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Company registration number: 09465811
Marshall's Garage (Fallowfield) Ltd
Unaudited filleted financial statements
31 March 2024
Marshall's Garage (Fallowfield) Ltd
Contents
Statement of financial position
Notes to the financial statements
Marshall's Garage (Fallowfield) Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 7 - -
Tangible assets 8 213,442 215,516
_______ _______
213,442 215,516
Current assets
Stocks 1,000 900
Debtors 9 317 562
Cash at bank and in hand 94,359 64,230
_______ _______
95,676 65,692
Creditors: amounts falling due
within one year 10 ( 45,120) ( 41,423)
_______ _______
Net current assets 50,556 24,269
_______ _______
Total assets less current liabilities 263,998 239,785
Provisions for liabilities ( 1,643) ( 1,109)
_______ _______
Net assets 262,355 238,676
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 262,255 238,576
_______ _______
Shareholders funds 262,355 238,676
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr Mark Taylor Mr Jason Cocker
Director Director
Company registration number: 09465811
Marshall's Garage (Fallowfield) Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 204 Mauldeth Road, Burnage, Manchester, Lancashire, M19 1AJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 1 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 29,233 31,717
_______ _______
Deferred tax:
Origination and reversal of timing differences 535 392
_______ _______
Tax on profit 29,768 32,109
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 23.49 % (2023: 19.00%).
2024 2023
£ £
Profit before taxation 122,292 163,905
_______ _______
Profit multiplied by rate of tax 28,726 31,142
Effect of expenses not deductible for tax purposes 23 -
Effect of capital allowances and depreciation 484 575
_______ _______
Tax on profit 29,233 31,717
_______ _______
6. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 68,844 108,955
_______ _______
7. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 35,000 35,000
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 35,000 35,000
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 - -
_______ _______
8. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 224,359 13,112 350 237,821
Additions - 4,757 - 4,757
_______ _______ _______ _______
At 31 March 2024 224,359 17,869 350 242,578
_______ _______ _______ _______
Depreciation
At 1 April 2023 13,461 8,756 88 22,305
Charge for the year 4,487 2,278 66 6,831
_______ _______ _______ _______
At 31 March 2024 17,948 11,034 154 29,136
_______ _______ _______ _______
Carrying amount
At 31 March 2024 206,411 6,835 196 213,442
_______ _______ _______ _______
At 31 March 2023 210,898 4,356 262 215,516
_______ _______ _______ _______
9. Debtors
2024 2023
£ £
Trade debtors - 266
Other debtors 317 296
_______ _______
317 562
_______ _______
10. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 29,233 31,717
Social security and other taxes 13,559 8,373
Other creditors 2,328 1,333
_______ _______
45,120 41,423
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note ) 1,643 1,109
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 535 392
_______ _______
12. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors - 266
Cash at bank 92,645 59,314
_______ _______
92,645 59,580
_______ _______
Financial liabilities measured at amortised cost
Other creditors & accruals 2,328 1,333
_______ _______
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr Mark Taylor - - -
Mr Jason Cocker - - -
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr Mark Taylor ( 107) 107 -
Mr Jason Cocker ( 107) 107 -
_______ _______ _______
( 214) 214 -
_______ _______ _______
14. Controlling party
The company is controlled by the directors Mr Mark Taylor and Mr Jason Cocker as they own all of the issued share capital of the company.