2022-06-012023-05-312023-05-31false05112824Stort Mill Garage 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Stort Mill Garage Limited

Registered Number
05112824
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

Stort Mill Garage Limited
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

Longmore, Jason Adam

Company Secretary

GILCHRISTS COMPANY SECRETARIAL SERVICES LIMITED

Registered Address

Unit 2 Station Road
Braughing
Ware
SG11 2PB

Registered Number

05112824 (England and Wales)
Stort Mill Garage Limited
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets51,577,6852,677,920
Investment property6860,162460,000
2,437,8473,137,920
Current assets
Debtors7563,112450,028
Cash at bank and on hand1,501,9501,049,252
2,065,0621,499,280
Creditors amounts falling due within one year8735,7151,013,355
Net current assets (liabilities)1,329,347485,925
Total assets less current liabilities3,767,1943,623,845
Creditors amounts falling due after one year9544,531829,710
Provisions for liabilities11(111,314)(296,471)
Net assets3,111,3492,497,664
Capital and reserves
Called up share capital100100
Profit and loss account3,111,2492,497,564
Shareholders' funds3,111,3492,497,664
The financial statements were approved and authorised for issue by the Director on 2 August 2023, and are signed on its behalf by:
Longmore, Jason Adam
Director
Registered Company No. 05112824
Stort Mill Garage Limited
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
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 and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Investment property policy
Investment property is shown at it's most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
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 and operations policy
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.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year2229
5.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 June 22860,824159,7123,272,289159,91616,6194,469,360
Additions-2,500160,765--163,265
Disposals--(1,969,875)(129,690)-(2,099,565)
Transfers---3,680-3,680
At 31 May 23860,824162,2121,463,17933,90616,6192,536,740
Depreciation and impairment
At 01 June 22-68,8781,701,50711,7739,2821,791,440
Charge for year-13,982153,1143,3181,101171,515
On disposals--(1,003,900)--(1,003,900)
At 31 May 23-82,860850,72115,09110,383959,055
Net book value
At 31 May 23860,82479,352612,45818,8156,2361,577,685
At 31 May 22860,82490,8341,570,782148,1437,3372,677,920
6.Investment property

£
Fair value at 01 June 22460,000
Additions400,162
At 31 May 23860,162
7.Debtors

2023

2022

££
Trade debtors / trade receivables493,196365,696
Other debtors27,59327,593
Prepayments and accrued income42,32356,739
Total563,112450,028
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.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables126,59488,164
Bank borrowings and overdrafts46,83350,947
Taxation and social security439,488148,859
Finance lease and HP contracts58,903199,683
Other creditors59,397391,513
Accrued liabilities and deferred income4,500134,189
Total735,7151,013,355
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.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts515,030587,691
Other creditors29,501242,019
Total544,531829,710
Long 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.
10.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts29,501242,019
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)111,314296,471
Total111,314296,471