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REGISTERED NUMBER: 02891852 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE GARAGE EQUIPMENT ASSOCIATION LIMITED
COMPANY LIMITED BY GUARANTEE

THE GARAGE EQUIPMENT ASSOCIATION LIMITED (REGISTERED NUMBER: 02891852)
COMPANY LIMITED BY GUARANTEE

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


THE GARAGE EQUIPMENT ASSOCIATION LIMITED
COMPANY LIMITED BY GUARANTEE

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: N A Ebbs
J E Woods
R T R Tabor
C M G Hodder
T J Lewis
J M Upton



SECRETARY: J E Woods



REGISTERED OFFICE: 2/3 Church Walk
Daventry
Northamptonshire
NN11 4BL



REGISTERED NUMBER: 02891852 (England and Wales)



ACCOUNTANTS: DNG Dove Naish LLP
Eagle House
28 Billing Road
Northampton
NN1 5AJ



BANKERS: HSBC
29 Bowen Square
Daventry
Northamptonshire
NN11 4ER

THE GARAGE EQUIPMENT ASSOCIATION LIMITED (REGISTERED NUMBER: 02891852)
COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,346 3,128
Tangible assets 5 97,111 101,483
99,457 104,611

CURRENT ASSETS
Debtors 6 6,697 2,492
Cash at bank and in hand 493,808 440,326
500,505 442,818
CREDITORS
Amounts falling due within one year 7 21,694 12,339
NET CURRENT ASSETS 478,811 430,479
TOTAL ASSETS LESS CURRENT
LIABILITIES

578,268

535,090

RESERVES
Retained earnings 578,268 535,090
578,268 535,090

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:




N A Ebbs - Director


THE GARAGE EQUIPMENT ASSOCIATION LIMITED (REGISTERED NUMBER: 02891852)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

The Garage Equipment Association Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Office equipment - 20% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

THE GARAGE EQUIPMENT ASSOCIATION LIMITED (REGISTERED NUMBER: 02891852)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
The company contributes to the personal pension schemes of certain employees. Contributions are charged to the profit and loss account when paid.

THE GARAGE EQUIPMENT ASSOCIATION LIMITED (REGISTERED NUMBER: 02891852)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 3,910
AMORTISATION
At 1 January 2023 782
Charge for year 782
At 31 December 2023 1,564
NET BOOK VALUE
At 31 December 2023 2,346
At 31 December 2022 3,128

5. TANGIBLE FIXED ASSETS
Freehold Office Motor Computer
property equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 134,873 18,419 9,148 22,391 184,831
Additions - 291 - - 291
Disposals - (522 ) (1,042 ) - (1,564 )
At 31 December 2023 134,873 18,188 8,106 22,391 183,558
DEPRECIATION
At 1 January 2023 38,188 15,359 8,561 21,240 83,348
Charge for year 2,698 693 261 669 4,321
Eliminated on disposal - (506 ) (716 ) - (1,222 )
At 31 December 2023 40,886 15,546 8,106 21,909 86,447
NET BOOK VALUE
At 31 December 2023 93,987 2,642 - 482 97,111
At 31 December 2022 96,685 3,060 587 1,151 101,483

THE GARAGE EQUIPMENT ASSOCIATION LIMITED (REGISTERED NUMBER: 02891852)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,661 1,058
VAT - 276
Prepayments and accrued income 2,036 1,158
6,697 2,492

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,811 3,404
Tax 1,965 335
Social security and other taxes 3,535 4,062
VAT 1,122 -
Other creditors 493 -
Accruals and deferred income 11,768 4,538
21,694 12,339

8. COMPANY LIMITED BY GUARANTEE

The Garage Equipment Association Limited, being a company Limited by Guarantee and not having a share capital, has the following clause included in its Memorandum and Article of Association:-

That every member of the company undertakes to contribute to the assets of the company in the event of the same being wound-up during the time he is a member, or within one year afterwards, for paying off the debts and liabilities of the company contracted before the time at which he ceased to be a member and the costs, charges and expenses of winding-up the same and for the adjustment of the rights of the contributories amongst themselves such amount as may be required not to exceed £1.

The directors estimate that at 31 December 2023, the guarantees totalled £137 (2022: £132).