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Company Registration No. 4255807 (England and Wales)
Cottage Street Garage Limited Unaudited accounts for the year ended 31 July 2023
Cottage Street Garage Limited Unaudited accounts Contents
Page
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Cottage Street Garage Limited Company Information for the year ended 31 July 2023
Directors
J M B Pettener A J Morris
Company Number
4255807 (England and Wales)
Registered Office
Cottage Street Macclesfield Cheshire SK11 8DZ
Accountants
Taylor Consultancy, Chartered Certified Accountants Primary House Spring Gardens Macclesfield Cheshire SK10 2DX
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Cottage Street Garage Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
100,371 
101,277 
Investment property
225,000 
225,000 
325,371 
326,277 
Current assets
Inventories
392,163 
323,411 
Debtors
478,487 
428,286 
Cash at bank and in hand
110,074 
146,275 
980,724 
897,972 
Creditors: amounts falling due within one year
(473,302)
(504,222)
Net current assets
507,422 
393,750 
Total assets less current liabilities
832,793 
720,027 
Creditors: amounts falling due after more than one year
(18,801)
(28,507)
Provisions for liabilities
Deferred tax
(12,868)
(8,305)
Net assets
801,124 
683,215 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
801,024 
683,115 
Shareholders' funds
801,124 
683,215 
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2024 and were signed on its behalf by
A J Morris Director Company Registration No. 4255807
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Cottage Street Garage Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
Cottage Street Garage Limited is a private company, limited by shares, registered in England and Wales, registration number 4255807. The registered office is Cottage Street, Macclesfield, Cheshire, SK11 8DZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% per annum on cost
Plant & machinery
20% per annum on cost
Motor vehicles
25% per annum on cost
Fixtures & fittings
20% per annum on cost
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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Cottage Street Garage Limited Notes to the Accounts for the year ended 31 July 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 August 2022
50,267 
At 31 July 2023
50,267 
Amortisation
At 1 August 2022
50,267 
At 31 July 2023
50,267 
Net book value
At 31 July 2023
- 
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Cottage Street Garage Limited Notes to the Accounts for the year ended 31 July 2023
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 August 2022
88,285 
172,313 
48,215 
37,689 
346,502 
Additions
- 
21,866 
- 
4,706 
26,572 
At 31 July 2023
88,285 
194,179 
48,215 
42,395 
373,074 
Depreciation
At 1 August 2022
30,708 
134,243 
48,215 
32,059 
245,225 
Charge for the year
8,670 
16,009 
- 
2,799 
27,478 
At 31 July 2023
39,378 
150,252 
48,215 
34,858 
272,703 
Net book value
At 31 July 2023
48,907 
43,927 
- 
7,537 
100,371 
At 31 July 2022
57,577 
38,070 
- 
5,630 
101,277 
6
Investment property
2023 
£ 
Fair value at 1 August 2022
225,000 
At 31 July 2023
225,000 
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
50,055 
21,922 
Amounts due from group undertakings etc.
416,111 
398,011 
Accrued income and prepayments
12,321 
8,353 
478,487 
428,286 
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
VAT
70,471 
60,854 
Obligations under finance leases and hire purchase contracts
- 
5,247 
Trade creditors
194,576 
159,460 
Taxes and social security
159,931 
184,402 
Other creditors
21,408 
50,594 
Loans from directors
15,531 
32,280 
Accruals
1,385 
1,385 
473,302 
504,222 
9
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
18,801 
28,507 
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Cottage Street Garage Limited Notes to the Accounts for the year ended 31 July 2023
10
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
20 Ordinary shares of £1 each
20 
20 
20 A Ordinary Shares of £1 each
20 
20 
20 B Ordinary Shares of £1 each
20 
20 
20 C Ordinary Shares of £1 each
20 
20 
20 D Ordinary Shares of £1 each
20 
20 
100 
100 
11
Transactions with related parties
Mr A J Morris & Mr J M B Pettener are shareholders and directors in both Cottage Street Garage Limited and Garden Street Garage Limited Garden Street Garage Limited charged Cottage Street Garage Limited £24,000 (2022 - £24,000) in the year for the rental of premises Cottage Street Garage Limited made a loan of £97,126 ( 2022 - £101,100 ) to Garden Street Garage Limited as shown in debtors due within one year. The loan is subject to interest at a commercial rate and is repayable upon demand Mr A J Morris & Mr J M B Pettener are shareholders and directors in both Cottage Street Garage Limited and Three Shire Defenders Limited Three Shire Defenders Limited charged Cottage Street Garage Limited £12,000 (2022 - £12,000) in the year for the rental of premises Cottage Street Garage Limited made a loan of £318,985 ( 2022 - £296,911) to Three Shire Defenders as shown in debtors due within one year. The loan is subject to interest at a commercial rate and is repayable upon demand
12
Average number of employees
During the year the average number of employees was 28 (2022: 23).
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