Company Registration No. 03344173 (England and Wales)
BEAULIEU GARAGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
BEAULIEU GARAGE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BEAULIEU GARAGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
126,244
157,570
Current assets
Stocks
169,426
164,756
Debtors
5
144,599
18,135
Cash at bank and in hand
81,934
83,174
395,959
266,065
Creditors: amounts falling due within one year
6
(99,446)
(69,715)
Net current assets
296,513
196,350
Total assets less current liabilities
422,757
353,920
Creditors: amounts falling due after more than one year
7
(511,129)
(511,129)
Net liabilities
(88,372)
(157,209)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(88,374)
(157,211)
Total equity
(88,372)
(157,209)
BEAULIEU GARAGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 3 -
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 March 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.
The financial statements were approved by the board of directors and authorised for issue on 30 March 2023 and are signed on its behalf by:
Mr K Harmer
Director
Company Registration No. 03344173
The notes on pages 4 to 8 form part of these financial statements
BEAULIEU GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
Beaulieu Garage Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
10 Bridge Street, Christchurch, Dorset, BH23 1EF.
The business address is Lyndhurst Road, Beaulieu, Brockenhurst, Hampshire SO42 7YE.
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
pound
.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors' have confirmed
their continued support of the company.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes.
1.4
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business over its estimated useful life has
been fully amortised.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any
accumulated amortisation and any accumulated impairment losses.
1.5
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:
Short leasehold improvements
10% on cost
Plant and machinery
20% on cost
BEAULIEU GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
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
.
1.6
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, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Work in progress is measured at the lower of cost and net realisable value.
Stock is measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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
.
1.10
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
s
asset are consumed.
1.11
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.
BEAULIEU GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
50,000
Amortisation and impairment
At 1 April 2021 and 31 March 2022
50,000
Carrying amount
At 31 March 2022
At 31 March 2021
4
Tangible fixed assets
Short leasehold
Plant and machinery
Total
£
£
£
Cost
At 1 April 2021 and 31 March 2022
306,529
45,913
352,442
Depreciation and impairment
At 1 April 2021
151,559
43,313
194,872
Depreciation charged in the year
30,653
673
31,326
At 31 March 2022
182,212
43,986
226,198
Carrying amount
At 31 March 2022
124,317
1,927
126,244
At 31 March 2021
154,970
2,600
157,570
BEAULIEU GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
97,233
6,100
Amounts owed by group undertakings
13,395
Other debtors
33,971
12,035
144,599
18,135
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
82,277
63,378
Amounts owed to group undertakings
13,500
Taxation and social security
2,920
Other creditors
3,669
3,417
99,446
69,715
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
511,129
511,129
8
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:
2022
2021
£
£
50,000
75,000
9
Related party transactions
The director Mr K Harmer has given assurance that his directors loan account balance of £511,129 (
2021 -
£511,129), will not be withdrawn within the next twelve months.
BEAULIEU GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
10
Parent company
The ultimate controlling party is Mr K Harmer.
The company's immediate parent is New Forest Classic Cars Limited, incorporated in England and Wales
.