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REGISTERED NUMBER: 05090393 (England and Wales)














Favell's Garage Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Favell's Garage Limited (Registered number: 05090393)

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


Favell's Garage Limited

Company Information
for the Year Ended 31 March 2024







Directors: Mrs R M Favell
A N Favell





Secretary: Mrs R M Favell





Registered office: 1-7 Leicester Road
Countesthorpe
Leicester
LE8 5QU





Registered number: 05090393 (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
Favell's 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 Favell's 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 Favell's Garage Limited, as a body, in accordance with the terms of our engagement letter dated 13 June 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Favell's Garage Limited and state those matters that we have agreed to state to the Board of Directors of Favell's 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 Favell's Garage Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Favell's 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 Favell's Garage Limited. You consider that Favell's 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 Favell's 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


13 September 2024

Favell's Garage Limited (Registered number: 05090393)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 5 3,590 4,846
Tangible assets 6 219,100 222,108
222,690 226,954

Current assets
Stocks 26,868 29,280
Debtors 7 6,240 4,537
Cash at bank and in hand 37,142 27,490
70,250 61,307
Creditors
Amounts falling due within one year 8 42,596 45,044
Net current assets 27,654 16,263
Total assets less current liabilities 250,344 243,217

Creditors
Amounts falling due after more than one
year

9

(37,921

)

(31,041

)

Provisions for liabilities (2,990 ) (3,739 )
Net assets 209,433 208,437

Capital and reserves
Called up share capital 10 100 100
Retained earnings 209,333 208,337
Shareholders' funds 209,433 208,437

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.

Favell's Garage Limited (Registered number: 05090393)

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 13 September 2024 and were signed on its behalf by:




Mrs R M Favell - Director



A N Favell - Director


Favell's Garage Limited (Registered number: 05090393)

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


1. Statutory information

Favell's 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 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.

3. Accounting policies

Basis of preparing the financial statements
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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - not depreciated
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance and 15% on reducing balance
Motor vehicles - 10% on reducing balance

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.


Favell's Garage Limited (Registered number: 05090393)

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 5 (2023 - 6 ) .

5. Intangible fixed assets
Goodwill
£   
Cost
At 1 April 2023
and 31 March 2024 25,125
Amortisation
At 1 April 2023 20,279
Charge for year 1,256
At 31 March 2024 21,535
Net book value
At 31 March 2024 3,590
At 31 March 2023 4,846

Favell's Garage Limited (Registered number: 05090393)

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


6. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 April 2023 206,911 72,576 17,079 700 297,266
Additions - 193 705 - 898
At 31 March 2024 206,911 72,769 17,784 700 298,164
Depreciation
At 1 April 2023 - 59,344 15,292 522 75,158
Charge for year - 2,686 1,202 18 3,906
At 31 March 2024 - 62,030 16,494 540 79,064
Net book value
At 31 March 2024 206,911 10,739 1,290 160 219,100
At 31 March 2023 206,911 13,232 1,787 178 222,108

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 3,959 4,537
Directors' loan accounts 354 -
VAT 1,927 -
6,240 4,537

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 18,335 8,805
Tax 19,502 24,183
Social security and other taxes 278 278
VAT - 2,219
Other creditors 731 928
Directors' loan accounts - 5,026
Accruals and deferred income 3,750 3,605
42,596 45,044

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Directors' loan accounts 37,921 31,041

Favell's Garage Limited (Registered number: 05090393)

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


10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100