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REGISTERED NUMBER: 06814894 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

Gainsborough Corner Garage Limited

Gainsborough Corner Garage Limited (Registered number: 06814894)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gainsborough Corner Garage Limited

Company Information
for the Year Ended 31st March 2024







DIRECTOR: S Philbey





REGISTERED OFFICE: 1st Floor
28 Market Place
Grantham
Lincolnshire
NG31 6LR





REGISTERED NUMBER: 06814894 (England and Wales)





ACCOUNTANTS: Hood Parkes & Co
1st Floor
28 Market Place
Grantham
Lincolnshire
NG31 6LR

Gainsborough Corner Garage Limited (Registered number: 06814894)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 7,793 7,060
7,793 7,060

CURRENT ASSETS
Stocks 10,000 10,000
Debtors 6 5,561 12,825
Cash at bank and in hand 132,748 135,142
148,309 157,967
CREDITORS
Amounts falling due within one year 7 29,544 27,246
NET CURRENT ASSETS 118,765 130,721
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,558

137,781

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 126,358 137,581
126,558 137,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Gainsborough Corner Garage Limited (Registered number: 06814894)

Balance Sheet - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25th July 2024 and were signed by:





S Philbey - Director


Gainsborough Corner Garage Limited (Registered number: 06814894)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Gainsborough Corner Garage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and at variable rates on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.


Gainsborough Corner Garage Limited (Registered number: 06814894)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end 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 profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 21,000
AMORTISATION
At 1st April 2023
and 31st March 2024 21,000
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

Gainsborough Corner Garage Limited (Registered number: 06814894)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023 89,521
Additions 3,603
At 31st March 2024 93,124
DEPRECIATION
At 1st April 2023 82,461
Charge for year 2,870
At 31st March 2024 85,331
NET BOOK VALUE
At 31st March 2024 7,793
At 31st March 2023 7,060

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,609 3,538
Other debtors 952 9,287
5,561 12,825

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 15,879 19,671
Taxation and social security 12,478 3,885
Other creditors 1,187 3,690
29,544 27,246