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Registered number: 6543046
Griffs Garage Limited
Financial Statements
For The Year Ended 31 March 2024
Paul Costello Acccountancy Ltd.
Penycastell Farm Bryn
Port Talbot
Neath Port Talbot
SA13 2PY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 6543046
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 122,500 140,000
Tangible Assets 5 1,228 1,534
123,728 141,534
CURRENT ASSETS
Stocks 6 4,250 4,250
Debtors 7 7,231 5,949
Cash at bank and in hand 354,887 358,031
366,368 368,230
Creditors: Amounts Falling Due Within One Year 8 (304,236 ) (339,830 )
NET CURRENT ASSETS (LIABILITIES) 62,132 28,400
TOTAL ASSETS LESS CURRENT LIABILITIES 185,860 169,934
NET ASSETS 185,860 169,934
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 185,760 169,834
SHAREHOLDERS' FUNDS 185,860 169,934
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Malcolm Griffiths
Director
02/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Griffs Garage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 6543046 . The registered office is Penycastell Farm, Bryn, Port Talbot, West Glamorgan, SA13 2PY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Fixtures & Fittings 20% reducing balance
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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Page 4
2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Manufacturing 3 3
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 350,000
As at 31 March 2024 350,000
Amortisation
As at 1 April 2023 210,000
Provided during the period 17,500
As at 31 March 2024 227,500
Net Book Value
As at 31 March 2024 122,500
As at 1 April 2023 140,000
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 11,586 250 11,836
As at 31 March 2024 11,586 250 11,836
Depreciation
As at 1 April 2023 10,094 208 10,302
Provided during the period 298 8 306
As at 31 March 2024 10,392 216 10,608
Net Book Value
As at 31 March 2024 1,194 34 1,228
As at 1 April 2023 1,492 42 1,534
6. Stocks
2024 2023
£ £
Materials 4,250 4,250
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,524 5,526
Other debtors 707 707
Pension scheme prepayments - (284 )
7,231 5,949
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,182 17,122
Corporation tax 8,147 8,813
Other taxes and social security 1,081 -
VAT 3,568 4,247
Accruals and deferred income 4,500 4,500
Director's loan account 271,758 305,148
304,236 339,830
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 100 each 100 100
10. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 1,000 2,000
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr M Griffiths by virtue of his ownership of 100% of the issued share capital in the company.
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