IRIS Accounts Production v24.2.0.383 09462439 director 1.3.23 29.2.24 29.2.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh094624392023-02-28094624392024-02-29094624392023-03-012024-02-29094624392022-02-28094624392022-03-012023-02-28094624392023-02-2809462439ns15:EnglandWales2023-03-012024-02-2909462439ns14:PoundSterling2023-03-012024-02-2909462439ns10:Director12023-03-012024-02-2909462439ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2909462439ns10:SmallEntities2023-03-012024-02-2909462439ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2909462439ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2909462439ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2909462439ns10:FullAccounts2023-03-012024-02-290946243912023-03-012024-02-2909462439ns10:RegisteredOffice2023-03-012024-02-2909462439ns5:CurrentFinancialInstruments2024-02-2909462439ns5:CurrentFinancialInstruments2023-02-2809462439ns5:ShareCapital2024-02-2909462439ns5:ShareCapital2023-02-2809462439ns5:RetainedEarningsAccumulatedLosses2024-02-2909462439ns5:RetainedEarningsAccumulatedLosses2023-02-2809462439ns5:NetGoodwill2023-03-012024-02-2909462439ns5:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2909462439ns5:PlantMachinery2023-03-012024-02-2909462439ns5:NetGoodwill2023-02-2809462439ns5:NetGoodwill2024-02-2909462439ns5:NetGoodwill2023-02-2809462439ns5:PlantMachinery2023-02-2809462439ns5:PlantMachinery2024-02-2909462439ns5:PlantMachinery2023-02-2809462439ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2909462439ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28
REGISTERED NUMBER: 09462439 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

GRASMERE GARAGE LIMITED

GRASMERE GARAGE LIMITED (REGISTERED NUMBER: 09462439)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRASMERE GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: I Stopps





REGISTERED OFFICE: Southam Road
Long Itchington
Southam
Warwickshire
CV47 9QZ





REGISTERED NUMBER: 09462439 (England and Wales)





ACCOUNTANTS: TGFP
Chartered Accountants
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

GRASMERE GARAGE LIMITED (REGISTERED NUMBER: 09462439)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,200 4,400
Tangible assets 5 1,367 1,821
3,567 6,221

CURRENT ASSETS
Stocks 350 350
Debtors 6 6,065 6,992
Cash at bank 28,679 50,379
35,094 57,721
CREDITORS
Amounts falling due within one year 7 26,978 53,048
NET CURRENT ASSETS 8,116 4,673
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,683

10,894

CAPITAL AND RESERVES
Called up and paid share capital 3 3
Retained earnings 11,680 10,891
SHAREHOLDERS' FUNDS 11,683 10,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GRASMERE GARAGE LIMITED (REGISTERED NUMBER: 09462439)

BALANCE SHEET - continued
29 FEBRUARY 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 director and authorised for issue on 10 September 2024 and were signed by:





I Stopps - Director


GRASMERE GARAGE LIMITED (REGISTERED NUMBER: 09462439)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Grasmere 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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 2015, is being amortised evenly over its estimated useful life of ten 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.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 balance sheet date.


GRASMERE GARAGE LIMITED (REGISTERED NUMBER: 09462439)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 22,000
AMORTISATION
At 1 March 2023 17,600
Charge for year 2,200
At 29 February 2024 19,800
NET BOOK VALUE
At 29 February 2024 2,200
At 28 February 2023 4,400

GRASMERE GARAGE LIMITED (REGISTERED NUMBER: 09462439)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 7,718
DEPRECIATION
At 1 March 2023 5,897
Charge for year 454
At 29 February 2024 6,351
NET BOOK VALUE
At 29 February 2024 1,367
At 28 February 2023 1,821

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,802 3,643
Other debtors 3,263 3,349
6,065 6,992

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 1,103
Taxation and social security 6,021 10,350
Other creditors 20,957 41,595
26,978 53,048