Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr W Turner 18/10/2012 17 October 2023 The principal activity of the company continued to be that of the repair and maintenance of motor vehicles. 00528415 2023-01-31 00528415 bus:Director1 2023-01-31 00528415 2022-01-31 00528415 core:CurrentFinancialInstruments 2023-01-31 00528415 core:CurrentFinancialInstruments 2022-01-31 00528415 core:ShareCapital 2023-01-31 00528415 core:ShareCapital 2022-01-31 00528415 core:OtherCapitalReserve 2023-01-31 00528415 core:OtherCapitalReserve 2022-01-31 00528415 core:RetainedEarningsAccumulatedLosses 2023-01-31 00528415 core:RetainedEarningsAccumulatedLosses 2022-01-31 00528415 core:LandBuildings 2022-01-31 00528415 core:InvestmentPropertyIncludedWithinPPE 2022-01-31 00528415 core:OtherPropertyPlantEquipment 2022-01-31 00528415 core:LandBuildings 2023-01-31 00528415 core:InvestmentPropertyIncludedWithinPPE 2023-01-31 00528415 core:OtherPropertyPlantEquipment 2023-01-31 00528415 2022-02-01 2023-01-31 00528415 bus:FullAccounts 2022-02-01 2023-01-31 00528415 bus:SmallEntities 2022-02-01 2023-01-31 00528415 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 00528415 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 00528415 bus:Director1 2022-02-01 2023-01-31 00528415 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 00528415 2021-02-01 2022-01-31 00528415 core:LandBuildings 2022-02-01 2023-01-31 00528415 core:InvestmentPropertyIncludedWithinPPE 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 00528415 (England and Wales)

PETRE GARAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

PETRE GARAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023

Contents

PETRE GARAGE LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PETRE GARAGE LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
DIRECTOR Mr W Turner
SECRETARY Mr W Turner
REGISTERED OFFICE 63 Rogersfield
Langho
Blackburn
BB6 8HD
United Kingdom
COMPANY NUMBER 00528415 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
PETRE GARAGE LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2023
PETRE GARAGE LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 339,335 42,170
339,335 42,170
Current assets
Stocks 4,500 2,000
Debtors 4 2,953 2,170
Cash at bank and in hand 357,961 354,514
365,414 358,684
Creditors: amounts falling due within one year 5 ( 123,080) ( 129,002)
Net current assets 242,334 229,682
Total assets less current liabilities 581,669 271,852
Provision for liabilities ( 38,540) ( 4,567)
Net assets 543,129 267,285
Capital and reserves
Called-up share capital 3,500 3,500
Other reserves 300,000 0
Profit and loss account 239,629 263,785
Total shareholders' funds 543,129 267,285

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Petre Garage Limited (registered number: 00528415) were approved and authorised for issue by the Director on 17 October 2023. They were signed on its behalf by:

Mr W Turner
Director
PETRE GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PETRE GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Petre Garage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 63 Rogersfield, Langho, Blackburn, BB6 8HD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Investment property not depreciated
Other property, plant and equipment 10 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 5

3. Tangible assets

Land and buildings Investment property Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 February 2022 157,930 0 166,250 324,180
Additions 0 300,000 0 300,000
Disposals 0 0 ( 6,600) ( 6,600)
At 31 January 2023 157,930 300,000 159,650 617,580
Accumulated depreciation
At 01 February 2022 141,699 0 140,311 282,010
Charge for the financial year 0 0 2,636 2,636
Disposals 0 0 ( 6,401) ( 6,401)
At 31 January 2023 141,699 0 136,546 278,245
Net book value
At 31 January 2023 16,231 300,000 23,104 339,335
At 31 January 2022 16,231 0 25,939 42,170

Investment properties

Investment properties, which are all freehold, were introduced in the year at the fair value at 31 January 2023. Based on the current market rate, the investment properties have been valued at £300,000.

4. Debtors

2023 2022
£ £
Trade debtors 2,953 2,170

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,238 1,139
Taxation and social security 4,506 8,577
Other creditors 117,336 119,286
123,080 129,002