--------		--------
Net current (liabilities)/assets			( 5,981)	1,100
			--------	--------
Total assets less current liabilities			11,392	16,463
			--------	--------
Net assets			11,392	16,463
			--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	11,292	16,363
	--------	--------
Shareholders funds	11,392	16,463
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

The Garage In The Village Ltd

Statement of Financial Position (continued)

31 May 2021

These financial statements were approved by the board of directors and authorised for issue on 10 August 2021 , and are signed on behalf of the board by:

Mrs K Dolman
Director

Company registration number: 08072889

The Garage In The Village Ltd

Notes to the Financial Statements

Year ended 31 May 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 483 Birmingham Road, Marlbrook, Bromsgrove, Worcestershire, B61 0HZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2020: 3 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 June 2020	25,054	2,500	27,554
Additions	7,800	–	7,800
	--------	-------	--------
At 31 May 2021	32,854	2,500	35,354
	--------	-------	--------
Depreciation
At 1 June 2020	9,941	2,250	12,191
Charge for the year	5,728	62	5,790
	--------	-------	--------
At 31 May 2021	15,669	2,312	17,981
	--------	-------	--------
Carrying amount
At 31 May 2021	17,185	188	17,373
	--------	-------	--------
At 31 May 2020	15,113	250	15,363
	--------	-------	--------

6. Stocks

	2021	2020
	£	£
Work in progress	46,803	–
	--------	----

7. Debtors

	2021	2020
	£	£
Trade debtors	5,000	6,000
Other debtors	5,964	36,745
	--------	--------
	10,964	42,745
	--------	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	26,250	–
Trade creditors	2,040	4,940
Corporation tax	1,739	2,462
Social security and other taxes	15,791	7,496
Other creditors	53,580	37,922
	--------	--------
	99,400	52,820
	--------	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mrs K Dolman	( 35,222)	21,367	( 13,855)
	--------	--------	--------

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mrs K Dolman	( 60,238)	25,016	( 35,222)
	--------	--------	--------

10. Related party transactions

The company was under the control of Mrs K Dolman throughout the current and previous year. Mrs K Dolman is the managing director and majority shareholder. The company during the year loaned £38,575 to The Bespoke Autoworks Ltd, a company owned by A and Mrs K Dolman . At the year end the company was owed £38,575.