Registered number
05422087
Rosewood Garages Ltd
Filleted Accounts
30 April 2024
Rosewood Garages Ltd
Registered number: 05422087
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 416,449 432,121
Current assets
Debtors 4 80 697
Cash at bank and in hand 165,349 114,767
165,429 115,464
Creditors: amounts falling due within one year 5 (65,879) (76,283)
Net current assets 99,550 39,181
Total assets less current liabilities 515,999 471,302
Creditors: amounts falling due after more than one year 6 - (59,758)
Net assets 515,999 411,544
Capital and reserves
Called up share capital 100 100
Profit and loss account 515,899 411,444
Shareholders' funds 515,999 411,544
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.
Hardial Tawana
Director
Approved by the board on 7 August 2024
Rosewood Garages Ltd
Notes to the Accounts
for the year ended 30 April 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.
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 disclosed at cost
Plant and machinery 25% reducing balance
over 5 years
over 5 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 416,449 65,273 44,120 525,842
Disposals - (65,273) (44,120) (109,393)
At 30 April 2024 416,449 - - 416,449
Depreciation
At 1 May 2023 - 65,273 28,448 93,721
On disposals - (65,273) (28,448) (93,721)
At 30 April 2024 - - - -
Net book value
At 30 April 2024 416,449 - - 416,449
At 30 April 2023 416,449 - 15,672 432,121
4 Debtors 2024 2023
£ £
Other debtors 80 697
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 25,020
Trade creditors - 15,961
Directors loan account 11 82
Taxation and social security costs 64,418 33,620
Other creditors 1,450 1,600
65,879 76,283
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 59,758
7 Other information
Rosewood Garages Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Gate House
Stoke Common Road
Fulmer
Slough
SL3 6HB
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