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Company No: 06311416 (England and Wales)

BUSBY STOOP GARAGE LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

BUSBY STOOP GARAGE LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

BUSBY STOOP GARAGE LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2023
BUSBY STOOP GARAGE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2023
DIRECTORS Catherine Ross
Wayne Anthony Sowden
SECRETARY Catherine Ross
REGISTERED OFFICE Busby Stoop Garage
Busby Stoop
Thirsk
YO7 4EQ
United Kingdom
COMPANY NUMBER 06311416 (England and Wales)
ACCOUNTANT Morrell Middleton Auditors Ltd
Chartered Certified Accountants
Wellington House
Aviator Court
York
YO30 4UZ
BANKERS Natwest Bank Plc
BUSBY STOOP GARAGE LIMITED

BALANCE SHEET

As at 31 July 2023
BUSBY STOOP GARAGE LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 154,727 182,327
Investments 5 4 4
154,731 182,331
Current assets
Stocks 6 88,551 206,478
Debtors
- due within one year 7 113,593 121,806
- due after more than one year 7 44,391 139,175
Cash at bank and in hand 8 48,896 94,016
295,431 561,475
Creditors: amounts falling due within one year 9 ( 230,750) ( 438,263)
Net current assets 64,681 123,212
Total assets less current liabilities 219,412 305,543
Creditors: amounts falling due after more than one year 10 ( 51,253) ( 182,841)
Provision for liabilities 11 0 ( 25,929)
Net assets 168,159 96,773
Capital and reserves
Called-up share capital 12 4 4
Profit and loss account 168,155 96,769
Total shareholders' funds 168,159 96,773

For the financial 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.

Directors' responsibilities:

The financial statements of Busby Stoop Garage Limited (registered number: 06311416) were approved and authorised for issue by the Board of Directors on 31 January 2024. They were signed on its behalf by:

Wayne Anthony Sowden
Director
BUSBY STOOP GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
BUSBY STOOP GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

Busby Stoop 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 Busby Stoop Garage, Busby Stoop, Thirsk, YO7 4EQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

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:

Leasehold improvements 15 % reducing balance
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 3 years straight line

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.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 10

3. Dividends on equity shares

2023 2022
£ £
Amounts recognised as distributions to equity holders in the financial year:
18,000 54,400

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 August 2022 21,023 213,400 44,816 29,447 24,644 333,330
Additions 0 1,250 5,900 0 0 7,150
At 31 July 2023 21,023 214,650 50,716 29,447 24,644 340,480
Accumulated depreciation
At 01 August 2022 4,505 82,421 19,762 24,360 19,955 151,003
Charge for the financial year 2,478 19,819 7,001 763 4,689 34,750
At 31 July 2023 6,983 102,240 26,763 25,123 24,644 185,753
Net book value
At 31 July 2023 14,040 112,410 23,953 4,324 0 154,727
At 31 July 2022 16,518 130,979 25,054 5,087 4,689 182,327

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 August 2022 4
At 31 July 2023 4
Carrying value at 31 July 2023 4
Carrying value at 31 July 2022 4

6. Stocks

2023 2022
£ £
Stocks 38,551 111,478
Work in progress 50,000 95,000
88,551 206,478

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

7. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 108,602 110,889
Other debtors 4,991 10,917
113,593 121,806
Debtors: amounts falling due after more than one year
Other debtors 44,391 139,175

8. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 48,896 94,016

9. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 69,088 0
Trade creditors 105,326 189,063
Taxation and social security 62,969 55,594
Other creditors ( 6,633) 193,606
230,750 438,263

10. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 51,253 182,841

There are no amounts included above in respect of which any security has been given by the small entity.

11. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 25,929) ( 25,929)
Credited to the Profit and Loss Account 25,929 0
At the end of financial year 0 ( 25,929)

12. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4