Silverfin false false 31/12/2023 01/01/2023 31/12/2023 G R Bennett 29/08/2001 S G C Bennett 29/08/2001 11 September 2024 The principal activity of the Company during the financial year was the provision of consultancy services in the motor trade. The company also owns development land. 00237532 2023-12-31 00237532 bus:Director1 2023-12-31 00237532 bus:Director2 2023-12-31 00237532 2022-12-31 00237532 core:CurrentFinancialInstruments 2023-12-31 00237532 core:CurrentFinancialInstruments 2022-12-31 00237532 core:ShareCapital 2023-12-31 00237532 core:ShareCapital 2022-12-31 00237532 core:SharePremium 2023-12-31 00237532 core:SharePremium 2022-12-31 00237532 core:OtherCapitalReserve 2023-12-31 00237532 core:OtherCapitalReserve 2022-12-31 00237532 core:RetainedEarningsAccumulatedLosses 2023-12-31 00237532 core:RetainedEarningsAccumulatedLosses 2022-12-31 00237532 core:ListedExchangeTraded core:WithinOneYear 2023-12-31 00237532 core:ListedExchangeTraded core:WithinOneYear 2022-12-31 00237532 bus:OrdinaryShareClass1 2023-12-31 00237532 bus:OrdinaryShareClass2 2023-12-31 00237532 2023-01-01 2023-12-31 00237532 bus:FilletedAccounts 2023-01-01 2023-12-31 00237532 bus:SmallEntities 2023-01-01 2023-12-31 00237532 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00237532 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00237532 bus:Director1 2023-01-01 2023-12-31 00237532 bus:Director2 2023-01-01 2023-12-31 00237532 2022-01-01 2022-12-31 00237532 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 00237532 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 00237532 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 00237532 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 00237532 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00237532 (England and Wales)

MAYNES GARAGE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MAYNES GARAGE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MAYNES GARAGE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
MAYNES GARAGE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS G R Bennett
S G C Bennett
SECRETARY G R Bennett
REGISTERED OFFICE 27 Clinton Road
Redruth
TR15 2LW
England
United Kingdom
COMPANY NUMBER 00237532 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
MAYNES GARAGE LIMITED

BALANCE SHEET

As at 31 December 2023
MAYNES GARAGE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Stocks 3 299,484 299,484
Debtors 4 16,671 16,671
Investments 5 169,297 165,913
Cash at bank and in hand 392,168 677,027
877,620 1,159,095
Creditors: amounts falling due within one year 6 ( 2,547) ( 67,343)
Net current assets 875,073 1,091,752
Total assets less current liabilities 875,073 1,091,752
Provision for liabilities 9,672 9,672
Net assets 884,745 1,101,424
Capital and reserves
Called-up share capital 7 1,000 1,000
Share premium account 13,000 13,000
Other reserves ( 95,756 ) ( 99,140 )
Profit and loss account 966,501 1,186,564
Total shareholders' funds 884,745 1,101,424

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Maynes Garage Limited (registered number: 00237532) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

G R Bennett
Director
MAYNES GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MAYNES GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Maynes Garage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 27 Clinton Road, Redruth, TR15 2LW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

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 brining the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amounts reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit and loss. Dividends on equity securities, where applicable is recognised in income using the effective interest method.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Stocks

2023 2022
£ £
Stocks 299,484 299,484

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 16,671 16,671

5. Current asset investments

2023 2022
£ £
Listed investments – at fair value 169,298 165,913

The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date.

The historic costs of the listed investments is £265,053 (2022 - £265,053).

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 3,668
Other taxation and social security 234 1,089
Other creditors 2,313 62,586
2,547 67,343

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
750 Ordinary shares of £ 1.00 each 750 750
250 Deferred ordinary shares of £ 1.00 each 250 250
1,000 1,000

8. Related party transactions

Other related party transactions

2023 2022
£ £
Mike Bennett Limited - loan account 16,671 16,671

Mike Bennett Limited
Parent company
Dividends declared in the year payable to Mike Bennett Limited total £nil (2022 - £60,000). At the balance sheet date the amount due from Mike Bennett Limited was £16,671 (2022 - £16,671).

9. Ultimate controlling party

Parent Company:

Mike Bennett Limited

The ultimate controlling party is Mike Bennett Limited, a company registered in England and Wales.