Registered number
03787087
Crown Cars Garage Limited
Unaudited Filleted Accounts
31 October 2023
Crown Cars Garage Limited
Registered number: 03787087
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 177,160 177,218
Current assets
Stocks 374,672 344,072
Debtors 4 55,034 34,603
429,706 378,675
Creditors: amounts falling due within one year 5 (225,652) (185,096)
#NAME? 204,054 193,579
Total assets less current liabilities 381,214 370,797
Creditors: amounts falling due after more than one year 6 (25,058) (35,058)
#NAME? 356,156 335,739
Capital and reserves
Called up share capital 2 2
Profit and loss account 356,154 335,737
Shareholders' funds 356,156 335,739
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.
T Fletcher
Director
Approved by the board on 29 July 2024
Crown Cars Garage Limited
Notes to the Accounts
for the year ended 31 October 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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 145,878 164,103 11,500 321,481
Additions 10,043 - 3,000 13,043
At 31 October 2023 155,921 164,103 14,500 334,524
Depreciation
At 1 November 2022 32,212 106,555 5,496 144,263
Charge for the year 3,118 8,632 1,351 13,101
At 31 October 2023 35,330 115,187 6,847 157,364
Net book value
At 31 October 2023 120,591 48,916 7,653 177,160
At 31 October 2022 113,666 57,548 6,004 177,218
4 Debtors 2023 2022
£ £
Trade debtors 55,034 34,603
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 70,399 11,069
Trade creditors 32,252 86,795
Taxation and social security costs 95,121 54,835
Other creditors 27,880 32,397
225,652 185,096
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,058 35,058
7 Other information
Crown Cars Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
798 Manchester Road, Stocksbridge, Sheffield, S36 1EA
Stocksbridge
Sheffield
S36 1EA
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