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REGISTERED NUMBER: 00843552 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2024

for

S R Gough Garages Limited
T/A
Warfield Garage

S R Gough Garages Limited (Registered number: 00843552)
T/A Warfield Garage






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S R Gough Garages Limited
T/A Warfield Garage

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R B Gough
A S Goddard
R L Chitty





SECRETARY: A S Goddard





REGISTERED OFFICE: Rose Cottage
Carters Hill
Billingbear
Wokingham
Berkshire
RG40 5RT





REGISTERED NUMBER: 00843552 (England and Wales)





ACCOUNTANTS: PPK Accountants Limited
Chartered Certified Accountants
Sandhurst House
297 Yorktown Road
Sandhurst
Berkshire
GU47 0QA

S R Gough Garages Limited (Registered number: 00843552)
T/A Warfield Garage

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,584 39,990

CURRENT ASSETS
Debtors 5 26,676 37,331
Cash at bank 24,873 17,299
51,549 54,630
CREDITORS
Amounts falling due within one year 6 32,141 44,908
NET CURRENT ASSETS 19,408 9,722
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,992

49,712

CREDITORS
Amounts falling due after more than one
year

7

634,511

595,277
NET LIABILITIES (585,519 ) (545,565 )

CAPITAL AND RESERVES
Called up share capital 63 63
Capital redemption reserve 37 37
Retained earnings (585,619 ) (545,665 )
SHAREHOLDERS' FUNDS (585,519 ) (545,565 )

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

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

The directors acknowledge their 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.

S R Gough Garages Limited (Registered number: 00843552)
T/A Warfield Garage

Balance Sheet - continued
31 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:




R B Gough - Director A S Goddard - Director




R L Chitty - Director


S R Gough Garages Limited (Registered number: 00843552)
T/A Warfield Garage

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

1. STATUTORY INFORMATION

S R Gough Garages 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The company is financially supported by the director, Mr R B Gough, who is also the majority shareholder. Due to the excess of total liabilities over total assets on the balance sheet in the current and prior year, a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Details of the directors' advances and credits that subsisted during the current and prior year are included in note 9 of the financial statements. Without the continued financial support of this director, the company is not considered a going concern.

Turnover
Revenue, described as turnover, represents the value of work performed (net of VAT) during the year with respect to the sales of goods and services.

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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

No depreciation is provided on freehold buildings as it is the company's policy to maintain these so as to extend their useful lives, and in the opinion of the directors, the value of the company's freehold buildings is in excess of cost.

S R Gough Garages Limited (Registered number: 00843552)
T/A Warfield Garage

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group undertakings and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


S R Gough Garages Limited (Registered number: 00843552)
T/A Warfield Garage

Notes to the Financial Statements - continued
for the Year Ended 31 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 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 55,560 390,709 1,926 448,195
Disposals (1,875 ) (19,615 ) (600 ) (22,090 )
At 31 March 2024 53,685 371,094 1,326 426,105
DEPRECIATION
At 1 April 2023 55,055 351,566 1,584 408,205
Charge for year 126 9,786 51 9,963
Eliminated on disposal (1,641 ) (19,407 ) (599 ) (21,647 )
At 31 March 2024 53,540 341,945 1,036 396,521
NET BOOK VALUE
At 31 March 2024 145 29,149 290 29,584
At 31 March 2023 505 39,143 342 39,990

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 26,676 37,331

S R Gough Garages Limited (Registered number: 00843552)
T/A Warfield Garage

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 12,422 16,384
Taxation and social security 15,660 21,465
Other creditors 4,059 7,059
32,141 44,908

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 634,511 595,277

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
R B Gough
Balance outstanding at start of year (595,277 ) (552,455 )
Amounts advanced 15,766 7,178
Amounts repaid (55,000 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (634,511 ) (595,277 )

Included in other creditors is an amount payable to the director, Mr R B Gough, of £634,512 (2023: £595,277) in respect of monies loaned to the company.

This is represented by an opening loan balance of £595,277 (2023: £552,455), amounts advanced to the director in respect of drawings of £15,766 (2023: £7,178) during the year and capital introduced from the director to the company of £55,000 (2023: £50,000) during the year.

9. ULTIMATE CONTROLLING PARTY

The controlling party is R B Gough.