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REGISTERED NUMBER: 10411947 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Foregate Garage Ltd

Foregate Garage Ltd (Registered number: 10411947)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Foregate Garage Ltd

Company Information
for the Year Ended 31 October 2023







Directors: P Bailey
G Bailey





Registered office: 123 St Marks Road
Chester
CH4 8DF





Registered number: 10411947 (England and Wales)





Accountants: Ellis & Co
Chartered Accountants
114-120 Northgate Street
Chester
CH1 2HT

Foregate Garage Ltd (Registered number: 10411947)

Statement of Financial Position
31 October 2023

31/10/23 31/10/22
Notes £    £    £    £   
Fixed assets
Intangible assets 4 53,527 69,997
Tangible assets 5 23,998 30,171
77,525 100,168

Current assets
Stocks 6,200 4,920
Debtors 6 32,005 21,825
Cash at bank and in hand 12,104 19,149
50,309 45,894
Creditors
Amounts falling due within one year 7 73,365 79,971
Net current liabilities (23,056 ) (34,077 )
Total assets less current liabilities 54,469 66,091

Creditors
Amounts falling due after more than
one year

8

(47,412

)

(49,292

)

Provisions for liabilities 10 (6,000 ) (7,543 )
Net assets 1,057 9,256

Capital and reserves
Called up share capital 100 100
Retained earnings 957 9,156
Shareholders' funds 1,057 9,256

Foregate Garage Ltd (Registered number: 10411947)

Statement of Financial Position - continued
31 October 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by:





G Bailey - Director


Foregate Garage Ltd (Registered number: 10411947)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. Statutory information

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

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.

Turnover
Turnover 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 the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures, fittings & equipment - 25% on cost
Motor vehicles - 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foregate Garage Ltd (Registered number: 10411947)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements are prepared on the going concern basis on the assumption that the company's creditors will continue to provide financial support to enable the company to meet its current liabilities, which exceeded its current assets at 31 October 2023.

Foregate Garage Ltd (Registered number: 10411947)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. Employees and directors

The average number of employees during the year was 7 (2022 - 7 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 November 2022
and 31 October 2023 164,700
Amortisation
At 1 November 2022 94,703
Amortisation for year 16,470
At 31 October 2023 111,173
Net book value
At 31 October 2023 53,527
At 31 October 2022 69,997

5. Tangible fixed assets
Fixtures,
Plant and fittings Motor
machinery & equipment vehicles Totals
£    £    £    £   
Cost
At 1 November 2022 34,916 4,031 21,942 60,889
Additions 2,742 233 - 2,975
At 31 October 2023 37,658 4,264 21,942 63,864
Depreciation
At 1 November 2022 21,200 4,031 5,487 30,718
Charge for year 4,976 58 4,114 9,148
At 31 October 2023 26,176 4,089 9,601 39,866
Net book value
At 31 October 2023 11,482 175 12,341 23,998
At 31 October 2022 13,716 - 16,455 30,171

6. Debtors: amounts falling due within one year
31/10/23 31/10/22
£    £   
Trade debtors 32,005 21,825

Foregate Garage Ltd (Registered number: 10411947)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. Creditors: amounts falling due within one year
31/10/23 31/10/22
£    £   
Bank loans and overdrafts 4,000 4,000
Hire purchase contracts 1,664 7,396
Trade creditors 14,456 20,694
Taxation and social security 40,348 30,577
Other creditors 12,897 17,304
73,365 79,971

8. Creditors: amounts falling due after more than one year
31/10/23 31/10/22
£    £   
Bank loans 9,667 13,667
Hire purchase contracts 10,245 4,125
Other creditors 27,500 31,500
47,412 49,292

9. Secured debts

The following secured debts are included within creditors:

31/10/23 31/10/22
£    £   
Hire purchase contracts 11,909 11,521

Hire purchase contracts are secured on the underlying asset.

10. Provisions for liabilities
31/10/23 31/10/22
£    £   
Deferred tax
Accelerated capital allowances 6,000 7,543

Deferred
tax
£   
Balance at 1 November 2022 7,543
Credit to Statement of Income and Retained Earnings during
year

(1,543

)
Balance at 31 October 2023 6,000

Foregate Garage Ltd (Registered number: 10411947)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

11. Lease commitments

At 31 October 2023 the company had total commitments under non-cancellable operating leases of £109,500 (2022: £146,000). The amount payable within one year in
respect of these leases was £36,500 (2022: £36,500).