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Company No: 12275671 (England and Wales)

DANEHURST (THE GARAGE) LIMITED

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

DANEHURST (THE GARAGE) LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

DANEHURST (THE GARAGE) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
DANEHURST (THE GARAGE) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
2023 2022
£ £
Current assets
Debtors 4 6,671,480 2,724,665
Cash at bank and in hand 124,422 14,301,411
6,795,902 17,026,076
Creditors: amounts falling due within one year 5 ( 247,762) ( 10,255,814)
Net current assets 6,548,140 6,770,262
Total assets less current liabilities 6,548,140 6,770,262
Net assets 6,548,140 6,770,262
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 6,548,139 6,770,261
Total shareholder's funds 6,548,140 6,770,262

For the financial year ending 31 August 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 Danehurst (The Garage) Limited (registered number: 12275671) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

B T Bratland
Director

08 January 2024

DANEHURST (THE GARAGE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
DANEHURST (THE GARAGE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Danehurst (The 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 Aztec House, 397 - 405 Archway Road, London, N6 4EY, England, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the profit and loss account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the statement of comprehensive income.

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 Statement of Financial Position date.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies and preference shares that are classified as debt and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities are classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

4. Debtors

2023 2022
£ £
Trade debtors 0 453,489
Amounts owed by Parent undertakings 4,355,000 755,000
Amounts owed by related parties 2,265,577 0
VAT recoverable 461 1,487,644
Corporation tax 50,442 0
Other debtors 0 28,532
6,671,480 2,724,665

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,295 21,977
Taxation and social security 0 1,588,775
Other creditors 245,467 8,645,062
247,762 10,255,814

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts due from parent company 4,355,000 755,000

Transactions with the entity's directors

2023 2022
£ £
Direct costs charge by a director of the company 0 10,400

Other related party transactions

2023 2022
£ £
Amounts due from other related parties 2,265,577 0
Amounts owed to other related parties 242,367 8,619,310
Direct costs charged by other related parties 0 7,523,752

8. Ultimate controlling party

Parent Company:

Danehurst Limited
Aztec House, 397 - 405 Archway Road, London, United Kingdom, N6 4EY