Garage Door Associates Limited 01274674 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is garage door franchisor Digita Accounts Production Advanced 6.30.9574.0 true true true 01274674 2022-06-01 2023-05-31 01274674 2023-05-31 01274674 bus:OrdinaryShareClass1 2023-05-31 01274674 core:CurrentFinancialInstruments 2023-05-31 01274674 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 01274674 bus:SmallEntities 2022-06-01 2023-05-31 01274674 bus:Audited 2022-06-01 2023-05-31 01274674 bus:FullAccounts 2022-06-01 2023-05-31 01274674 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 01274674 bus:RegisteredOffice 2022-06-01 2023-05-31 01274674 bus:CompanySecretary1 2022-06-01 2023-05-31 01274674 bus:Director2 2022-06-01 2023-05-31 01274674 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 01274674 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 01274674 core:ParentEntities 2022-06-01 2023-05-31 01274674 1 2022-06-01 2023-05-31 01274674 countries:EnglandWales 2022-06-01 2023-05-31 01274674 2021-06-01 2022-05-31 01274674 2022-05-31 01274674 bus:OrdinaryShareClass1 2022-05-31 01274674 core:CurrentFinancialInstruments 2022-05-31 01274674 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01274674

Garage Door Associates Limited

Filleted Financial Statements

for the Year Ended 31 May 2023

 

Garage Door Associates Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Garage Door Associates Limited

Company Information

Director

Mr J Wright

Company secretary

Mr JC Suart

Registered office

Genesis House
Priestley Way
Crawley
West Sussex
RH10 9PR

Auditors

Carter Nicholls Ltd
Chartered Accountants
Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

 

Garage Door Associates Limited

(Registration number: 01274674)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

94,480

86,968

Cash at bank and in hand

 

433

174

 

94,913

87,142

Creditors: Amounts falling due within one year

5

(1,605)

(540)

Net assets

 

93,308

86,602

Capital and reserves

 

Called up share capital

6

800

800

Retained earnings

92,508

85,802

Shareholders' funds

 

93,308

86,602

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 February 2024
 

.........................................
Mr J Wright
Director

 

Garage Door Associates Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Genesis House
Priestley Way
Crawley
West Sussex
RH10 9PR
United Kingdom

These financial statements were authorised for issue by the director on 21 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 21 February 2024 was Stephen Dewar Potter, who signed for and on behalf of Carter Nicholls Ltd.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Garage Door Associates Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

13,616

7,303

Amounts owed by related parties

7

80,768

79,665

Other debtors

 

96

-

   

94,480

86,968

 

Garage Door Associates Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,605

395

Other creditors

-

145

1,605

540

 

Garage Door Associates Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

800

800

800

800

         

7

Related party transactions

Summary of transactions with parent

The company's parent company is Access Garage Doors Ltd.
 

8

Parent and ultimate parent undertaking

The company's immediate parent is Access Garage Doors Limited, incorporated in England.