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Registration number: 06502487

Thirston Garage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Thirston Garage Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 9

 

Thirston Garage Limited

(Registration number: 06502487)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

185

240

Current assets

 

Stocks

6

1,020

1,020

Debtors

7

58,896

68,223

Cash at bank and in hand

 

-

143

 

59,916

69,386

Creditors: Amounts falling due within one year

8

(34,038)

(35,852)

Net current assets

 

25,878

33,534

Total assets less current liabilities

 

26,063

33,774

Provisions for liabilities

(35)

(45)

Net assets

 

26,028

33,729

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

25,928

33,629

Shareholders' funds

 

26,028

33,729

For the financial year ending 30 September 2023 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 24 September 2024
 

.........................................
A K Lawson
Director

 

Thirston Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thirston Garage
Felton
Morpeth
Northumberland
NE65 9QB

These financial statements were authorised for issue by the director on 24 September 2024.

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 or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The entity adopted the accrual model for recognising government grants.

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.

 

Thirston Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Thirston Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Thirston Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Thirston Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

20,000

20,000

At 30 September 2023

20,000

20,000

Amortisation

At 1 October 2022

20,000

20,000

At 30 September 2023

20,000

20,000

Carrying amount

At 30 September 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

910

3,583

4,493

At 30 September 2023

910

3,583

4,493

Depreciation

At 1 October 2022

794

3,459

4,253

Charge for the year

27

28

55

At 30 September 2023

821

3,487

4,308

Carrying amount

At 30 September 2023

89

96

185

At 30 September 2022

116

124

240

6

Stocks

2023
£

2022
£

Other inventories

1,020

1,020

 

Thirston Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

275

2,530

Other debtors

58,621

65,693

 

58,896

68,223

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

17,455

12,714

Trade creditors

 

7,402

8,984

Taxation and social security

 

5,217

10,498

Accruals and deferred income

 

3,600

3,600

Other creditors

 

364

56

 

34,038

35,852

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £17,455 (2022 - £12,714).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

17,455

12,714

11

Related party transactions

 

Thirston Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Transactions with the director

2023

At 1 October 2022
£

Repayments by director
£

At 30 September 2023
£

W Lawson

Amounts advanced and repaid during the period

53,374

(7,073)

46,301

       
     

 

2022

At 1 October 2021
£

Advances to director
£

At 30 September 2022
£

W Lawson

Amounts advanced and repaid during the period

39,364

14,010

53,374

       
     

 

 

Thirston Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,660

11,140