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REGISTERED NUMBER: 08073477
















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Wye Valley Garage Limited

Wye Valley Garage Limited (Registered number: 08073477)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wye Valley Garage Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: G K Clay
S J Clarke





REGISTERED OFFICE: Britannia Court
5 Moor Street
Worcester
Worcestershire
WR1 3DB





REGISTERED NUMBER: 08073477





ACCOUNTANTS: Boyds Accountants
Britannia Court
5 Moor Street
Worcester
Worcestershire
WR1 3DB

Wye Valley Garage Limited (Registered number: 08073477)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 50,000 55,000
Tangible assets 5 12,777 14,509
62,777 69,509

CURRENT ASSETS
Stocks 6 74,995 79,765
Debtors 7 33,130 26,934
Cash at bank 72,754 111,110
180,879 217,809
CREDITORS
Amounts falling due within one year 8 228,123 259,270
NET CURRENT LIABILITIES (47,244 ) (41,461 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,533

28,048

CREDITORS
Amounts falling due after more than one
year

9

(10,833

)

(20,000

)

PROVISIONS FOR LIABILITIES (2,062 ) (3,008 )
NET ASSETS 2,638 5,040

CAPITAL AND RESERVES
Called up share capital 10 200 200
Retained earnings 11 2,438 4,840
SHAREHOLDERS' FUNDS 2,638 5,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Wye Valley Garage Limited (Registered number: 08073477)

Balance Sheet - continued
30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





S J Clarke - Director


Wye Valley Garage Limited (Registered number: 08073477)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Wye Valley Garage Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

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 2012, is being amortised evenly over its estimated useful life of twenty 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 - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Wye Valley Garage Limited (Registered number: 08073477)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 100,000
AMORTISATION
At 1 July 2023 45,000
Charge for year 5,000
At 30 June 2024 50,000
NET BOOK VALUE
At 30 June 2024 50,000
At 30 June 2023 55,000

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 44,086 16,608 546 61,240
Additions - 3,413 - 3,413
At 30 June 2024 44,086 20,021 546 64,653
DEPRECIATION
At 1 July 2023 33,062 13,396 273 46,731
Charge for year 3,008 2,000 137 5,145
At 30 June 2024 36,070 15,396 410 51,876
NET BOOK VALUE
At 30 June 2024 8,016 4,625 136 12,777
At 30 June 2023 11,024 3,212 273 14,509

6. STOCKS
30.6.24 30.6.23
£    £   
Stocks 74,995 79,765

Wye Valley Garage Limited (Registered number: 08073477)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 30,291 24,165
Prepayments 2,839 2,769
33,130 26,934

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 6,149 10,143
Tax 7,787 12,125
Social security and other taxes 870 909
VAT 2,202 6,664
Directors' current accounts 190,359 201,226
Accrued expenses 10,756 18,203
228,123 259,270

The directors lend funds to the company interest free. In theory these loans are repayable at any time but in practice will be left in the company as working capital for the time being.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans - 1-2 years 10,833 20,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Class A Ordinary 1 100 100
100 Class B Ordinary 1 100 100
200 200

11. RESERVES
Retained
earnings
£   

At 1 July 2023 4,840
Profit for the year 27,598
Dividends (30,000 )
At 30 June 2024 2,438