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Registered number: 04410753
Bridge Garage Services Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04410753
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 41,823 42,072
41,823 42,072
CURRENT ASSETS
Stocks 5 1,000 1,000
Debtors 6 32,609 30,699
Cash at bank and in hand 96,146 100,898
129,755 132,597
Creditors: Amounts Falling Due Within One Year 7 (51,255 ) (62,351 )
NET CURRENT ASSETS (LIABILITIES) 78,500 70,246
TOTAL ASSETS LESS CURRENT LIABILITIES 120,323 112,318
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,138 ) (278 )
NET ASSETS 119,185 112,040
CAPITAL AND RESERVES
Called up share capital 8 123 123
Profit and Loss Account 119,062 111,917
SHAREHOLDERS' FUNDS 119,185 112,040
Page 1
Page 2
For the year ending 31 May 2024 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 directors acknowledge their 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
Lee Bradbury
Director
25 July 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
Bridge Garage Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04410753 . The registered office is Unit B, Riversend Road, Hemel Hempstead, Hertfordshire, HP3 9AJ.
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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Leasehold 5% on cost
Plant & Machinery 20% on cost
Motor Vehicles 25% on reducing balance
Computer Equipment 33% on cost
2.4. 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.
2.5. 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 years 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.
...CONTINUED
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Page 4
2.5. Taxation - continued
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 assets reflect 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.
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: 9 (2023: 7)
9 7
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 48,074 94,929 37,380 18,616 198,999
Additions - - 6,500 - 6,500
As at 31 May 2024 48,074 94,929 43,880 18,616 205,499
Depreciation
As at 1 June 2023 15,956 93,843 28,837 18,291 156,927
Provided during the period 2,034 900 3,490 325 6,749
As at 31 May 2024 17,990 94,743 32,327 18,616 163,676
Net Book Value
As at 31 May 2024 30,084 186 11,553 - 41,823
As at 1 June 2023 32,118 1,086 8,543 325 42,072
5. Stocks
2024 2023
£ £
Stock 1,000 1,000
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 27,661 26,382
Other debtors 4,948 4,317
32,609 30,699
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,974 14,091
Corporation tax 21,573 18,535
Other taxes and social security 1,820 2,078
VAT 15,288 10,052
Other creditors 517 532
Accruals and deferred income 2,658 3,365
Directors' loan accounts 1,425 13,698
51,255 62,351
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary A shares of £ 100.00 each 100 100
1 Ordinary B shares of £ 23.00 each 23 23
123 123
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 801 801
Later than one year and not later than five years 801 1,602
1,602 2,403
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