Registered number
07354596
The Picture Garage Limited
Filleted Accounts
29 August 2023
The Picture Garage Limited
Registered number: 07354596
Balance Sheet
as at 29 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 15,824 18,616
Current assets
Stocks 1,922 2,151
Debtors 4 8,000 7,594
Cash at bank and in hand 1,550 10,950
11,472 20,695
Creditors: amounts falling due within one year 5 (25,793) (35,060)
Net current liabilities (14,321) (14,365)
Total assets less current liabilities 1,503 4,251
Creditors: amounts falling due after more than one year 6 (22,357) (23,023)
Net liabilities (20,854) (18,772)
Capital and reserves
Called up share capital 100 100
Profit and loss account (20,954) (18,872)
Shareholders' funds (20,854) (18,772)
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.
Justina Elise McEvoy
Director
Approved by the board on 29 August 2024
The Picture Garage Limited
Notes to the Accounts
for the year ended 29 August 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.
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 15% reducing balance
Motor vehicles 15% reducing balance
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.
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 3 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 30 August 2022 26,577 5,200 31,777
At 29 August 2023 26,577 5,200 31,777
Depreciation
At 30 August 2022 11,154 2,007 13,161
Charge for the year 2,313 479 2,792
At 29 August 2023 13,467 2,486 15,953
Net book value
At 29 August 2023 13,110 2,714 15,824
At 29 August 2022 15,423 3,193 18,616
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 7,500 7,500
Other debtors 500 94
8,000 7,594
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,643 7,643
Other creditors - 1,183
Taxation and social security costs 3,707 36
Directors loan account 14,443 26,198
25,793 35,060
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,357 23,023
7 Other information
The Picture Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Darwin House
The Innovation Centre
Kingswinford
West Midlands
DY6 7YB
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