Registered number
08977875
Yaxley Garage Rentals Ltd
Unaudited Filleted Accounts
30 April 2024
Yaxley Garage Rentals Ltd
Registered number: 08977875
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 165,365 150,563
Current assets
Debtors 4 527 545
Cash at bank and in hand 122 1,515
649 2,060
Creditors: amounts falling due within one year 5 (99,388) (91,726)
Net current liabilities (98,739) (89,666)
Total assets less current liabilities 66,626 60,897
Provision for deferred tax (6,287) (6,071)
Net assets 60,339 54,826
Capital and reserves
Called up share capital 2 2
Revaluation reserve 6 26,802 25,881
Profit and loss account 33,535 28,943
Shareholders' funds 60,339 54,826
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J W Yaxley
Director
Approved by the board on 10 October 2024
Yaxley Garage Rentals Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value of rentals charged to tenants.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 150,000 2,305 152,305
Additions 13,863 - 13,863
Surplus on revaluation 1,137 - 1,137
At 30 April 2024 165,000 2,305 167,305
Depreciation
At 1 May 2023 - 1,742 1,742
Charge for the year - 198 198
At 30 April 2024 - 1,940 1,940
Net book value
At 30 April 2024 165,000 365 165,365
At 30 April 2023 150,000 563 150,563
Freehold land and buildings: 2024 2023
£ £
Historical cost 131,910 118,047
Cumulative depreciation based on historical cost - -
131,910 118,047
The directors have placed a valuation of £15,000 on each of the eleven garages owned by the company at the balance sheet date, compared with similar properties in the local area. These valuations have been included in the figures above.
4 Debtors 2024 2023
£ £
Trade debtors 527 525
Other debtors - 20
527 545
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 1,182 1,879
Other creditors 98,206 89,847
99,388 91,726
6 Revaluation reserve 2024 2023
£ £
At 1 May 2023 25,881 22,121
Gain on revaluation of land and buildings 1,137 4,642
Deferred taxation arising on the revaluation of land and buildings (216) (882)
At 30 April 2024 26,802 25,881
7 Other information
Yaxley Garage Rentals Ltd is a private company limited by shares and incorporated in England. Its registered office is:
30 Deering Close
St. Marys Island
Chatham
Kent
ME4 3SX
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