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COMPANY REGISTRATION NUMBER: 09772888
Central Garage Edwinstowe Limited
Filleted Unaudited Abridged Financial Statements
31 May 2024
Central Garage Edwinstowe Limited
Abridged Financial Statements
Year Ended 31 May 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Central Garage Edwinstowe Limited
Abridged Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed Assets
Intangible assets
5
4,000
6,000
Tangible assets
6
13,818
15,483
--------
--------
17,818
21,483
Current Assets
Stocks
2,498
2,125
Debtors
347
Cash at bank and in hand
39,781
30,776
--------
--------
42,626
32,901
Creditors: amounts falling due within one year
37,568
35,982
--------
--------
Net Current Assets/(Liabilities)
5,058
( 3,081)
--------
--------
Total Assets Less Current Liabilities
22,876
18,402
Provisions
2,215
2,000
--------
--------
Net Assets
20,661
16,402
--------
--------
Capital and Reserves
Called up share capital
7
100
100
Profit and loss account
20,561
16,302
--------
--------
Shareholders Funds
20,661
16,402
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Central Garage Edwinstowe Limited
Abridged Statement of Financial Position (continued)
31 May 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
Mr J Hemsley
Mr K Topliss
Director
Director
Company registration number: 09772888
Central Garage Edwinstowe Limited
Notes to the Abridged Financial Statements
Year Ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is High Street, Edwinstowe, Mansfield, NG21 9QR.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% straight line
Plant and machinery
-
10% straight line
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Intangible assets
£
Cost
At 1 June 2023 and 31 May 2024
20,000
--------
Amortisation
At 1 June 2023
14,000
Charge for the year
2,000
--------
At 31 May 2024
16,000
--------
Carrying amount
At 31 May 2024
4,000
--------
At 31 May 2023
6,000
--------
6. Tangible assets
£
Cost
At 1 June 2023
51,186
Additions
3,795
--------
At 31 May 2024
54,981
--------
Depreciation
At 1 June 2023
35,703
Charge for the year
5,460
--------
At 31 May 2024
41,163
--------
Carrying amount
At 31 May 2024
13,818
--------
At 31 May 2023
15,483
--------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
29,903
29,903
Later than 1 year and not later than 5 years
37,516
67,418
--------
--------
67,419
97,321
--------
--------
9. Directors' advances, credits and guarantees
The following advances and credits to the directors subsisted during the years ended 31 May 2024 and 31 May 2023.
2024 2023
£ £
Balance at start of year (146)
Amounts advanced 56,493 97,319
Amounts repaid (56,000) (93,257)
Balance at end of year 347 (146)
Interest was charged to the Directors at the official rate of interest.