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REGISTERED NUMBER: 05912867 (England and Wales)













Financial Statements

For The Year Ended 31 January 2024

for

Youngs Garage (Tealby) Limited

Youngs Garage (Tealby) Limited (Registered number: 05912867)






Contents of the Financial Statements
For The Year Ended 31 January 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Youngs Garage (Tealby) Limited

Company Information
For The Year Ended 31 January 2024







DIRECTOR: Mr A Sullivan



SECRETARY: Mrs J Sullivan



REGISTERED OFFICE: Rasen Road
Tealby
MARKET RASEN
Lincolnshire
LN8 3XH



REGISTERED NUMBER: 05912867 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: Lloyds
223 Finney Lane
HEALD GREEN
Cheshire
SK8 3PY

Youngs Garage (Tealby) Limited (Registered number: 05912867)

Abridged Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 193,177 197,263
193,177 197,263

CURRENT ASSETS
Stocks 3,000 2,000
Debtors 16,121 24,611
Cash in hand 450 450
19,571 27,061
CREDITORS
Amounts falling due within one year 115,500 107,109
NET CURRENT LIABILITIES (95,929 ) (80,048 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

97,248

117,215

CREDITORS
Amounts falling due after more than
one year

90,000

90,000
NET ASSETS 7,248 27,215

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 7 2,248 22,215
SHAREHOLDERS' FUNDS 7,248 27,215

Youngs Garage (Tealby) Limited (Registered number: 05912867)

Abridged Statement of Financial Position - continued
31 January 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 October 2024 and were signed by:





Mr A Sullivan - Director


Youngs Garage (Tealby) Limited (Registered number: 05912867)

Notes to the Financial Statements
For The Year Ended 31 January 2024

1. STATUTORY INFORMATION

Youngs Garage (Tealby) Limited 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

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.
Freehold property - 2% on cost and 1.3333 on cost to allow for land value
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

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 statement of financial position date.


Youngs Garage (Tealby) Limited (Registered number: 05912867)

Notes to the Financial Statements - continued
For The Year Ended 31 January 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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023
and 31 January 2024 5,800
AMORTISATION
At 1 February 2023
and 31 January 2024 5,800
NET BOOK VALUE

At 31 January 2024 -
At 31 January 2023 -

Youngs Garage (Tealby) Limited (Registered number: 05912867)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 February 2023
and 31 January 2024 293,880
DEPRECIATION
At 1 February 2023 96,617
Charge for year 4,086
At 31 January 2024 100,703
NET BOOK VALUE
At 31 January 2024 193,177
At 31 January 2023 197,263

Cost or valuation at 31 January 2024 is represented by:

Totals
£   
Valuation in 2022 40,000
Cost 253,880
293,880

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 187,500 187,500
Aggregate depreciation 52,500 52,500

Freehold property was valued on an open market basis on 31 January 2022 by the director .

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 5,391 2,080

Youngs Garage (Tealby) Limited (Registered number: 05912867)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

7. RESERVES

Included within reserves is an amount of £40,000 (2023: £40,000) which relates to an upward
revaluation of freehold property, this amount does not represent distributable reserves.