Registered number
08381510
R2 Garage Limited
Filleted Accounts
31 March 2024
R2 Garage Limited
Registered number: 08381510
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 22,092 24,794
Current assets
Stocks 3,642 5,042
Debtors 5 100,818 94,934
Cash at bank and in hand 48,139 34,046
152,599 134,022
Creditors: amounts falling due within one year 6 (114,614) (91,766)
37,985 42,256
Total assets less current liabilities 60,077 67,050
Creditors: amounts falling due after more than one year 7 (45,765) (65,178)
Provisions for liabilities (3,763) (4,276)
Net assets/(liabilities) 10,549 (2,404)
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,449 (2,504)
Shareholders' funds 10,549 (2,404)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs A Kosytorz
Director
Approved by the board on 18 July 2024
R2 Garage Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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
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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the 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 and 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 15,000
At 31 March 2024 15,000
Amortisation
At 1 April 2023 15,000
At 31 March 2024 15,000
Net book value
At 31 March 2024 -
Goodwill was written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 49,486 6,642 56,128
Additions 1,368 - 1,368
At 31 March 2024 50,854 6,642 57,496
Depreciation
At 1 April 2023 26,154 5,180 31,334
Charge for the year 3,705 365 4,070
At 31 March 2024 29,859 5,545 35,404
Net book value
At 31 March 2024 20,995 1,097 22,092
At 31 March 2023 23,332 1,462 24,794
5 Debtors 2024 2023
£ £
Trade debtors 37,206 47,414
Other debtors 63,612 47,520
100,818 94,934
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 22,994 22,994
Trade creditors 9,943 21,893
Taxation and social security costs 26,117 20,257
Other creditors 55,560 26,622
114,614 91,766
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 45,765 65,178
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 2,538 41,662
9 Loans to directors
Loans are short term, unsecured, repayable upon demand and interest free. B/fwd Paid Repaid C/fwd
£ £ £ £
Balance (owed to) / owed by 44,427 68,423 (54,000) 58,850
The directors repaid a further £40,000 back to the company by 31/08/24.
10 Related party transactions
The directors are related parties to the company. Balances owed and their terms are disclosed in note 9 above.
11 Controlling party
Mr A Kosytorz is the controlling party by virtue of his ownership of 80% of the company's issued share capital.
12 Other information
R2 Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Albion House, Albion Street
Swinton
Manchester
M27 4FG
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