Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 27 August 2024 1 January 2023 31 December 2023 31 December 2023 02314935 Mr M Harwood Mr P Hunt Mrs J Harwood iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02314935 2022-12-31 02314935 2023-12-31 02314935 2023-01-01 2023-12-31 02314935 frs-core:CurrentFinancialInstruments 2023-12-31 02314935 frs-core:LandBuildings 2023-12-31 02314935 frs-core:LandBuildings 2023-01-01 2023-12-31 02314935 frs-core:LandBuildings 2022-12-31 02314935 frs-core:PlantMachinery 2023-12-31 02314935 frs-core:PlantMachinery 2023-01-01 2023-12-31 02314935 frs-core:PlantMachinery 2022-12-31 02314935 frs-core:CapitalRedemptionReserve 2023-12-31 02314935 frs-core:ShareCapital 2023-12-31 02314935 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 02314935 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02314935 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 02314935 frs-bus:SmallEntities 2023-01-01 2023-12-31 02314935 frs-bus:Audited 2023-01-01 2023-12-31 02314935 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02314935 frs-bus:Director1 2023-01-01 2023-12-31 02314935 frs-bus:Director2 2023-01-01 2023-12-31 02314935 frs-bus:Director3 2023-01-01 2023-12-31 02314935 frs-countries:EnglandWales 2023-01-01 2023-12-31 02314935 2021-12-31 02314935 2022-12-31 02314935 2022-01-01 2022-12-31 02314935 frs-core:CurrentFinancialInstruments 2022-12-31 02314935 frs-core:CapitalRedemptionReserve 2022-12-31 02314935 frs-core:ShareCapital 2022-12-31 02314935 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 02314935
Lushington Hill Garage Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02314935
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 85,664 27,068
85,664 27,068
CURRENT ASSETS
Stocks 5 1,406,918 1,437,894
Debtors 6 268,490 112,918
Cash at bank and in hand 454,692 545,165
2,130,100 2,095,977
Creditors: Amounts Falling Due Within One Year 7 (1,209,901 ) (1,165,496 )
NET CURRENT ASSETS (LIABILITIES) 920,199 930,481
TOTAL ASSETS LESS CURRENT LIABILITIES 1,005,863 957,549
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,882 ) (5,950 )
NET ASSETS 984,981 951,599
CAPITAL AND RESERVES
Called up share capital 9 54,430 54,430
Capital redemption reserve 45,560 45,560
Profit and Loss Account 884,991 851,609
SHAREHOLDERS' FUNDS 984,981 951,599
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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
Mr P Hunt
Director
27th August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Lushington Hill Garage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02314935 . The registered office, and principal place of business, is Lushington Garage, Lushington Hill, Wootton Bridge, Isle Of Wight, PO33 4RD.
The presentational currency of the financial statements is Pound Sterling (£).
Amounts in these financial statements are rounded to the nearest £.
The principal activity of the company during the year under review was that of the operation of a motor dealership involving the sale, maintenance and repair of motor vehicles and the supply of related accessories.
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 from the sale of goods is recognised in the Statement of Income and Retained Earnings, net of
discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the
buyer. In general this occurs when vehicles or parts have been supplied or when a service has been completed.

Commission income is recognised on a receivable basis.

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:
Plant & Machinery 20% - 25% straight line
2.4. Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving stock.

At each reporting date, stocks are assessed for impairment. lf stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

2.5. Financial Instruments
The company only has basic financial instruments, which are recognised at amortised cost.
2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of lncome and
Retained Eamings, except to the extent that it relates to items recognised in Other Comprehensive Income or
directly in Equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
reporting date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws
that have been enacted or substantively enacted by the year end date and that are expected to apply to the
reversal of the timing difference.

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 proflts.

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2.7. Pensions
The company operates a defined contribution plan for its employees. A deflned contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

2.8. Borrowing costs
All borrowing costs are recognised in the Statement of lncome and Retained Earnings in the year in which they are incurred.
2.9. Dividends
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2022: 17)
18 17
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2023 36,096 487,789 523,885
Additions - 77,568 77,568
Disposals - (30,248 ) (30,248 )
As at 31 December 2023 36,096 535,109 571,205
Depreciation
As at 1 January 2023 36,096 460,721 496,817
Provided during the period - 18,972 18,972
Disposals - (30,248 ) (30,248 )
As at 31 December 2023 36,096 449,445 485,541
Net Book Value
As at 31 December 2023 - 85,664 85,664
As at 1 January 2023 - 27,068 27,068
5. Stocks
2023 2022
£ £
Parts 51,343 33,794
Vehicles 1,355,575 1,403,041
Work in progress - 1,059
1,406,918 1,437,894
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 103,440 47,850
Prepayments and accrued income 13,801 6,600
Other debtors 10,196 1,029
VAT 40,105 57,439
Amounts owed by group undertakings 100,948 -
268,490 112,918
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,182,580 1,117,229
Corporation tax 4,297 27,989
Other taxes and social security 12,004 11,019
Other creditors 1,849 -
Accruals 9,171 9,259
1,209,901 1,165,496
8. Secured Creditors
The vehicle funding included within trade creditors is secured on the vehicles to which it relates.
2023 2022
£ £
Trade Creditors 1,119,136 1,037,748
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 54,430 54,430
10. Pension Commitments
During the year the company made payments into a personal pension plan for one director and payments into a
company stakeholder scheme for other staff. The contributions payable to these schemes amounted to £2,000 (2022:
£2,000) and £15,416 (2022: £11,244) respectively.
There were no contributions payable to the fund at either reporting date.
11. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 30,000 30,000
30,000 30,000
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12. Reserves
Capital redemption reserve
This reserve includes the nominal value of shares repurchased by the company.
Profit and loss account
This reserve includes all current and prior period retained profits and losses, less dividends paid
13. Related Party Transactions
Harwood Bros Motors (Wootton) Limited holds 63.24% of the company's share capital.
During the year rent and management charges of £61,000 (2022: £61,000) and £18,000 (2022: £18,000)
respectively were paid to, and purchases of £8,513 (2022: £7,899) were made from, Harwood Bros Motors
Wootton) Limited.
At the year end the company owed an amount of £2,507 (2022: £2,618) to Harwood Bros Motors (Wootton)
Limited in respect of trading balances.
At the year end the company was owed £389 (2022: £698) by Harwood Bros Motors (Wootton) Limited in respect of trading balances.
Included within debtors falling due within one year is an amount of £100,948 (2022: £nil) due from Harwood Bros Motors (Wootton) Limited in respect of a short term unsecured loan. Interest received on this loan during the year amounted to £948 (2022: £ nil).
Dividends of £9,527 (2022: £9,527) were paid to the directors during the year.
14. Audit Information
The auditors report on the account of Lushington Hill Garage Limited for the year ended 31 December 2023 was unqualified
The auditor's report was signed by Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor) for and on behalf of Ascendis Audit Limited , Statutory Auditor
Ascendis Audit Limited
Unit 3, Building 2
The Colony, Altrincham Road
Wilmslow
Cheshire
SK9 4LY
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