Birway Garage Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01146566 (England and Wales)

BIRWAY GARAGE LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs P M Hammonds

C Hammonds

A Hammonds

P R Hammonds

SECRETARY:

C Hammonds

REGISTERED OFFICE:

59-61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

REGISTERED NUMBER:

01146566 (England and Wales)

ACCOUNTANTS:

Michael Dufty Partnership Limited

59-61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

FIXED ASSETS

Tangible assets

4

749,430

904,720

CURRENT ASSETS

Stocks

89,595

96,934

Debtors

5

577,863

521,431

Cash at bank

73,516

126,038

740,974

744,403

CREDITORS

Amounts falling due within one year

6

864,991

847,363

NET CURRENT LIABILITIES

(124,017

)

(102,960

)

TOTAL ASSETS LESS CURRENT LIABILITIES

625,413

801,760

CREDITORS

Amounts falling due after more than one year

7

(311,568

)

(470,799

)

PROVISIONS FOR LIABILITIES

(42,605

)

(62,045

)

NET ASSETS

271,240

268,916

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

271,238

268,914

SHAREHOLDERS' FUNDS

271,240

268,916

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9 October 2018 and were signed on its behalf by:

A Hammonds - Director

1.	STATUTORY INFORMATION

Birway Garage Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's principal activity is that of the maintenance and repair of motor vehicles and haulier.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2017 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2017

40,800

33,640

1,775,131

10,526

1,860,097

Additions

-

-

56,049

653

56,702

Disposals

-

-

(78,217

)

-

(78,217

)

At 31 March 2018

40,800

33,640

1,752,963

11,179

1,838,582

DEPRECIATION

At 1 April 2017

25,634

23,230

896,784

9,729

955,377

Charge for year

1,619

1,563

161,876

797

165,855

Eliminated on disposal

-

-

(32,080

)

-

(32,080

)

At 31 March 2018

27,253

24,793

1,026,580

10,526

1,089,152

NET BOOK VALUE

At 31 March 2018

13,547

8,847

726,383

653

749,430

At 31 March 2017

15,166

10,410

878,347

797

904,720

The net book value of tangible fixed assets includes £ 331,980 (2017 - £ 464,330 ) in respect of assets held under

hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

504,682

506,325

Prepayments

73,181

15,106

577,863

521,431

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

175,119

232,179

Trade creditors

194,770

199,598

Amounts owed to group undertakings

39,202

66,195

Social security and other taxes

45,803

18,016

VAT

83,859

8,110

Other creditors

(3,838

)

1,010

Invoice finance

319,046

299,970

Accrued expenses

11,030

22,285

864,991

847,363

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 2-5 years

44,993

63,244

Hire purchase contracts

266,575

407,555

311,568

470,799

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

441,694

639,734

The bank borrowings are secured by a debenture over the company's assets and a cross guarantee with other

group companies. The hire purchase liability is secured on the asset to which the finance relates.

9.	CONTINGENT LIABILITIES

The company is party to a cross guarantee with the parent company and other subsidiaries for the group's

banking facilities.

10.	ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party, due to no shareholder owning more than 50% of parent

company's issued shares.