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Registered number: 13870007
Lt Garage Limited
Financial Statements
For The Year Ended 31 January 2024
Trek Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13870007
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 60,394 60,126
60,394 60,126
CURRENT ASSETS
Debtors 5 5,806 7,972
Cash at bank and in hand 27,947 9,702
33,753 17,674
Creditors: Amounts Falling Due Within One Year 6 (34,867 ) (52,337 )
NET CURRENT ASSETS (LIABILITIES) (1,114 ) (34,663 )
TOTAL ASSETS LESS CURRENT LIABILITIES 59,280 25,463
Creditors: Amounts Falling Due After More Than One Year 7 (53,734 ) (51,807 )
NET ASSETS/(LIABILITIES) 5,546 (26,344 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 5,446 (26,444 )
SHAREHOLDERS' FUNDS 5,546 (26,344)
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Luke Thomas
Director
26th September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lt Garage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13870007 . The registered office is The Barbican Centre, Lustleigh Close, Marsh Barton Trading Estate, Exeter, Devon, EX2 8PW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 18% Reducing Balance
Motor Vehicles 18% Reducing Balance
Fixtures & Fittings 18% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 February 2023 40,062 32,611 651 73,324
Additions - 13,525 - 13,525
As at 31 January 2024 40,062 46,136 651 86,849
Depreciation
As at 1 February 2023 7,211 5,870 117 13,198
Provided during the period 5,913 7,248 96 13,257
As at 31 January 2024 13,124 13,118 213 26,455
Net Book Value
As at 31 January 2024 26,938 33,018 438 60,394
As at 1 February 2023 32,851 26,741 534 60,126
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,460 7,060
Other debtors - 912
VAT 1,346 -
5,806 7,972
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,246 12,792
Other taxes and social security 64 -
VAT - 7,324
Accruals and deferred income 2,750 1,500
Director's loan account 22,807 30,721
34,867 52,337
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 27,824 21,907
Bank loans 25,910 29,900
53,734 51,807
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8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 27,824 21,907
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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