David Thomas Garages Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 05903868 (England and Wales)

David Thomas Garages Limited

Unaudited Financial Statements For The Year Ended 30 September 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Thomas

Mrs K Thomas

REGISTERED OFFICE:

Building 15, Gateway 1000

Arlington Business Park

Stevenage

Hertfordshire

SG1 2FP

REGISTERED NUMBER:

05903868 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

374,990

396,022

374,990

396,022

CURRENT ASSETS

Stocks

9,250

9,500

Debtors

6

33,715

40,943

Cash in hand

73

3,245

43,038

53,688

CREDITORS

Amounts falling due within one year

7

(141,209

)

(167,458

)

NET CURRENT LIABILITIES

(98,171

)

(113,770

)

TOTAL ASSETS LESS CURRENT

LIABILITIES

276,819

282,252

CREDITORS

Amounts falling due after more than one

year

8

(236,934

)

(251,154

)

PROVISIONS FOR LIABILITIES

(3,319

)

(3,246

)

NET ASSETS

36,566

27,852

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

36,466

27,752

SHAREHOLDERS' FUNDS

36,566

27,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 13 June 2018 and were signed on its behalf by:

Mr D Thomas - Director

Mrs K Thomas - Director

1.	STATUTORY INFORMATION

David Thomas Garages 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.

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.

Turnover

The turnover shown in the profit and loss account represents goods and services sold during the year, exclusive

of Value Added Tax. Income is recognised on despatch.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

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.

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.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2016 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2016

and 30 September 2017

100,000

AMORTISATION

At 1 October 2016

and 30 September 2017

100,000

NET BOOK VALUE

At 30 September 2017

-

At 30 September 2016

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

machinery

£

COST

At 1 October 2016

338,747

13,058

83,726

Additions

-

2,045

At 30 September 2017

338,747

13,058

85,771

DEPRECIATION

At 1 October 2016

-

58,168

Charge for year

6,775

261

6,389

Eliminated on disposal

-

At 30 September 2017

6,775

261

64,557

NET BOOK VALUE

At 30 September 2017

331,972

12,797

21,214

At 30 September 2016

338,747

13,058

25,558

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST

At 1 October 2016

3,580

65,149

7,675

511,935

Additions

-

2,045

Disposals

-

(14,000

)

-

(14,000

)

At 30 September 2017

3,580

51,149

7,675

499,980

DEPRECIATION

At 1 October 2016

3,013

47,492

7,240

115,913

Charge for year

142

2,894

218

16,679

Eliminated on disposal

-

(7,602

)

-

(7,602

)

At 30 September 2017

3,155

42,784

7,458

124,990

NET BOOK VALUE

At 30 September 2017

425

8,365

217

374,990

At 30 September 2016

567

17,657

435

396,022

The net book value of tangible fixed assets includes £NIL (2016 - £ 16,105 ) in respect of assets held under hire

purchase contracts.

11.	TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1

October 2015.

No transitional adjustments were required in equity or profit or loss for the year.