Registered number
10246537
Calton Road Garage Limited
Filleted Accounts
30 June 2023
Calton Road Garage Limited
Registered number: 10246537
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 5,400 7,200
Tangible assets 4 6,840 3,750
12,240 10,950
Current assets
Stocks 25,000 25,932
Debtors 5 9,923 15,924
Cash at bank and in hand 5,241 4,290
40,164 46,146
Creditors: amounts falling due within one year 6 (61,255) (58,844)
Net current liabilities (21,091) (12,698)
Net liabilities (8,851) (1,748)
Capital and reserves
Called up share capital 100 100
Profit and loss account (8,951) (1,848)
Shareholders' funds (8,851) (1,748)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J A Smith
Director
Approved by the board on 31 July 2023
Calton Road Garage Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 18,000
At 30 June 2023 18,000
Amortisation
At 1 July 2022 10,800
Provided during the year 1,800
At 30 June 2023 12,600
Net book value
At 30 June 2023 5,400
At 30 June 2022 7,200
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2022 3,220 6,500 9,720
Additions 6,955 - 6,955
Disposals (3,220) - (3,220)
At 30 June 2023 6,955 6,500 13,455
Depreciation
At 1 July 2022 2,720 3,250 5,970
Charge for the year 2,240 1,625 3,865
On disposals (3,220) - (3,220)
At 30 June 2023 1,740 4,875 6,615
Net book value
At 30 June 2023 5,215 1,625 6,840
At 30 June 2022 500 3,250 3,750
5 Debtors 2023 2022
£ £
Trade debtors 2,150 3,651
Directors loan account - 4,500
Other debtors 7,773 7,773
9,923 15,924
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 51,924 36,856
Taxation and social security costs 3,905 2,040
Directors loan account 1,936 -
Other creditors 3,490 19,948
61,255 58,844
7 Controlling party
The company is controlled by the directors.
8 Other information
Calton Road Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
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