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REGISTERED NUMBER: 06237335 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

BRIXHAM GARAGE LIMITED

BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BRIXHAM GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr R M Soper
Mr L M Swift



REGISTERED OFFICE: Brixham Garage & Body Repair Centre
Yalberton Road
Paignton
Devon
TQ4 7PJ



REGISTERED NUMBER: 06237335 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: HSBC
14 Fore Street
St Marychurch
Torquay
TQ1 4ND

BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 101,486 2,041
Tangible assets 5 65,504 46,480
166,990 48,521

CURRENT ASSETS
Stocks 6 1,171 467
Debtors 7 132,065 70,887
Cash at bank and in hand 126,047 281,028
259,283 352,382
CREDITORS
Amounts falling due within one year 8 201,036 181,195
NET CURRENT ASSETS 58,247 171,187
TOTAL ASSETS LESS CURRENT LIABILITIES 225,237 219,708

CREDITORS
Amounts falling due after more than one
year

9

(118,456

)

(150,988

)

PROVISIONS FOR LIABILITIES (15,963 ) (8,448 )
NET ASSETS 90,818 60,272

CAPITAL AND RESERVES
Called up share capital 10 4
Retained earnings 90,808 60,268
SHAREHOLDERS' FUNDS 90,818 60,272

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

BALANCE SHEET - continued
31 MAY 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:




Mr L M Swift - Director



Mr R M Soper - Director


BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Brixham 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.

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a second business in 2023, is being amortised evenly over its estimated useful life of 10 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.

Software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% 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 Statement of Income and Retained Earnings, 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.


BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued
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
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 15 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill Software Totals
£    £    £   
COST
At 1 June 2022 100,000 3,245 103,245
Additions 110,000 1,675 111,675
At 31 May 2023 210,000 4,920 214,920
AMORTISATION
At 1 June 2022 100,000 1,204 101,204
Amortisation for year 11,000 1,230 12,230
At 31 May 2023 111,000 2,434 113,434
NET BOOK VALUE
At 31 May 2023 99,000 2,486 101,486
At 31 May 2022 - 2,041 2,041

BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2022 108,335 7,744 36,389 152,468
Additions 30,249 5,000 - 35,249
At 31 May 2023 138,584 12,744 36,389 187,717
DEPRECIATION
At 1 June 2022 69,570 5,179 31,239 105,988
Charge for year 13,803 1,135 1,287 16,225
At 31 May 2023 83,373 6,314 32,526 122,213
NET BOOK VALUE
At 31 May 2023 55,211 6,430 3,863 65,504
At 31 May 2022 38,765 2,565 5,150 46,480

6. STOCKS
2023 2022
£    £   
Stocks 1,171 467

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 129,913 69,887
Prepayments 2,152 1,000
132,065 70,887

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 42,471 43,866
Trade creditors 76,896 63,237
Tax 37,707 33,503
Social security and other taxes 5,675 2,119
VAT 33,032 22,455
Other creditors 1,203 -
Directors' current accounts 608 13,583
Accrued expenses 3,444 2,432
201,036 181,195

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 118,456 150,988

BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 160,927 194,854

11. OTHER FINANCIAL COMMITMENTS

At 31 May 2023, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £119,204 (2022 £115,811).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr L M Swift
Balance outstanding at start of year (149 ) (734 )
Amounts advanced 68,313 55,085
Amounts repaid (68,300 ) (54,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (136 ) (149 )

Mr R M Soper
Balance outstanding at start of year (13,434 ) (3,958 )
Amounts advanced 68,761 45,024
Amounts repaid (55,800 ) (54,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (473 ) (13,434 )

Loans are unsecured, interest free and repayable on demand.

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £76,600 were paid to the directors .

14. GOVERMENT GUARENTEED LOAN

The bank loan of £30,765 is a COVID-19 Bounce Back Loan, guaranteed by the government. Term runs to 14 May 2026.