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
North London Garages GTA
Statement of financial position
as at 30 September 2023
Tangible assets
20,536
29,400
Cash at bank and in hand
(2,883)
20,357
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)
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
North London Garages GTA
Notes to the Accounts
for the year ended 30 September 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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.
The accounts are presented in £ sterling.
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 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.
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 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.
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
At 30 September 2023
43,099
78,399
85,157
5,179
211,834
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
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
Amounts falling due within one year
Trade debtors
125,148
137,001
Accrued income and prepayments
-
55,365
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
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
7
Creditors: amounts falling due after more than one year
2023
2022
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.
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
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Average number of employees
During the year the average number of employees was 14 (2022: 14).