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REGISTERED NUMBER: 09919285 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Garage 59 Group Ltd

Garage 59 Group Ltd (Registered number: 09919285)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Garage 59 Group Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A G L West
A J Kirkaldy
S C Goodwin





REGISTERED OFFICE: 2 Pavilion Court
600 Pavilion Drive
Northampton
NN4 7SL





REGISTERED NUMBER: 09919285 (England and Wales)





ACCOUNTANTS: Harris & Co
Chartered Accountants
2 Pavilion Court
600 Pavilion Drive
Northampton
NN4 7SL

Garage 59 Group Ltd (Registered number: 09919285)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 3,442,086 1,901,367

CURRENT ASSETS
Stocks 40,000 40,000
Debtors 5 1,085,555 688,014
Cash at bank 286,769 149,327
1,412,324 877,341
CREDITORS
Amounts falling due within one year 6 (5,032,987 ) (4,689,284 )
NET CURRENT LIABILITIES (3,620,663 ) (3,811,943 )
TOTAL ASSETS LESS CURRENT LIABILITIES (178,577 ) (1,910,576 )

CREDITORS
Amounts falling due after more than one
year

7

(1,100,035

)

-
NET LIABILITIES (1,278,612 ) (1,910,576 )

CAPITAL AND RESERVES
Called up share capital 101 101
Share premium 449,955 -
Retained earnings (1,728,668 ) (1,910,677 )
SHAREHOLDERS' FUNDS (1,278,612 ) (1,910,576 )

Garage 59 Group Ltd (Registered number: 09919285)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





A J Kirkaldy - Director


Garage 59 Group Ltd (Registered number: 09919285)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Garage 59 Group Ltd 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 12 ) .

Garage 59 Group Ltd (Registered number: 09919285)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 - 2,606,752 2,606,752
Additions 1,509,137 488,221 1,997,358
At 31 December 2023 1,509,137 3,094,973 4,604,110
DEPRECIATION
At 1 January 2023 - 705,385 705,385
Charge for year 9,632 447,007 456,639
At 31 December 2023 9,632 1,152,392 1,162,024
NET BOOK VALUE
At 31 December 2023 1,499,505 1,942,581 3,442,086
At 31 December 2022 - 1,901,367 1,901,367

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 99,278 52,262
Directors' loan accounts 95,667 11,236
Tax 560,090 560,090
VAT 63,999 64,426
Prepayments 266,521 -
1,085,555 688,014

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 100,000 -
Trade creditors 657,145 528,643
Social security and other taxes 42,996 29,523
Other creditors 100,000 5
Pensions payable 2,686 2,107
Directors' loan accounts 4,128,110 4,128,111
Accrued expenses 2,050 895
5,032,987 4,689,284

Garage 59 Group Ltd (Registered number: 09919285)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 100,000 -
Bank loans - 2-5 years 999,990 -
Preference shares 45 -
1,100,035 -