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REGISTERED NUMBER: 05535405 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2021

for

Garageflex Ltd

Garageflex Ltd (Registered number: 05535405)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Garageflex Ltd

Company Information
for the Year Ended 31 December 2021







DIRECTORS: R W Stone





REGISTERED OFFICE: Unit 7a
Westfield Farm
Henley Road
Medmenham
Buckinghamshire
SL7 2HE





REGISTERED NUMBER: 05535405 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
5a Frascati Way
Maidenhead
Berkshire
SL6 4UY

Garageflex Ltd (Registered number: 05535405)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 34,080 25,396
34,080 25,396

CURRENT ASSETS
Stocks 69,686 62,049
Debtors 6 72,445 71,250
Cash at bank 238,509 177,047
380,640 310,346
CREDITORS
Amounts falling due within one year 7 (198,474 ) (191,727 )
NET CURRENT ASSETS 182,166 118,619
TOTAL ASSETS LESS CURRENT LIABILITIES 216,246 144,015

CREDITORS
Amounts falling due after more than one
year

8

(44,554

)

(78,702

)

PROVISIONS FOR LIABILITIES (5,777 ) (4,975 )
NET ASSETS 165,915 60,338

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 165,914 60,337
SHAREHOLDERS' FUNDS 165,915 60,338

Garageflex Ltd (Registered number: 05535405)

Balance Sheet - continued
31 December 2021


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 6 September 2022 and were signed on its behalf by:





R W Stone - Director


Garageflex Ltd (Registered number: 05535405)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Garageflex Ltd 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 (£).


2. ACCOUNTING POLICIES

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

The accounts have been prepared on a going concern basis as the director believes that the company has sufficient financing available to it for the foreseeable future, that is at least 12 months from the date of approval of these accounts, to meet its obligations as the fall due.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised when the service takes place or when the goods are despatched.

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.

Computer software is being amortised evenly over its estimated useful life of 4 years.

Garageflex Ltd (Registered number: 05535405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

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
Motor vehicles - 33% on cost and 25% on cost

Tangible fixed assets are stated at cost less depreciation.

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

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 5 (2020 - 5 ) .

Garageflex Ltd (Registered number: 05535405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2021
and 31 December 2021 6,375
AMORTISATION
At 1 January 2021
and 31 December 2021 6,375
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021 77,910
Additions 17,492
Disposals (6,417 )
At 31 December 2021 88,985
DEPRECIATION
At 1 January 2021 52,514
Charge for year 8,808
Eliminated on disposal (6,417 )
At 31 December 2021 54,905
NET BOOK VALUE
At 31 December 2021 34,080
At 31 December 2020 25,396

Garageflex Ltd (Registered number: 05535405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2021
and 31 December 2021 23,990
DEPRECIATION
At 1 January 2021 2,499
Charge for year 5,997
At 31 December 2021 8,496
NET BOOK VALUE
At 31 December 2021 15,494
At 31 December 2020 21,491

6. DEBTORS
31.12.21 31.12.20
£    £   
Amounts falling due within one year:
Trade debtors 34,164 17,025
Other debtors 24,281 50,975
58,445 68,000

Amounts falling due after more than one year:
Other debtors 14,000 3,250

Aggregate amounts 72,445 71,250

Garageflex Ltd (Registered number: 05535405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts 9,457 -
Hire purchase contracts 4,518 4,518
Trade creditors 46,609 64,268
Taxation and social security 76,364 40,935
Other creditors 61,526 82,006
198,474 191,727

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans 37,400 67,029
Hire purchase contracts 7,154 11,673
44,554 78,702

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Bank loans 46,857 67,029

Bank loans are secured by a fixed and floating charge over the company's assets.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R W Stone.