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REGISTERED NUMBER: 05246180 (England and Wales)















WITHAM GARAGE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






WITHAM GARAGE LTD (REGISTERED NUMBER: 05246180)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


WITHAM GARAGE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: L K Coaten
G K Limbrick



REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF



REGISTERED NUMBER: 05246180 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF



BANKERS: National Westminster Bank plc
27-28 St Peter's Hill
Grantham
Lincolnshire
NG31 6QG

WITHAM GARAGE LTD (REGISTERED NUMBER: 05246180)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 188,283 184,809
Investments 5 160,996 160,222
349,279 345,031

CURRENT ASSETS
Stocks 1,946,507 2,041,978
Debtors 6 506,306 412,915
Cash at bank and in hand 859,718 645,344
3,312,531 3,100,237
CREDITORS
Amounts falling due within one year 7 1,156,230 981,746
NET CURRENT ASSETS 2,156,301 2,118,491
TOTAL ASSETS LESS CURRENT LIABILITIES 2,505,580 2,463,522

PROVISIONS FOR LIABILITIES 41,227 39,126
NET ASSETS 2,464,353 2,424,396

CAPITAL AND RESERVES
Called up share capital 8 12 12
Retained earnings 2,464,341 2,424,384
SHAREHOLDERS' FUNDS 2,464,353 2,424,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:




L K Coaten - Director


WITHAM GARAGE LTD (REGISTERED NUMBER: 05246180)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Witham Garage Ltd 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 represents net invoiced sales of goods and services, excluding value added tax.

Vehicle sales and parts sales are recognised upon delivery to the customer, or upon collection by the customer. Servicing and workshop sales are recognised in the period in which the services are rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Straight line over 5 years
Plant and machinery etc - 25% on reducing balance and Straight line over 3 years

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.


WITHAM GARAGE LTD (REGISTERED NUMBER: 05246180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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 statement of financial position 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.

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 the income statement in the period to which they relate.

Investments
Investments in the share capital of companies are valued at cost less provision for impairment in value. Investments in limited liability partnerships are valued at cost plus the company's share of the partnership's profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 33 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 165,777 590,283 756,060
Additions - 233,789 233,789
Disposals - (206,375 ) (206,375 )
At 31 March 2024 165,777 617,697 783,474
DEPRECIATION
At 1 April 2023 165,777 405,474 571,251
Charge for year - 62,501 62,501
Eliminated on disposal - (38,561 ) (38,561 )
At 31 March 2024 165,777 429,414 595,191
NET BOOK VALUE
At 31 March 2024 - 188,283 188,283
At 31 March 2023 - 184,809 184,809

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Grantham Car Shop LLP 160,996 160,222

WITHAM GARAGE LTD (REGISTERED NUMBER: 05246180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 343,645 317,317
Amounts owed by related undertakings 88,125 34,881
Other debtors 19,862 17,174
Prepayments and accrued income 54,674 43,543
506,306 412,915

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 475,271 449,604
Taxation and social security 357,437 161,082
Other creditors 323,522 371,060
1,156,230 981,746

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
12 Ordinary shares £1 12 12

9. OTHER FINANCIAL COMMITMENTS

The company has commitments due as follows:

20242023
££
Within one year9,9769,976
Between one and five year14,93320,893
24,90930,869