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Bromley Garage Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Bromley Garage Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Bromley Garage Services Limited

Company Information

Directors

Mr PG Bromley

Miss LC Bromley

Registered office

Poplar Lane
Winnersh
Wokingham
Berkshire
RG41 5JR

Accountants

Grays Accountants Ltd

 

Bromley Garage Services Limited

(Registration number: 02996001)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

37,140

44,727

Current assets

 

Stocks

5

18,800

18,800

Debtors

6

104,694

144,686

Cash at bank and in hand

 

143,143

35,848

 

266,637

199,334

Creditors: Amounts falling due within one year

7

(189,682)

(144,028)

Net current assets

 

76,955

55,306

Total assets less current liabilities

 

114,095

100,033

Creditors: Amounts falling due after more than one year

7

(13,333)

-

Net assets

 

100,762

100,033

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

762

33

Shareholders' funds

 

100,762

100,033

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Bromley Garage Services Limited

(Registration number: 02996001)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
 

.........................................
Mr PG Bromley
Director

.........................................
Miss LC Bromley
Director

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
Poplar Lane
Winnersh
Wokingham
Berkshire
RG41 5JR

These financial statements were authorised for issue by the Board on 4 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

25% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

54,941

84,223

108,784

9,362

74,790

Disposals

-

-

-

-

(33,142)

At 30 June 2024

54,941

84,223

108,784

9,362

41,648

Depreciation

At 1 July 2023

27,475

82,042

106,353

8,680

62,823

Charge for the year

1,098

2,181

1,084

682

2,292

Eliminated on disposal

-

-

-

-

(32,892)

At 30 June 2024

28,573

84,223

107,437

9,362

32,223

Carrying amount

At 30 June 2024

26,368

-

1,347

-

9,425

At 30 June 2023

27,466

2,181

2,431

682

11,967

Total
£

Cost or valuation

At 1 July 2023

332,100

Disposals

(33,142)

At 30 June 2024

298,958

Depreciation

At 1 July 2023

287,373

Charge for the year

7,337

Eliminated on disposal

(32,892)

At 30 June 2024

261,818

Carrying amount

At 30 June 2024

37,140

At 30 June 2023

44,727

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Included within the net book value of land and buildings above is £26,368 (2023 - £27,466) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

18,800

18,800

6

Debtors

Current

2024
£

2023
£

Trade debtors

83,743

127,125

Prepayments

419

349

Other debtors

20,532

17,212

 

104,694

144,686

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

4,000

-

Trade creditors

 

107,335

72,255

Taxation and social security

 

70,370

60,715

Accruals and deferred income

 

7,977

11,058

 

189,682

144,028

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13,333

-

8

Related party transactions

Mr. P.G. Bromley and Miss L.C. Bromley are jointly the controlling and ultimate controlling party.

 

Bromley Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr PG Bromley

Loans advanced in year

8,340

10,266

(8,340)

10,266

Miss LC Bromley

Loans advanced in year

8,340

10,266

(8,340)

10,266

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr PG Bromley

Loans advanced in year

10,500

8,340

(10,500)

8,340

Miss LC Bromley

Loans advanced in year

10,500

8,340

(10,500)

8,340