Registered number
10847844
Hazelton Garage Limited
Filleted Accounts
31 December 2023
Hazelton Garage Limited
Registered number: 10847844
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 10,000 10,000
Tangible assets 4 51,090 31,395
61,090 41,395
Current assets
Stocks 70,000 90,000
Debtors 5 892 5,259
Cash at bank and in hand 12,492 32,090
83,384 127,349
Creditors: amounts falling due within one year 6 (28,198) (26,413)
Net current assets 55,186 100,936
Total assets less current liabilities 116,276 142,331
Creditors: amounts falling due after more than one year 7 (134,532) (142,201)
Net (liabilities)/assets (18,256) 130
Capital and reserves
Called up share capital 100 100
Profit and loss account (18,356) 30
Shareholders' funds (18,256) 130
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.
A D'Alessandro
Director
Approved by the board on 31 January 2024
Hazelton Garage Limited
Notes to the Accounts
for the year ended 31 December 2023
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
Property improvements 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 10,000
At 31 December 2023 10,000
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 10,000
At 31 December 2022 10,000
4 Tangible fixed assets
Plant and machinery Property improvements Total
£ £ £
Cost
At 1 January 2023 32,140 7,105 39,245
Additions 8,780 25,648 34,428
At 31 December 2023 40,920 32,753 73,673
Depreciation
At 1 January 2023 6,430 1,420 7,850
Charge for the year 8,180 6,553 14,733
At 31 December 2023 14,610 7,973 22,583
Net book value
At 31 December 2023 26,310 24,780 51,090
At 31 December 2022 25,710 5,685 31,395
5 Debtors 2023 2022
£ £
Trade debtors 892 5,259
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 25,128 21,450
Taxation and social security costs 3,070 4,963
28,198 26,413
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,167 34,167
Directors loan 108,737 105,084
Other creditors 1,628 2,950
134,532 142,201
8 Controlling party
The company is controlled by the director.
9 Other information
Hazelton Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Hazelton Garage
Hazelton
Cheltenham
Glos
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