2023-02-012024-01-312024-01-31false02756427Derwydd Garage 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Derwydd Garage Limited

Registered Number
02756427
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

Derwydd Garage Limited
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Mr G G Perfect
Mrs C A Perfect

Company Secretary

Mrs C A Perfect

Registered Address

74 High Street
Fishguard
SA65 9AU

Registered Number

02756427 (England and Wales)
Derwydd Garage Limited
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3375,477348,524
375,477348,524
Current assets
Stocks435,00029,500
Debtors5135,497134,144
Cash at bank and on hand18,2178,346
188,714171,990
Creditors amounts falling due within one year6(493,321)(494,043)
Net current assets (liabilities)(304,607)(322,053)
Total assets less current liabilities70,87026,471
Creditors amounts falling due after one year7(36,128)(40,612)
Net assets34,742(14,141)
Capital and reserves
Called up share capital50,00050,000
Profit and loss account(15,258)(64,141)
Shareholders' funds34,742(14,141)
The financial statements were approved and authorised for issue by the Board of Directors on 16 August 2024, and are signed on its behalf by:
Mr G G Perfect
Director
Registered Company No. 02756427
Derwydd Garage Limited
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets except land and buildings as follows:

Straight line (years)
Plant and machinery5
Fixtures and fittings4
Office Equipment3
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Government grants are included as income upon receipt.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 February 23510,382
Additions44,209
Disposals(39,500)
At 31 January 24515,091
Depreciation and impairment
At 01 February 23161,857
Charge for year17,257
On disposals(39,500)
At 31 January 24139,615
Net book value
At 31 January 24375,477
At 31 January 23348,524
4.Stocks

2024

2023

££
Raw materials and consumables35,00029,500
Total35,00029,500
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables25,55912,769
Amounts owed by group undertakings72,12352,923
Other debtors32,00064,000
Prepayments and accrued income5,8154,452
Total135,497134,144
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables18,70630,759
Bank borrowings and overdrafts4,4854,289
Amounts owed to related parties198,476212,676
Taxation and social security11,0443,691
Other creditors258,110240,429
Accrued liabilities and deferred income2,5002,199
Total493,321494,043
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts36,12840,612
Total36,12840,612
8.Related party transactions
Derwydd Garage Limited is a related party of Tynewydd Developments Limited and Cloverton Properties (Cilgerran) Limited by virtue of the common control of the parent company Good Stewards Limited. At the balance sheet date £72,123 (2023 - £52,923) was due from Cloverton Properties (Cilgerran) Limited; £197,703 (2023 - £211,903) was due to Tynewydd Developments Limited and £773 (2023 - £773) to Good Stewards Limited.