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Registration number: 06979166

Shentons Garage Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Shentons Garage Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Shentons Garage Limited

Company Information

Directors

Mr S M Shenton

Mrs M Shenton

Mr T Shenton

Mr N R Ellis

Mrs C F Shenton

Company secretary

Mrs C F Shenton

Registered office

51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Shentons Garage Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr S M Shenton

Mrs M Shenton

Mr T Shenton

Mr N R Ellis

Mrs C F Shenton - Company secretary and director

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................
Mr T Shenton
Director

 

Shentons Garage Limited

(Registration number: 06979166)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

523,071

521,272

Current assets

 

Stocks

6,522

5,847

Debtors

5

22,648

12,430

Cash at bank and in hand

 

102,387

102,181

 

131,557

120,458

Creditors: Amounts falling due within one year

6

(344,054)

(344,223)

Net current liabilities

 

(212,497)

(223,765)

Total assets less current liabilities

 

310,574

297,507

Creditors: Amounts falling due after more than one year

6

(148,501)

(148,665)

Provisions for liabilities

(123,244)

(96,000)

Net assets

 

38,829

52,842

Capital and reserves

 

Called up share capital

100

100

Retained earnings

38,729

52,742

Shareholders' funds

 

38,829

52,842

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

 

Shentons Garage Limited

(Registration number: 06979166)
Balance Sheet as at 31 March 2024 (continued)

.........................................
Mr T Shenton
Director

   
     
 

Shentons Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales. registration number: 06979166.

The address of its registered office is:
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the Board on 9 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Shentons Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance basis

Plant and machinery

33% straight line basis

Land and buildings

10% straight line basis

Motor vehicles

25% reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

 

Shentons Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

 

Shentons Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

25,542

1,000

718,928

745,470

Additions

-

7,100

177,501

184,601

Disposals

-

-

(190,657)

(190,657)

At 31 March 2024

25,542

8,100

705,772

739,414

Depreciation

At 1 April 2023

12,797

426

210,975

224,198

Charge for the year

1,275

1,327

54,360

56,962

Eliminated on disposal

-

-

(64,817)

(64,817)

At 31 March 2024

14,072

1,753

200,518

216,343

Carrying amount

At 31 March 2024

11,470

6,347

505,254

523,071

At 31 March 2023

12,745

574

507,953

521,272

Included within the net book value of land and buildings above is £11,470 (2023 - £12,745) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

21,977

11,833

Prepayments

671

597

 

22,648

12,430

 

Shentons Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

37,631

73,469

Trade creditors

 

86,000

50,815

Taxation and social security

 

59,385

37,742

Accruals and deferred income

 

8,139

5,376

Other creditors

 

152,899

176,821

 

344,054

344,223

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate, amounting to £27,564 (2023 - £63,712) and a Coronavirus Business Interruption Loan which is secured by the Government amounting to £10,068 (2023 - £9,757)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

148,501

148,665

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate, amounting to £135,464 (2023 - £125,561) and a Coronavirus Business Interruption Loan which is secured by the Government amounting to £13,036 (2023 - £23,104)

 

Shentons Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

27,564

63,712

Other borrowings

10,067

9,757

37,631

73,469

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

135,464

125,561

Other borrowings

13,037

23,104

148,501

148,665

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £2,259).