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Registration number: 00804507

Ugborough Garages Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Ugborough Garages Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Ugborough Garages Limited

Company Information

Director

Mr A J Lugger

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Ugborough Garages Limited

(Registration number: 00804507)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

92,225

145,800

Current assets

 

Stocks

5

12,970

12,950

Debtors

6

32,686

16,691

Cash at bank and in hand

 

176,858

133,002

 

222,514

162,643

Creditors: Amounts falling due within one year

7

(80,685)

(175,078)

Net current assets/(liabilities)

 

141,829

(12,435)

Total assets less current liabilities

 

234,054

133,365

Provisions for liabilities

(6,970)

(11,160)

Net assets

 

227,084

122,205

Capital and reserves

 

Called up share capital

55

55

Revaluation reserve

45,849

94,685

Retained earnings

181,180

27,465

Shareholders' funds

 

227,084

122,205

 

Ugborough Garages Limited

(Registration number: 00804507)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mr A J Lugger
Director

 

Ugborough Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

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 for the provision of motor repair services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

Ugborough Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Land

No depreciatin

Buildings

2% straight line

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock is stated at the lower of costs incurred, and estimated selling price, of the items used in the servicing and repairs of motor vehicles. Stock is valued on a first in first out basis.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 9).

 

Ugborough Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

251,844

46,339

60,240

146,096

504,519

Additions

-

4,059

2,000

4,131

10,190

Disposals

(125,922)

-

(11,943)

-

(137,865)

At 31 May 2024

125,922

50,398

50,297

150,227

376,844

Depreciation

At 1 June 2023

150,685

39,528

48,921

119,585

358,719

Charge for the year

2,168

1,945

3,010

5,780

12,903

Eliminated on disposal

(75,342)

-

(11,661)

-

(87,003)

At 31 May 2024

77,511

41,473

40,270

125,365

284,619

Carrying amount

At 31 May 2024

48,411

8,925

10,027

24,862

92,225

At 31 May 2023

101,159

6,811

11,319

26,511

145,800

Included within the net book value of land and buildings above is £48,411 (2023 - £101,159) in respect of freehold land and buildings.
 

 

Ugborough Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Stocks

2024
£

2023
£

Other inventories

12,970

12,950

6

Debtors

2024
£

2023
£

Trade debtors

13,478

7,352

Prepayments

3,129

3,874

Other debtors

16,079

5,465

32,686

16,691

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

50,343

14,930

Taxation and social security

11,523

25,914

Accruals and deferred income

2,677

4,604

Other creditors

16,142

129,630

80,685

175,078