Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Sale of used cars and light motor vehiclestrue192023-01-01false20trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07215684 2023-01-01 2023-12-31 07215684 2022-01-01 2022-12-31 07215684 2023-12-31 07215684 2022-12-31 07215684 c:Director3 2023-01-01 2023-12-31 07215684 d:PlantMachinery 2023-01-01 2023-12-31 07215684 d:PlantMachinery 2023-12-31 07215684 d:PlantMachinery 2022-12-31 07215684 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07215684 d:MotorVehicles 2023-01-01 2023-12-31 07215684 d:MotorVehicles 2023-12-31 07215684 d:MotorVehicles 2022-12-31 07215684 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07215684 d:FurnitureFittings 2023-01-01 2023-12-31 07215684 d:FurnitureFittings 2023-12-31 07215684 d:FurnitureFittings 2022-12-31 07215684 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07215684 d:OfficeEquipment 2023-01-01 2023-12-31 07215684 d:OfficeEquipment 2023-12-31 07215684 d:OfficeEquipment 2022-12-31 07215684 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07215684 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07215684 d:Goodwill 2023-12-31 07215684 d:Goodwill 2022-12-31 07215684 d:CurrentFinancialInstruments 2023-12-31 07215684 d:CurrentFinancialInstruments 2022-12-31 07215684 d:Non-currentFinancialInstruments 2023-12-31 07215684 d:Non-currentFinancialInstruments 2022-12-31 07215684 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07215684 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07215684 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07215684 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07215684 d:ShareCapital 2023-12-31 07215684 d:ShareCapital 2022-12-31 07215684 d:RetainedEarningsAccumulatedLosses 2023-12-31 07215684 d:RetainedEarningsAccumulatedLosses 2022-12-31 07215684 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07215684 c:OrdinaryShareClass1 2023-12-31 07215684 c:OrdinaryShareClass1 2022-12-31 07215684 c:FRS102 2023-01-01 2023-12-31 07215684 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07215684 c:FullAccounts 2023-01-01 2023-12-31 07215684 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07215684 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 07215684 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 07215684


THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 12


 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
REGISTERED NUMBER:07215684

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
146,682
220,014

Tangible assets
 5 
15,724
19,994

  
162,406
240,008

Current assets
  

Stocks
 6 
678,060
651,207

Debtors: amounts falling due within one year
 7 
172,571
112,158

Cash at bank and in hand
 8 
64,195
22,551

  
914,826
785,916

Creditors: amounts falling due within one year
 9 
(1,097,236)
(989,533)

Net current liabilities
  
 
 
(182,410)
 
 
(203,617)

Total assets less current liabilities
  
(20,004)
36,391

Creditors: amounts falling due after more than one year
 10 
(135,494)
(176,780)

Provisions for liabilities
  

Deferred tax
  
(2,726)
(3,713)

  
 
 
(2,726)
 
 
(3,713)

Net liabilities
  
(158,224)
(144,102)


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
(158,324)
(144,202)

  
(158,224)
(144,102)


Page 1

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
REGISTERED NUMBER:07215684
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S W Porter
Director

Date: 25 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Thrapston Garage and Titty Ho Motor Company Limited is a private limited company incorporated in England. 
The address of its registered office is Century House, 1 The Lakes, Northampton, NN4 7HD and its principal places of business are:
4 Bridge Street, Thrapston, Kettering, NN14 4JP, United Kingdom
Petrol Station, Grove Street , Raunds, Wellingborough, NN9 6DP
The Company's principal activity is the sale and repair of motor vehicles and ancillary services. 
The financial statements are presented in Sterling, which is also the functional currency of the Company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

Page 3

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 5

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 20).

Page 7

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
1,100,000



At 31 December 2023

1,100,000



Amortisation


At 1 January 2023
879,986


Charge for the year on owned assets
73,332



At 31 December 2023

953,318



Net book value



At 31 December 2023
146,682



At 31 December 2022
220,014



Page 8

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 January 2023
27,562
21,637
50,387
22,615
122,201



At 31 December 2023

27,562
21,637
50,387
22,615
122,201



Depreciation


At 1 January 2023
23,170
13,909
44,062
21,066
102,207


Charge for the year on owned assets
878
1,932
949
511
4,270



At 31 December 2023

24,048
15,841
45,011
21,577
106,477



Net book value



At 31 December 2023
3,514
5,796
5,376
1,038
15,724



At 31 December 2022
4,392
7,728
6,325
1,549
19,994

Page 9

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2021
2022
£
£

Finished goods and goods for resale
678,060
651,207

678,060
651,207



7.


Debtors

2023
2022
£
£


Trade debtors
94,690
68,856

Other debtors
26,075
-

Prepayments and accrued income
51,806
43,302

172,571
112,158



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
64,195
22,551

64,195
22,551


Page 10

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,149
9,893

Other loans
735,571
663,207

Trade creditors
178,364
171,672

Corporation tax
16,378
18,672

Other taxation and social security
129,260
72,758

Other creditors
21,937
47,333

Accruals and deferred income
5,577
5,998

1,097,236
989,533


Vehicle stocking funding of £609,843 (2022: £545,613) included in other loans, are secured on the vehicles to which they relate.









10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,767
24,908

Other loans
120,727
151,872

135,494
176,780





11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 11

 
THRAPSTON GARAGE AND TITTY HO MOTOR COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

The Directors of the Company are all partners in a property business. At 31 December 2023, £26,075 was owed to the Company by the Partnership (2022: £23,376 owed by the Company to the Partnership).  The loan is interest free and repayable on demand.
During the year, the Company paid rent of £106,200 (2022 - £106,200) to the Partnership in respect of
premises occupied by the Company and owned by the Partnership. No balance is outstanding in relation to rent at either year end.
 

 
Page 12