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Registration number: 03034439

Slades Garage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Slades Garage Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Slades Garage Limited

(Registration number: 03034439)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,547,479

1,320,858

Current assets

 

Stocks

5

5,000

5,000

Debtors

6

102,122

114,393

Cash at bank and in hand

 

1,023,828

942,549

 

1,130,950

1,061,942

Creditors: Amounts falling due within one year

7

(284,738)

(293,005)

Net current assets

 

846,212

768,937

Total assets less current liabilities

 

2,393,691

2,089,795

Provisions for liabilities

(84,758)

(25,063)

Net assets

 

2,308,933

2,064,732

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Profit and loss account

2,308,833

2,064,632

Total equity

 

2,308,933

2,064,732

 

Slades Garage Limited

(Registration number: 03034439)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

P A J Slade
Director

   
     
 

Slades Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Leach Road
Chard Business Park
Chard
Somerset
TA20 1FA

These financial statements were authorised for issue by the Board on 13 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are accrued on a systematic basis over the period that the related costs are recognised.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Slades Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

25% reducing balance on qualifying items only

Plant and machinery

25% reducing balance and 10% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Slades Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 10 (2022 - 10).

 

Slades Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

1,223,752

289,739

834,475

2,347,966

Additions

-

19,823

350,510

370,333

Disposals

-

(2,449)

(88,462)

(90,911)

At 30 April 2023

1,223,752

307,113

1,096,523

2,627,388

Depreciation

At 1 May 2022

8,518

254,479

764,111

1,027,108

Charge for the year

1,784

13,744

97,598

113,126

Eliminated on disposal

-

(2,345)

(57,980)

(60,325)

At 30 April 2023

10,302

265,878

803,729

1,079,909

Carrying amount

At 30 April 2023

1,213,450

41,235

292,794

1,547,479

At 30 April 2022

1,215,234

35,260

70,364

1,320,858

5

Stocks

2023
£

2022
£

Parts and consumables

5,000

5,000

6

Debtors

2023
£

2022
£

Trade debtors

89,564

100,894

Prepayments

12,558

13,499

102,122

114,393

 

Slades Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

28,610

30,293

Amounts due to related parties

8

172,183

145,407

Social security and other taxes

 

38,287

32,666

Other creditors

 

813

315

Accruals

 

20,325

14,012

Corporation tax liability

24,520

70,312

 

284,738

293,005

8

Related party transactions

Loans from related parties

2023

Key management
£

At start of period

145,407

Advanced

45,816

Repaid

(19,040)

At end of period

172,183

2022

Key management
£

At start of period

121,117

Advanced

45,906

Repaid

(21,616)

At end of period

145,407

Terms of loans from related parties

The loan from key management is repayable on demand and interest is charged at 7.25%.