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Registration number: 04856410

Sandows Garage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Sandows Garage Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Sandows Garage Limited

Company Information

Directors

Mr W P Sandow

Mr S P Sandow

Mr M P Sandow

Company secretary

Mr S P Sandow

Registered office

Rose-an-Grouse
Canonstown
Hayle
Cornwall
TR27 6JN

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Sandows Garage Limited

(Registration number: 04856410)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

221,217

223,979

Current assets

 

Stocks

5

7,321

7,557

Debtors

6

20,988

14,013

Cash at bank and in hand

 

2,866

1,033

 

31,175

22,603

Creditors: Amounts falling due within one year

7

(87,161)

(79,136)

Net current liabilities

 

(55,986)

(56,533)

Net assets

 

165,231

167,446

Capital and reserves

 

Called up share capital

8

200

200

Revaluation reserve

145,998

145,998

Retained earnings

19,033

21,248

Shareholders' funds

 

165,231

167,446

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 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.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
Mr S P Sandow
Company secretary and director

 

Sandows Garage Limited

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

1

General information

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

The address of its registered office is:
Rose-an-Grouse
Canonstown
Hayle
Cornwall
TR27 6JN

These financial statements were authorised for issue by the Board on 10 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.

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

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.

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.

 

Sandows Garage Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

No depreciation provided

Freehold property

2% straight line

Plant and machinery

10% straight line

Vehicles

20% straight line

Office equipment

33% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Sandows Garage Limited

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

Borrowings

Interest-bearing borrowings are recorded at fair value, net of transaction costs.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

247,206

586

63,866

311,658

At 31 December 2023

247,206

586

63,866

311,658

Depreciation

At 1 January 2023

31,155

324

56,200

87,679

Charge for the year

1,730

96

936

2,762

At 31 December 2023

32,885

420

57,136

90,441

Carrying amount

At 31 December 2023

214,321

166

6,730

221,217

At 31 December 2022

216,051

262

7,666

223,979

Included within the net book value of land and buildings above is £214,321 (2022 - £216,051) in respect of freehold land and buildings.
 

 

Sandows Garage Limited

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

5

Stocks

2023
£

2022
£

Stock of parts

7,321

7,557

6

Debtors

Current

2023
£

2022
£

Trade debtors

19,740

12,035

Prepayments

1,248

1,978

 

20,988

14,013

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

18,084

10,336

Trade creditors

 

18,883

16,770

Taxation and social security

 

16,331

15,222

Accruals and deferred income

 

2,098

2,006

Other creditors

 

31,765

34,802

 

87,161

79,136

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

18,084

10,336

 

Sandows Garage Limited

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

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr W P Sandow

Loan from director

(28,060)

953

-

(27,107)

         
       

Mr M P Sandow

Loan from director

(2,690)

-

(375)

(3,065)

         
       

Mr S P Sandow

Loan from director

(3,911)

2,990

-

(921)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr W P Sandow

Loan from director

(30,300)

4,240

(2,000)

(28,060)

         
       

Mr M P Sandow

Loan from director

(2,698)

777

(769)

(2,690)

         
       

Mr S P Sandow

Loan from director

(5,667)

2,064

(308)

(3,911)