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REGISTERED NUMBER: 01552049 (England and Wales)














Swinstead Road Garage Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Swinstead Road Garage Limited (Registered number: 01552049)

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










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3

Notes to the financial statements 5


Swinstead Road Garage Limited

Company Information
for the Year Ended 31 March 2024







Directors: Mr M Smith
Mr P Smith





Registered office: Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB





Business address: The Garage
Swinstead Road
Corby Glen
Lincolnshire
NG33 4NU





Registered number: 01552049 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Swinstead Road Garage Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Swinstead Road Garage Limited for the year ended 31 March 2024 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Swinstead Road Garage Limited, as a body, in accordance with the terms of our engagement letter dated 6 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Swinstead Road Garage Limited and state those matters that we have agreed to state to the Board of Directors of Swinstead Road Garage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swinstead Road Garage Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Swinstead Road Garage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Swinstead Road Garage Limited. You consider that Swinstead Road Garage Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Swinstead Road Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


6 September 2024

Swinstead Road Garage Limited (Registered number: 01552049)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 346,890 383,482
Investment property 6 486,355 492,355
833,245 875,837

Current assets
Stocks 4,792 3,157
Debtors 7 52,606 46,422
Cash at bank 303,790 382,831
361,188 432,410
Creditors
Amounts falling due within one year 8 88,818 134,182
Net current assets 272,370 298,228
Total assets less current liabilities 1,105,615 1,174,065

Creditors
Amounts falling due after more than one
year

9

-

(5,076

)

Provisions for liabilities (41,600 ) (45,168 )
Net assets 1,064,015 1,123,821

Capital and reserves
Called up share capital 10 5,067 5,067
Capital redemption reserve 33 33
Retained earnings 1,058,915 1,118,721
Shareholders' funds 1,064,015 1,123,821

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.

Swinstead Road Garage Limited (Registered number: 01552049)

Statement of Financial Position - 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 3 September 2024 and were signed on its behalf by:




Mr M Smith - Director



Mr P Smith - Director


Swinstead Road Garage Limited (Registered number: 01552049)

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


1. Statutory information

Swinstead Road Garage 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. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment property measured at fair value through profit or loss.

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.
Freehold property - Buildings - 15% on cost, land - nil
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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 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 statement of financial position date.


Swinstead Road Garage Limited (Registered number: 01552049)

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


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises

4. Employees and directors

The average number of employees during the year was 6 (2023 - 6 ) .

Swinstead Road Garage Limited (Registered number: 01552049)

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


5. Tangible fixed assets
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Cost
At 1 April 2023 489,529 337,374 78,795 905,698
Additions - 20,023 - 20,023
Disposals - (45,994 ) - (45,994 )
At 31 March 2024 489,529 311,403 78,795 879,727
Depreciation
At 1 April 2023 244,772 209,334 68,110 522,216
Charge for year 27,530 21,468 2,671 51,669
Eliminated on disposal - (41,048 ) - (41,048 )
At 31 March 2024 272,302 189,754 70,781 532,837
Net book value
At 31 March 2024 217,227 121,649 8,014 346,890
At 31 March 2023 244,757 128,040 10,685 383,482

Included within the net book value of freehold property is land at cost of £125,408 (2023: £125,408) on which no depreciation is being charged.

6. Investment property
Total
£   
Fair value
At 1 April 2023 492,355
Revaluations (6,000 )
At 31 March 2024 486,355
Net book value
At 31 March 2024 486,355
At 31 March 2023 492,355

Fair value at 31 March 2024 of £486,355 is represented by:
£

Cost 406,008
Revaluations prior to 2023 86,347
Revaluation in 2024 (6,000 )


Swinstead Road Garage Limited (Registered number: 01552049)

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


7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 29,612 28,887
Directors' current accounts 3,892 -
Prepayments 19,102 17,535
52,606 46,422

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 31,882 34,816
Corporation tax 30,385 43,940
Social security and other taxes 2,122 2,317
Other creditors 285 290
VAT 13,000 14,220
Hire purchase liability 5,076 20,306
Directors' current accounts - 12,973
Accruals and deferred income 6,068 5,320
88,818 134,182

Liabilities in respect of hire purchase agreements are secured against the assets to which they relate.

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase liability - 5,076

Liabilities in respect of hire purchase agreements are secured against the assets to which they relate.

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary shares 1 5,000 5,000
67 Ordinary A shares 1 67 67
5,067 5,067

11. Directors' advances, credits and guarantees

The directors' loan accounts were overdrawn at the year end by £3,892 (2023 £12,973 in credit). The maximum overdrawn balances were £3,892. Interest is applied to overdrawn loan accounts at 2.25%.