LEECHY's GARAGE LIMITED 11238854 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Vehicle Repairs, Servicing and MOT. Digita Accounts Production Advanced 6.30.9574.0 true true 11238854 2023-04-01 2024-03-31 11238854 2024-03-31 11238854 bus:OrdinaryShareClass1 2024-03-31 11238854 core:CurrentFinancialInstruments 2024-03-31 11238854 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 11238854 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 11238854 bus:SmallEntities 2023-04-01 2024-03-31 11238854 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11238854 bus:FilletedAccounts 2023-04-01 2024-03-31 11238854 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11238854 bus:RegisteredOffice 2023-04-01 2024-03-31 11238854 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 11238854 bus:Director2 2023-04-01 2024-03-31 11238854 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 11238854 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11238854 bus:Agent1 2023-04-01 2024-03-31 11238854 countries:UnitedKingdom 2023-04-01 2024-03-31 11238854 2022-04-01 2023-03-31 11238854 2023-03-31 11238854 bus:OrdinaryShareClass1 2023-03-31 11238854 core:CurrentFinancialInstruments 2023-03-31 11238854 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11238854 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11238854

LEECHY's GARAGE LIMITED

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

LEECHY's GARAGE LIMITED

Contents

Company Information

1

Directors' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 7

Detailed Profit and Loss Account

8 to 9

 

LEECHY's GARAGE LIMITED

Company Information

Directors

Mrs Lisa Ann Leech

Mr Peter Keith Leech

Company secretary

Mrs Lisa Ann Leech

Registered office

M P Watson & Co
Accountants & Taxation Consultants, 1 Bath Hill
Great Yarmouth
Norfolk
NR30 2LQ

Bankers

Lloyds Bank Ltd
Great Yarmouth

Accountants

M P Watson & Co
Accountants
M P Watson & Co
1 Bath Hill
Great Yarmouth
Norfolk
NR30 2LQ

 

LEECHY's GARAGE LIMITED

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the abridged financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs Lisa Ann Leech - Company secretary and director

Mr Peter Keith Leech

Principal activity

The principal activity of the company is Vehicle Repairs, Servicing and MOT.

Employment of disabled persons

Not applicable

Going concern

The business is a going concern.

The Directors both traded the business previosly as a sole trader partnership for nine years to cessation as at 31/03/2018.



Small companies provision statement

This report has 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.

Approved and authorised by the Board on 31 March 2024 and signed on its behalf by:
 

.........................................
Mrs Lisa Ann Leech
Company secretary and director

.........................................
Mr Peter Keith Leech
Director

 

LEECHY's GARAGE LIMITED

(Registration number: 11238854)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

33,526

50,519

Cash at bank and in hand

 

28,616

38,225

 

62,142

88,744

Creditors: Amounts falling due within one year

(50,191)

(38,659)

Total assets less current liabilities

 

11,951

50,085

Creditors: Amounts falling due after more than one year

(28,367)

(38,367)

Accruals and deferred income

 

(3,250)

-

Net (liabilities)/assets

 

(19,666)

11,718

Capital and reserves

 

Called up share capital

5

1,000

1,000

Retained earnings

(20,666)

10,718

Shareholders' (deficit)/funds

 

(19,666)

11,718

For the financial 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.

Directors' 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 directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 March 2024 and signed on its behalf by:
 

 

LEECHY's GARAGE LIMITED

(Registration number: 11238854)
Abridged Balance Sheet as at 31 March 2024

.........................................
Mrs Lisa Ann Leech
Company secretary and director

.........................................
Mr Peter Keith Leech
Director

 

LEECHY's GARAGE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
M P Watson & Co
Accountants & Taxation Consultants, 1 Bath Hill
Great Yarmouth
Norfolk
NR30 2LQ

These financial statements were authorised for issue by the Board on 31 March 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises 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.

 

LEECHY's GARAGE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

LEECHY's GARAGE LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Directors Shares of £0.00 each

1,000

1.00

1,000

1.00

       
 

LEECHY's GARAGE LIMITED

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

Turnover (analysed below)

159,874

106,210

Cost of sales (analysed below)

(118,376)

(31,286)

Gross profit

41,498

74,924

Gross profit (%)

25.96%

70.54%

Administrative expenses

Employment costs (analysed below)

(30,475)

(39,732)

Establishment costs (analysed below)

(28,361)

(34,283)

General administrative expenses (analysed below)

(12,233)

(10,769)

Finance charges (analysed below)

(1,109)

(1,349)

(72,178)

(86,133)

Operating loss

(30,680)

(11,209)

Other interest receivable and similar income (analysed below)

-

5

Interest payable and similar expenses (analysed below)

(703)

(947)

(703)

(942)

Loss before tax

(31,383)

(12,151)

 

LEECHY's GARAGE LIMITED

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

   

Turnover

Repairs and MOT

158,559

105,261

Labour

1,315

949

159,874

106,210

   

Cost of sales

Materials

(114,071)

(30,876)

Repairs and MOT

(4,305)

(410)

(118,376)

(31,286)

   

Employment costs

Subcontract cost

(30,475)

(39,732)

   

Establishment costs

Rent

(14,500)

(15,250)

Insurance

(6,754)

(6,166)

Repairs and maintenance

(7,107)

(12,867)

(28,361)

(34,283)

   

General administrative expenses

Telephone and fax

(5,311)

(3,892)

Printing, postage and stationery

(15)

(6)

Trade subscriptions

(264)

(288)

Sundry expenses

(1,085)

(769)

Motor expenses

(2,308)

(2,564)

Accountancy fees

(3,250)

(3,250)

(12,233)

(10,769)

   

Finance charges

Bank charges

(1,109)

(1,349)

   

Other interest receivable and similar income

Bank interest receivable

-

5

   

Interest payable and similar expenses

Interest on BBL

(703)

(947)