Company Registration No. 00934474 (England and Wales)
STAMSHAW GARAGES (PORTSMOUTH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
STAMSHAW GARAGES (PORTSMOUTH) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
STAMSHAW GARAGES (PORTSMOUTH) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
600,000
600,000
Current assets
Cash at bank and in hand
47,894
33,099
Creditors: amounts falling due within one year
4
(16,613)
(11,632)
Net current assets
31,281
21,467
Total assets less current liabilities
631,281
621,467
Provisions for liabilities
(141,082)
(141,082)
Net assets
490,199
480,385
Capital and reserves
Called up share capital
100
100
Revaluation reserve
5
448,729
448,729
Profit and loss reserves
41,370
31,556
Total equity
490,199
480,385
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 August 2024
Mr M Luff
Director
Company Registration No. 00934474
STAMSHAW GARAGES (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Stamshaw Garages (Portsmouth) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Landport Terrace, Portsmouth, Hampshire, PO1 2RG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.3
Financial instruments
Debtors
Short term debtors are measured at transaction price (which is usually the retail or invoice price), less any impairment losses for bad and doubtful debts.
Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad or doubtful debts.
Creditors
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
STAMSHAW GARAGES (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
600,000
Fair value at 31 December 2021 is represented by:
£
Valuation in 2003 189,811
Valuation in 2004 70,000
Valuation in 2005 30,000
Valuation in 2006 10,000
Valuation in 2007 90,000
Valuation in 2015 100,000
Valuation in 2017 100,000
Cost 10,189
600,000
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
10,189
-
Accumulated depreciation
-
-
Carrying amount
10,189
-
4
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,475
3,293
Other creditors
7,443
3,189
Accruals and deferred income
5,695
5,150
16,613
11,632
STAMSHAW GARAGES (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Revaluation reserve
2023
2022
£
£
At the beginning of the year
448,729
482,589
Deferred tax on revaluation of tangible assets
-
(33,860)
At the end of the year
448,729
448,729