Company registration number 00547557 (England and Wales)
LION GARAGE (BEDLINGTON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
LION GARAGE (BEDLINGTON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LION GARAGE (BEDLINGTON) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
685,344
644,821
Investment property
4
619,887
619,887
1,305,231
1,264,708
Current assets
Debtors
5
21,973
34,015
Cash at bank and in hand
17,947
76,915
39,920
110,930
Creditors: amounts falling due within one year
6
(301,432)
(258,409)
Net current liabilities
(261,512)
(147,479)
Total assets less current liabilities
1,043,719
1,117,229
Creditors: amounts falling due after more than one year
7
(71,877)
(100,391)
Provisions for liabilities
(102,552)
(97,436)
Net assets
869,290
919,402
Capital and reserves
Called up share capital
8
5,500
5,500
Profit and loss reserves
863,790
913,902
Total equity
869,290
919,402

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

LION GARAGE (BEDLINGTON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 February 2024 and are signed on its behalf by:
R. Coulson
Director
Company Registration No. 00547557
LION GARAGE (BEDLINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Lion Garage (Bedlington) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Front Street West, Bedlington, Northumberland, United Kingdom, NE22 5TZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Not depreciated
Plant and machinery
20% to 33% Straight line
Fixtures, fittings & equipment
20% to 33% Straight line
Motor vehicles
20% Straight line

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LION GARAGE (BEDLINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2022
986,978
37,000
35,224
22,513
1,081,715
Additions
66,752
-
0
-
0
-
0
66,752
Disposals
-
0
-
0
-
0
(9,916)
(9,916)
At 31 August 2023
1,053,730
37,000
35,224
12,597
1,138,551
Depreciation and impairment
At 1 September 2022
369,553
36,998
14,954
15,389
436,894
Depreciation charged in the year
20,793
-
0
1,301
997
23,091
Eliminated in respect of disposals
-
0
-
0
-
0
(6,778)
(6,778)
At 31 August 2023
390,346
36,998
16,255
9,608
453,207
Carrying amount
At 31 August 2023
663,384
2
18,969
2,989
685,344
At 31 August 2022
617,425
2
20,270
7,124
644,821
LION GARAGE (BEDLINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 September 2022 and 31 August 2023
619,887

Investment property comprises of residential properties for rent. The fair value of the investment property has been arrived at on the basis of a desktop review by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties in the surrounding area.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,983
15,017
Other debtors
14,990
18,998
21,973
34,015
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
16,924
16,230
Trade creditors
11,704
9,049
Corporation tax
-
0
1,335
Other taxation and social security
1,831
1,694
Other creditors
270,973
230,101
301,432
258,409
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
30,305
35,071
Other creditors
41,572
65,320
71,877
100,391
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
2,300
2,300
2,300
2,300
B Ordinary Shares of £1 each
3,200
3,200
3,200
3,200
5,500
5,500
5,500
5,500
LION GARAGE (BEDLINGTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
8
Called up share capital
(Continued)
- 6 -

The company's ordinary shares were converted on 4th April 2017 into A and B Ordinary shares.

2023-08-312022-09-01false19 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityR. CoulsonD.M. CoulsonR. Coulson (Jnr)J.S. CoulsonMrs D M Coulsonfalse005475572022-09-012023-08-31005475572023-08-31005475572022-08-3100547557core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-3100547557core:PlantMachinery2023-08-3100547557core:FurnitureFittings2023-08-3100547557core:MotorVehicles2023-08-3100547557core:LandBuildingscore:OwnedOrFreeholdAssets2022-08-3100547557core:PlantMachinery2022-08-3100547557core:FurnitureFittings2022-08-3100547557core:MotorVehicles2022-08-3100547557core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3100547557core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3100547557core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3100547557core:Non-currentFinancialInstrumentscore:AfterOneYear2022-08-3100547557core:CurrentFinancialInstruments2023-08-3100547557core:CurrentFinancialInstruments2022-08-3100547557core:Non-currentFinancialInstruments2023-08-3100547557core:Non-currentFinancialInstruments2022-08-3100547557core:ShareCapital2023-08-3100547557core:ShareCapital2022-08-3100547557core:RetainedEarningsAccumulatedLosses2023-08-3100547557core:RetainedEarningsAccumulatedLosses2022-08-3100547557core:ShareCapitalOrdinaryShares2023-08-3100547557core:ShareCapitalOrdinaryShares2022-08-3100547557bus:Director12022-09-012023-08-3100547557core:LandBuildingscore:OwnedOrFreeholdAssets2022-09-012023-08-3100547557core:PlantMachinery2022-09-012023-08-3100547557core:FurnitureFittings2022-09-012023-08-3100547557core:MotorVehicles2022-09-012023-08-31005475572021-09-012022-08-3100547557core:LandBuildingscore:OwnedOrFreeholdAssets2022-08-3100547557core:PlantMachinery2022-08-3100547557core:FurnitureFittings2022-08-3100547557core:MotorVehicles2022-08-31005475572022-08-3100547557core:WithinOneYear2023-08-3100547557core:WithinOneYear2022-08-3100547557bus:PrivateLimitedCompanyLtd2022-09-012023-08-3100547557bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-3100547557bus:FRS1022022-09-012023-08-3100547557bus:AuditExemptWithAccountantsReport2022-09-012023-08-3100547557bus:Director22022-09-012023-08-3100547557bus:Director32022-09-012023-08-3100547557bus:Director42022-09-012023-08-3100547557bus:CompanySecretary12022-09-012023-08-3100547557bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP