Brook Street Garage Ltd
Registered number: 06207295
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 27,674 28,930
Current assets
Stocks 5,000 5,000
Debtors 5 151,630 54,839
Cash at bank and in hand 44,419 150,599
201,049 210,438
Creditors: amounts falling due within one year 6 (104,513) (94,157)
Net current assets 96,536 116,281
Total assets less current liabilities 124,210 145,211
Creditors: amounts falling due after more than one year 7 (35,781) (55,077)
Net assets 88,429 90,134
Capital and reserves
Called up share capital 21 21
Profit and loss account 88,408 90,113
Shareholders' funds 88,429 90,134
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 J Wood
Director
Approved by the board on 29 August 2024
Brook Street Garage Ltd
Notes to the Accounts
for the year ended 31 January 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 104,000
At 31 January 2024 104,000
Amortisation
At 1 February 2023 104,000
At 31 January 2024 104,000
Net book value
At 31 January 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 57,699 37,351 95,050
Additions 4,733 3,237 7,970
At 31 January 2024 62,432 40,588 103,020
Depreciation
At 1 February 2023 41,346 24,774 66,120
Charge for the year 5,272 3,954 9,226
At 31 January 2024 46,618 28,728 75,346
Net book value
At 31 January 2024 15,814 11,860 27,674
At 31 January 2023 16,353 12,577 28,930
5 Debtors 2024 2023
£ £
Trade debtors 29,164 34,834
Other debtors 122,466 20,005
151,630 54,839
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 49,953 38,030
Corporation tax 40,678 25,603
Other taxes and social security costs 12,588 29,872
Other creditors 1,294 652
104,513 94,157
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 35,382 40,896
Directors Loan Account 399 14,181
35,781 55,077
8 Other information
Brook Street Garage Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Brook Street
Cuckfield
West Sussex
RH17 5JP
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