Company Registration No. 4255807 (England and Wales)
Cottage Street Garage Limited
Unaudited accounts
for the year ended 31 July 2023
Cottage Street Garage Limited
Unaudited accounts
Contents
Cottage Street Garage Limited
Company Information
for the year ended 31 July 2023
Directors
J M B Pettener
A J Morris
Company Number
4255807 (England and Wales)
Registered Office
Cottage Street
Macclesfield
Cheshire
SK11 8DZ
Accountants
Taylor Consultancy, Chartered Certified Accountants
Primary House
Spring Gardens
Macclesfield
Cheshire
SK10 2DX
Cottage Street Garage Limited
Statement of financial position
as at 31 July 2023
Tangible assets
100,371
101,277
Investment property
225,000
225,000
Inventories
392,163
323,411
Cash at bank and in hand
110,074
146,275
Creditors: amounts falling due within one year
(473,302)
(504,222)
Net current assets
507,422
393,750
Total assets less current liabilities
832,793
720,027
Creditors: amounts falling due after more than one year
(18,801)
(28,507)
Provisions for liabilities
Deferred tax
(12,868)
(8,305)
Net assets
801,124
683,215
Called up share capital
100
100
Profit and loss account
801,024
683,115
Shareholders' funds
801,124
683,215
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2024 and were signed on its behalf by
A J Morris
Director
Company Registration No. 4255807
Cottage Street Garage Limited
Notes to the Accounts
for the year ended 31 July 2023
Cottage Street Garage Limited is a private company, limited by shares, registered in England and Wales, registration number 4255807. The registered office is Cottage Street, Macclesfield, Cheshire, SK11 8DZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% per annum on cost
Plant & machinery
20% per annum on cost
Motor vehicles
25% per annum on cost
Fixtures & fittings
20% per annum on cost
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Cottage Street Garage Limited
Notes to the Accounts
for the year ended 31 July 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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 accounts. 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 is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
Cottage Street Garage Limited
Notes to the Accounts
for the year ended 31 July 2023
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2022
88,285
172,313
48,215
37,689
346,502
Additions
-
21,866
-
4,706
26,572
At 31 July 2023
88,285
194,179
48,215
42,395
373,074
At 1 August 2022
30,708
134,243
48,215
32,059
245,225
Charge for the year
8,670
16,009
-
2,799
27,478
At 31 July 2023
39,378
150,252
48,215
34,858
272,703
At 31 July 2023
48,907
43,927
-
7,537
100,371
At 31 July 2022
57,577
38,070
-
5,630
101,277
Fair value at 1 August 2022
225,000
Amounts falling due within one year
Trade debtors
50,055
21,922
Amounts due from group undertakings etc.
416,111
398,011
Accrued income and prepayments
12,321
8,353
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
-
5,247
Trade creditors
194,576
159,460
Taxes and social security
159,931
184,402
Other creditors
21,408
50,594
Loans from directors
15,531
32,280
9
Creditors: amounts falling due after more than one year
2023
2022
Cottage Street Garage Limited
Notes to the Accounts
for the year ended 31 July 2023
Allotted, called up and fully paid:
20 Ordinary shares of £1 each
20
20
20 A Ordinary Shares of £1 each
20
20
20 B Ordinary Shares of £1 each
20
20
20 C Ordinary Shares of £1 each
20
20
20 D Ordinary Shares of £1 each
20
20
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Transactions with related parties
Mr A J Morris & Mr J M B Pettener are shareholders and directors in both Cottage Street Garage Limited and Garden Street Garage Limited
Garden Street Garage Limited charged Cottage Street Garage Limited £24,000 (2022 - £24,000) in the year for the rental of premises
Cottage Street Garage Limited made a loan of £97,126 ( 2022 - £101,100 ) to Garden Street Garage Limited as shown in debtors due within one year. The loan is subject to interest at a commercial rate and is repayable upon demand
Mr A J Morris & Mr J M B Pettener are shareholders and directors in both Cottage Street Garage Limited and Three Shire Defenders Limited
Three Shire Defenders Limited charged Cottage Street Garage Limited £12,000 (2022 - £12,000) in the year for the rental of premises
Cottage Street Garage Limited made a loan of £318,985 ( 2022 - £296,911) to Three Shire Defenders as shown in debtors due within one year. The loan is subject to interest at a commercial rate and is repayable upon demand
12
Average number of employees
During the year the average number of employees was 28 (2022: 23).