Registered number
07045643
Slade Garage Limited
Filleted Accounts
31 March 2023
Slade Garage Limited
Registered number: 07045643
Balance Sheet
as at 31 March 2023
Notes 2023 2021
£ £
Fixed assets
Tangible assets 3 1,598 1,997
Current assets
Stocks 86,920 76,221
Debtors 4 301,980 300,655
Cash at bank and in hand 380,809 481,994
769,709 858,870
Creditors: amounts falling due within one year 5 (625,640) (815,127)
Net current assets 144,069 43,743
Total assets less current liabilities 145,667 45,740
Creditors: amounts falling due after more than one year 6 (130,478) (45,563)
Net assets 15,189 177
Capital and reserves
Called up share capital 2 2
Profit and loss account 15,187 175
Shareholder's funds 15,189 177
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D. Till
Director
Approved by the board on 16 August 2023
Slade Garage Limited
Notes to the Accounts
for the period from 1 November 2021 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2021
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021 11,249
At 31 March 2023 11,249
Depreciation
At 1 November 2021 9,252
Charge for the period 399
At 31 March 2023 9,651
Net book value
At 31 March 2023 1,598
At 31 October 2021 1,997
4 Debtors 2023 2021
£ £
Trade debtors 279,478 280,655
Other debtors 22,502 20,000
301,980 300,655
5 Creditors: amounts falling due within one year 2023 2021
£ £
Trade creditors 476,211 443,639
Taxation and social security costs 32,559 12,348
Other creditors 116,870 359,140
625,640 815,127
6 Creditors: amounts falling due after one year 2023 2021
£ £
Bank loans 30,478 45,563
Other creditors 100,000 -
130,478 45,563
7 Off-balance sheet arrangements
The company undertakes to sell cars on behalf of its clients and earns commissions for so doing. The cars concerned are not the property of the company and as such are not included in stock.
8 Loans from directors
Description and conditions B/fwd Introduced Withdrawn C/fwd
£ £ £ £
D. Till
Amount due to the director at the balance sheet date 109,553 10,000 (2,683) 116,870
109,553 10,000 (2,683) 116,870
9 Related party transactions
Dividends amounting to £58,722 were payable to the directors.
10 Controlling party
The company is controlled by the director and sole shareholder Mr D. Till.
11 Other information
Slade Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Slades Garage
Church Road
Penn
Bucks
HP10 8LY
Slade Garage Limited 07045643 false 2021-11-01 2023-03-31 2023-03-31 VT Final Accounts April 2022 D. Till No description of principal activity 07045643 2020-11-01 2021-10-31 07045643 core:WithinOneYear 2021-10-31 07045643 core:AfterOneYear 2021-10-31 07045643 core:ShareCapital 2021-10-31 07045643 core:RetainedEarningsAccumulatedLosses 2021-10-31 07045643 2021-11-01 2023-03-31 07045643 bus:PrivateLimitedCompanyLtd 2021-11-01 2023-03-31 07045643 bus:AuditExemptWithAccountantsReport 2021-11-01 2023-03-31 07045643 bus:Director40 2021-11-01 2023-03-31 07045643 1 2021-11-01 2023-03-31 07045643 2 2021-11-01 2023-03-31 07045643 core:PlantMachinery 2021-11-01 2023-03-31 07045643 bus:Director1 2021-11-01 2023-03-31 07045643 bus:Director1 1 2021-11-01 2023-03-31 07045643 countries:England 2021-11-01 2023-03-31 07045643 bus:FRS102 2021-11-01 2023-03-31 07045643 bus:FullAccounts 2021-11-01 2023-03-31 07045643 2023-03-31 07045643 core:WithinOneYear 2023-03-31 07045643 core:AfterOneYear 2023-03-31 07045643 core:ShareCapital 2023-03-31 07045643 core:RetainedEarningsAccumulatedLosses 2023-03-31 07045643 core:PlantMachinery 2023-03-31 07045643 bus:Director1 1 2023-03-31 07045643 2021-10-31 07045643 core:PlantMachinery 2021-10-31 07045643 bus:Director1 1 2021-10-31 iso4217:GBP xbrli:pure