Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 05988086 Mrs Anna Jeffery Mr Robert Dart Mr David Dart iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05988086 2023-03-31 05988086 2024-03-31 05988086 2023-04-01 2024-03-31 05988086 frs-core:CurrentFinancialInstruments 2024-03-31 05988086 frs-core:NetGoodwill 2024-03-31 05988086 frs-core:NetGoodwill 2023-04-01 2024-03-31 05988086 frs-core:NetGoodwill 2023-03-31 05988086 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 05988086 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05988086 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 05988086 frs-core:PlantMachinery 2024-03-31 05988086 frs-core:PlantMachinery 2023-04-01 2024-03-31 05988086 frs-core:PlantMachinery 2023-03-31 05988086 frs-core:ShareCapital 2024-03-31 05988086 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05988086 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05988086 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 05988086 frs-bus:SmallEntities 2023-04-01 2024-03-31 05988086 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05988086 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05988086 frs-bus:Director1 2023-04-01 2024-03-31 05988086 frs-bus:Director2 2023-04-01 2024-03-31 05988086 frs-bus:Director3 2023-04-01 2024-03-31 05988086 frs-countries:EnglandWales 2023-04-01 2024-03-31 05988086 2022-03-31 05988086 2023-03-31 05988086 2022-04-01 2023-03-31 05988086 frs-core:CurrentFinancialInstruments 2023-03-31 05988086 frs-core:ShareCapital 2023-03-31 05988086 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 05988086
County Garage (Newton Abbot) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05988086
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 159,228 155,386
159,228 155,386
CURRENT ASSETS
Stocks 6 430,668 359,285
Debtors 7 65,776 144,254
Cash at bank and in hand 260,802 229,420
757,246 732,959
Creditors: Amounts Falling Due Within One Year 8 (732,029 ) (723,038 )
NET CURRENT ASSETS (LIABILITIES) 25,217 9,921
TOTAL ASSETS LESS CURRENT LIABILITIES 184,445 165,307
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,059 ) (17,830 )
NET ASSETS 169,386 147,477
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 168,386 146,477
SHAREHOLDERS' FUNDS 169,386 147,477
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 David Dart
Director
30/08/2024
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
County Garage (Newton Abbot) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05988086 . The registered office is 3 Southbrook Road, Exeter, EX2 6JA.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Freehold 5% Straight Line
Plant & Machinery 10% Straight Line
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 11)
11 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 1,000
As at 31 March 2024 1,000
Amortisation
As at 1 April 2023 1,000
As at 31 March 2024 1,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 April 2023 66,740 195,574 262,314
Additions - 8,405 8,405
As at 31 March 2024 66,740 203,979 270,719
Depreciation
As at 1 April 2023 7,846 99,082 106,928
Provided during the period 572 3,991 4,563
As at 31 March 2024 8,418 103,073 111,491
Net Book Value
As at 31 March 2024 58,322 100,906 159,228
As at 1 April 2023 58,894 96,492 155,386
Page 4
Page 5
6. Stocks
2024 2023
£ £
Materials 38,647 37,689
Finished goods 385,836 316,185
Work in progress 6,185 5,411
430,668 359,285
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 40,505 75,851
Prepayments and accrued income 25,271 68,403
65,776 144,254
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 135,915 175,224
Bank loans and overdrafts 225,570 140,289
Corporation tax 4,596 4,885
PAYE 8,368 8,108
VAT 25,182 19,378
Accruals and deferred income 85,731 81,032
Directors' loan accounts 246,667 266,667
Amounts owed to group undertakings - 27,455
732,029 723,038
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 5