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REGISTERED NUMBER: 06476826 (England and Wales)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

MALVERN GARAGE LTD

MALVERN GARAGE LTD (REGISTERED NUMBER: 06476826)

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


MALVERN GARAGE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: S J Churchill
Mrs E U Churchill





SECRETARY: Mrs E U Churchill





REGISTERED OFFICE: 3 Durrant Road
Bournemouth
Dorset
BH2 6NE





REGISTERED NUMBER: 06476826 (England and Wales)





ACCOUNTANTS: Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

MALVERN GARAGE LTD (REGISTERED NUMBER: 06476826)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 120,000 138,000
Tangible assets 5 56,568 40,664
176,568 178,664

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 6 90,629 95,020
Cash at bank and in hand 79,915 85,498
172,544 182,518
CREDITORS
Amounts falling due within one year 7 113,235 152,492
NET CURRENT ASSETS 59,309 30,026
TOTAL ASSETS LESS CURRENT
LIABILITIES

235,877

208,690

CREDITORS
Amounts falling due after more than one
year

8

(20,000

)

(30,000

)

PROVISIONS FOR LIABILITIES (5,445 ) (2,456 )
NET ASSETS 210,432 176,234

MALVERN GARAGE LTD (REGISTERED NUMBER: 06476826)

BALANCE SHEET - continued
31 MAY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 210,430 176,232
SHAREHOLDERS' FUNDS 210,432 176,234

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.

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 16 October 2023 and were signed on its behalf by:





S J Churchill - Director


MALVERN GARAGE LTD (REGISTERED NUMBER: 06476826)

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


1. STATUTORY INFORMATION

Malvern Garage 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.

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 represents services provided during the year exclusive of VAT.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

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.

MALVERN GARAGE LTD (REGISTERED NUMBER: 06476826)

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 12 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 June 2022
and 31 May 2023 480,000 9,070 489,070
AMORTISATION
At 1 June 2022 342,000 9,070 351,070
Amortisation for year 18,000 - 18,000
At 31 May 2023 360,000 9,070 369,070
NET BOOK VALUE
At 31 May 2023 120,000 - 120,000
At 31 May 2022 138,000 - 138,000

MALVERN GARAGE LTD (REGISTERED NUMBER: 06476826)

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


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2022 23,173 151,521 12,891
Additions 9,840 14,910 7,298
At 31 May 2023 33,013 166,431 20,189
DEPRECIATION
At 1 June 2022 2,317 143,310 9,720
Charge for year 3,302 6,614 3,293
At 31 May 2023 5,619 149,924 13,013
NET BOOK VALUE
At 31 May 2023 27,394 16,507 7,176
At 31 May 2022 20,856 8,211 3,171

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2022 31,848 18,253 237,686
Additions - - 32,048
At 31 May 2023 31,848 18,253 269,734
DEPRECIATION
At 1 June 2022 27,323 14,352 197,022
Charge for year 1,838 1,097 16,144
At 31 May 2023 29,161 15,449 213,166
NET BOOK VALUE
At 31 May 2023 2,687 2,804 56,568
At 31 May 2022 4,525 3,901 40,664

MALVERN GARAGE LTD (REGISTERED NUMBER: 06476826)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,156 9,826
Other debtors 81,473 85,194
90,629 95,020

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 33,909 59,113
Taxation and social security 61,797 55,597
Other creditors 7,529 27,782
113,235 152,492

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 20,000 30,000

9. RELATED PARTY DISCLOSURES

S J Churchill Ltd

A company under common control.

Non interest bearing loan on which no terms of repayment have been agreed. The amount due from S J Churchill Ltd at the balance sheet date was £81,405 (2022 - £85,194).


Bickerley Garage Ringwood Ltd

A company in which Mr Churchill is the sole director and shareholder.

Non interest bearing loan on which no terms of repayment have been agreed. The amount due to Bickerley Garage Ringwood Ltd at the balance sheet date was £nil (2022 - £20,536).