Company Registration No. 00547557 (England and Wales)
LION GARAGE (BEDLINGTON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
LION GARAGE (BEDLINGTON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LION GARAGE (BEDLINGTON) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2021
31 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
328,413
344,473
Investment properties
4
852,867
619,887
1,181,280
964,360
Current assets
Stocks
161,163
245,053
Debtors
5
31,667
44,465
Cash at bank and in hand
19,957
52,136
212,787
341,654
Creditors: amounts falling due within one year
6
(267,682)
(212,086)
Net current (liabilities)/assets
(54,895)
129,568
Total assets less current liabilities
1,126,385
1,093,928
Creditors: amounts falling due after more than one year
7
(118,056)
(103,594)
Provisions for liabilities
(92,809)
(93,032)
Net assets
915,520
897,302
Capital and reserves
Called up share capital
8
5,500
5,500
Profit and loss reserves
910,020
891,802
Total equity
915,520
897,302
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 2021 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.
LION GARAGE (BEDLINGTON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2021
31 August 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 May 2022 and are signed on its behalf by:
R. Coulson
Director
Company Registration No. 00547557
LION GARAGE (BEDLINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 3 -
1
Accounting policies
Company information
Lion Garage (Bedlington) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
15 Front Street West, Bedlington, Northumberland, United Kingdom, NE22 5TZ.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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
Not depreciated
Plant and machinery
20% to 33% Straight line
Fixtures, fittings & equipment
20% to 33% Straight line
Motor vehicles
20% Straight line
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
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Work in progress
Work in progress is valued at the cost of long term contracts plus any attributable profit. Where there are transactions which are gradually performed over time, attributable profit is recognised as the contract activity progresses to reflect the partial performance of the contractual obligations by reference to the value of the work performed.
LION GARAGE (BEDLINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 4 -
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.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
5
5
LION GARAGE (BEDLINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 5 -
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2020
647,265
37,000
33,710
22,513
740,488
Additions
1,514
1,514
At 31 August 2021
647,265
37,000
35,224
22,513
742,002
Depreciation and impairment
At 1 September 2020
337,088
36,998
12,080
9,849
396,015
Depreciation charged in the year
12,835
1,573
3,166
17,574
At 31 August 2021
349,923
36,998
13,653
13,015
413,589
Carrying amount
At 31 August 2021
297,342
2
21,571
9,498
328,413
At 31 August 2020
310,177
2
21,630
12,664
344,473
4
Investment property
2021
£
Fair value
At 1 September 2020
619,887
Additions
232,980
At 31 August 2021
852,867
Investment property comprises of residential properties for rent. The fair value of the investment property has been arrived at on the basis of a desktop review by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties in the surrounding area.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
12,682
15,767
Other debtors
18,985
28,698
31,667
44,465
LION GARAGE (BEDLINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
4,568
1,406
Trade creditors
239
16,426
Corporation tax
9,769
15,542
Other taxation and social security
6,493
9,729
Other creditors
246,613
168,983
267,682
212,086
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
39,656
43,594
Other creditors
78,400
60,000
118,056
103,594
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
2,300
2,300
2,300
2,300
B Ordinary Shares of £1 each
3,200
3,200
3,200
3,200
5,500
5,500
5,500
5,500
The company's ordinary shares were converted on 4th April 2017 into A and B Ordinary shares.