2023-04-01 09792419 2024-03-31 09792419 2023-04-01 2024-03-31 09792419 2023-03-31 09792419 2022-04-01 2023-03-31 09792419 uk-core:WithinOneYear 2023-03-31 09792419 uk-core:WithinOneYear 2024-03-31 09792419 uk-core:ShareCapital 2024-03-31 09792419 uk-core:ShareCapital 2023-03-31 09792419 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 09792419 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 09792419 uk-bus:Director1 2023-04-01 2024-03-31 09792419 uk-core:NetGoodwill 2023-04-01 2024-03-31 09792419 uk-core:Buildings 2023-04-01 2024-03-31 09792419 uk-core:PlantMachinery 2023-04-01 2024-03-31 09792419 uk-core:ComputerEquipment 2023-04-01 2024-03-31 09792419 uk-core:CommercialMotorVehicles 2023-04-01 2024-03-31 09792419 uk-core:Goodwill 2023-03-31 09792419 uk-core:Goodwill 2024-03-31 09792419 uk-core:ComputerEquipment 2023-03-31 09792419 uk-core:CommercialMotorVehicles 2023-03-31 09792419 uk-core:PlantMachinery 2023-03-31 09792419 uk-core:Buildings 2023-03-31 09792419 uk-core:PlantMachinery 2024-03-31 09792419 uk-core:CommercialMotorVehicles 2024-03-31 09792419 uk-core:ComputerEquipment 2024-03-31 09792419 uk-core:Buildings 2024-03-31 09792419 uk-core:WithinOneYear 2024-03-31 09792419 uk-core:WithinOneYear 2023-03-31 09792419 2 uk-bus:Director1 2023-04-01 2024-03-31 09792419 2 uk-bus:Director1 2024-03-31 09792419 2 uk-bus:Director1 2023-03-31 iso4217:GBP xbrli:pure 09792419 uk-bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09792419 uk-bus:FRS102 2023-04-01 2024-03-31 09792419 uk-bus:FilletedAccounts 2023-04-01 2024-03-31 09792419 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31
Loveridge's Garage Limited
Registered Number:09792419
For the year ended 31 March 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2024
Loveridge's Garage Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
09792419
As at 31 March 2024
Loveridge's Garage Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
91,375
95,145
3
91,375
95,145
Current assets
Inventories
4,000
4,000
4
Trade and other receivables
6,282
14,951
5
65,608
Cash and cash equivalents
74,049
93,000
75,890
Trade and other payables: amounts falling due within one year
(41,311)
(45,609)
6
34,579
47,391
Net current assets
Total assets less current liabilities
138,766
129,724
138,766
Net assets
129,724
Capital and reserves
Called up share capital
10
2
Retained earnings
138,756
129,722
138,766
129,724
Shareholders' funds
For the year ended 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 of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr Stephen Paul Loveridge Director
These financial statements were approved and authorised for issue by the Board on 16 October 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 March 2024
Loveridge's Garage Limited
Notes to the Financial Statements
Statutory Information
Loveridge's Garage Limited is a private limited company, limited by shares, domiciled in England and Wales, registration
number 09792419.
Registered address:
157 High Street
Cinderford
Gloucestershire
GL14 2TF
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting
Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements have been prepared under the historical costs convention as modified by the revaluation of certain
assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of 5 years.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings
4% Straight line
Plant and Machinery
25% Reducing balance
33% Straight line
Computer Equipment
25% Reducing balance
Motor Vehicles
Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
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5
For the year ended 31 March 2024
Loveridge's Garage Limited
Notes to the Financial Statements Continued
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 April 2023
29,250
At 31 March 2024
29,250
Amortisation
At 01 April 2023
29,250
At 31 March 2024
29,250
Net book value
At 31 March 2024
-
At 31 March 2023
-
3. Property, plant and equipment
Total
Computer
Equipment
Motor Vehicles
Plant and
Machinery
Land and
Buildings
£
£
£
£
£
Cost or valuation
At 01 April 2023
194,832
5,000
26,013
73,819
90,000
8,113
271
-
7,842
-
Additions
At 31 March 2024
81,661
26,013
5,271
202,945
90,000
Provision for depreciation and impairment
At 01 April 2023
99,687
4,705
18,468
57,614
18,900
Charge for year
11,883
386
1,886
6,011
3,600
At 31 March 2024
111,570
5,091
20,354
63,625
22,500
At 31 March 2024
Net book value
67,500
18,036
5,659
180
91,375
At 31 March 2023
71,100
16,205
7,545
295
95,145
4. Inventories
2023
2024
£
£
Stocks
4,000
4,000
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6
For the year ended 31 March 2024
Loveridge's Garage Limited
Notes to the Financial Statements Continued
5. Trade and other receivables
2023
2024
£
£
Trade debtors
1,811
1,932
Other debtors
13,140
4,350
6,282
14,951
6. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
-
91
Trade creditors
14,197
13,788
Taxation and social security
30,801
26,974
Other creditors
611
458
45,609
41,311
7. Directors advances and guarantees
At 01/04/2023
Loaned
Repaid
At 31/03/2024
£
£
£
£
Mr Stephen Paul Loveridge
Director loan
12,375
3,650
12,375
3,650
12,375
3,650
12,375
3,650
8. Average number of persons employed
During the year the average number of employees was 4.
9. Transition to FRS 102
The principal accounting polices applied in the preparation of the financial statements are set out above. These policies have
been consistently applied to all the years presented, unless otherwise stated. No changes have arisen as a result of the
transition to Section 1A of Financial Reporting Standard 102.
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