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Company Registration No. 5586971 (England and Wales)
North London Garages GTA Unaudited accounts for the year ended 30 September 2023
North London Garages GTA Unaudited accounts Contents
Page
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North London Garages GTA Statement of financial position as at 30 September 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
20,536 
29,400 
Current assets
Debtors
125,148 
192,366 
Cash at bank and in hand
(2,883)
20,357 
122,265 
212,723 
Creditors: amounts falling due within one year
(101,943)
(121,347)
Net current assets
20,322 
91,376 
Total assets less current liabilities
40,858 
120,776 
Creditors: amounts falling due after more than one year
(16,677)
(30,000)
Net assets
24,181 
90,776 
Reserves
Profit and loss account
24,181 
90,776 
Members' funds
24,181 
90,776 
For the year ending 30 September 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 director acknowledges his 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 and authorised for issue on 17 July 2024 and were signed on its behalf by
Colin Denton Director Company Registration No. 5586971
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North London Garages GTA Notes to the Accounts for the year ended 30 September 2023
1
Statutory information
North London Garages GTA is a private company, limited by guarantee, registered in England and Wales, registration number 5586971. The registered office is Redburn Industrial Estate, 39 Wooddall Road, Ponders End Enfield, EN3 4LQ.
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.
Going concern
The company has identified shortfalls in our core business model and the wider aspects of commercial business development. The focus will be on Apprenticeships and there will be no further Traineeship delivery from August 2023, the current profile of 90 apprentice starts across the year is achievable and will give the income and stability the company needs following the removal of Traineeships. The need to work with a corporate employer with greater numbers of learners was achieved in 2021/22, and 30 new apprentices will start their programme in September & October 23. The company has also identified that the Level 2 apprenticeship programme duration is too long, and a new programme will increase achievements and reduce the early dropout rate. Commercial training outside of the ESFA, is also targeting corporate employers for Hybrid and Electric Vehicle training, and discussions with one of the Emergency Services is underway, the SME training offer will also continue. The ESFA Boot Camp, has still to be researched for viability of delivery under Green Skills, and the North London Garages TV series “Classic Car Garage” will continue to attract new apprenticeship applicants and employers. This strategy has been implemented to increase revenue and apprenticeship numbers and reduce the prospective loss for 2023, it will also include streamlining the business. The director reviewed the company's current and future financial position, its cash flows and liquidity position. These have been prepared with a very prudent view of the likely gradual recovery in each of the company's operating channels and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the company to continue to trade during this period. In managing the cash flows, the company has received £50,000 in funding through the Coronavirus Business Interruption Loan Scheme (CBILS) and taken other actions to address short and longer-term liquidity, including reducing the company's overhead base and taking advantage of the UK Job Retention Scheme. The director considers it appropriate to prepare the financial statements on a going-concern basis.
Presentation currency
The accounts are presented in £ sterling.
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North London Garages GTA Notes to the Accounts for the year ended 30 September 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight line over term of lease
Plant & machinery
25% Reducing balance
Fixtures & fittings
25% Reducing balance
Computer equipment
33.33% Straight line
Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Revenue 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.
Pensions
Defined contribution pension plan. The company operates a defined contribution scheme for the benefit of its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payment obligations. The Contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other comprehensive income or directly in equity respectively. Current or deferred taxation assets and liabilities are not discounted. Current tax Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Director(s) periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
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North London Garages GTA Notes to the Accounts for the year ended 30 September 2023
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 October 2022
43,099 
78,399 
85,157 
4,779 
211,434 
Additions
- 
- 
- 
400 
400 
At 30 September 2023
43,099 
78,399 
85,157 
5,179 
211,834 
Depreciation
At 1 October 2022
27,820 
72,989 
77,121 
4,104 
182,034 
Charge for the year
4,310 
1,353 
2,009 
1,592 
9,264 
At 30 September 2023
32,130 
74,342 
79,130 
5,696 
191,298 
Net book value
At 30 September 2023
10,969 
4,057 
6,027 
(517)
20,536 
At 30 September 2022
15,279 
5,410 
8,036 
675 
29,400 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
125,148 
137,001 
Accrued income and prepayments
- 
55,365 
125,148 
192,366 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
VAT
1,463 
2,267 
Trade creditors
50,688 
79,099 
Taxes and social security
12,315 
12,161 
Other creditors
29,005 
11,957 
Loans from directors
(1,528)
5,863 
101,943 
121,347 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
16,677 
27,500 
Other creditors
- 
2,500 
16,677 
30,000 
8
Company limited by guarantee
The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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North London Garages GTA Notes to the Accounts for the year ended 30 September 2023
9
Operating lease commitments
2023 
2022 
£ 
£ 
At 30 September 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
77,459 
77,459 
Later than one year and not later than five years
290,845 
301,203 
Later than five years
11,183 
78,283 
379,487 
456,945 
10
Average number of employees
During the year the average number of employees was 14 (2022: 14).
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