Registered number
07888937
FALLOWFIELDS GARAGE LTD
Filleted Accounts
31 December 2023
FALLOWFIELDS GARAGE LTD
Registered number: 07888937
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,382 8,728
Current assets
Stocks 47,300 13,700
Debtors 4 12,604 11,469
Cash at bank and in hand 107,717 105,315
167,621 130,484
Creditors: amounts falling due within one year 5 (65,906) (30,694)
Net current assets 101,715 99,790
Total assets less current liabilities 108,097 108,518
Creditors: amounts falling due after more than one year 6 (11,333) (19,333)
Provisions for liabilities (125) (1,261)
Net assets 96,639 87,924
Capital and reserves
Called up share capital 1 1
Profit and loss account 96,638 87,923
Shareholder's funds 96,639 87,924
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Howe
Director
Approved by the board on 6 September 2024
FALLOWFIELDS GARAGE LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the sales value received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the provision of services. Turnover from the sale of goods is recognised when goods are delivered and legal title has passed. Turnover from services provided is recognised when invoiced.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 25% on net book value
Motor vehicles 25% on net book value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Going concern
The company is reliant upon the continuing support of Mr A Howe who is the company's sole director and shareholder. Mr Howe has indicated that he intends to support the company on an ongoing basis. The going concern basis of accounting has therefore been adopted.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2023 26,603 13,440 40,043
Additions - 4,000 4,000
Disposals - (10,000) (10,000)
At 31 December 2023 26,603 7,440 34,043
Depreciation
At 1 January 2023 23,511 7,804 31,315
Charge for the year 773 1,354 2,127
On disposals - (5,781) (5,781)
At 31 December 2023 24,284 3,377 27,661
Net book value
At 31 December 2023 2,319 4,063 6,382
At 31 December 2022 3,092 5,636 8,728
4 Debtors 2023 2022
£ £
Trade debtors 2,354 4,719
Other debtors 10,250 6,750
12,604 11,469
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,000 8,000
Trade creditors 9,695 3,924
Taxation and social security costs 14,930 12,861
Other creditors 33,281 5,909
65,906 30,694
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 11,333 19,333
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 28,000 42,000
8 Other information
FALLOWFIELDS GARAGE LTD is a private company limited by shares and incorporated in England. Its registered office is:
94 Deardon Way
Shinfield
Reading
Berkshire
RG2 9HF
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