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Registration number: 03200221

Days Garage Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Days Garage Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Days Garage Limited

Company Information

Directors

Mr I J Stamp

Mr D Stamp

Mr S F K Jedrzejewski

Registered office

Victoria House Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

Accountants

Carter Nicholls Ltd
Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

 

Days Garage Limited

(Registration number: 03200221)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

43,196

49,996

Current assets

 

Stocks

6

38,501

25,850

Debtors

7

303,662

282,994

Cash at bank and in hand

 

1,175,986

992,584

 

1,518,149

1,301,428

Creditors: Amounts falling due within one year

8

(314,402)

(274,866)

Net current assets

 

1,203,747

1,026,562

Total assets less current liabilities

 

1,246,943

1,076,558

Provisions for liabilities

(8,574)

(9,983)

Net assets

 

1,238,369

1,066,575

Capital and reserves

 

Called up share capital

9

103

103

Retained earnings

1,238,266

1,066,472

Shareholders' funds

 

1,238,369

1,066,575

For the financial year ending 31 July 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.

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 7 October 2024 and signed on its behalf by:
 

.........................................
Mr I J Stamp
Director

 

Days Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
Victoria House Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS
United Kingdom

The principal place of business is:
17 Hurst Green Road
Oxted
Surrey
RH8 9BS

These financial statements were authorised for issue by the Board on 7 October 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 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 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 current and deferred 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.

 

Days Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

15% reducing balance

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

15% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

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.

 

Days Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Days Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 26).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

55,000

55,000

At 31 July 2024

55,000

55,000

Amortisation

At 1 August 2023

55,000

55,000

At 31 July 2024

55,000

55,000

Carrying amount

At 31 July 2024

-

-

 

Days Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

34,532

11,263

56,038

149,773

251,606

Additions

-

-

1,500

170

1,670

Disposals

-

-

(1,250)

-

(1,250)

At 31 July 2024

34,532

11,263

56,288

149,943

252,026

Depreciation

At 1 August 2023

32,112

9,709

32,935

126,854

201,610

Charge for the year

363

260

3,567

3,463

7,653

Eliminated on disposal

-

-

(433)

-

(433)

At 31 July 2024

32,475

9,969

36,069

130,317

208,830

Carrying amount

At 31 July 2024

2,057

1,294

20,219

19,626

43,196

At 31 July 2023

2,420

1,554

23,103

22,919

49,996

Included within the net book value of land and buildings above is £2,057 (2023 - £2,420) in respect of long leasehold land and buildings.
 

 

Days Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

6,000

6,000

Other inventories

32,501

19,850

38,501

25,850

7

Debtors

Current

2024
£

2023
£

Trade debtors

94,941

100,525

Prepayments

26,096

29,964

Other debtors

182,625

152,505

 

303,662

282,994

Details of non-current trade and other debtors

£132,000 (2023 -£150,000) of Directors loan is classified as non current.

 

Days Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

128,316

123,737

Taxation and social security

172,364

135,379

Accruals and deferred income

4,799

2,999

Other creditors

8,923

12,751

314,402

274,866

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Class A of £1 each

100

100

100

100

Ordinary Class B of £1 each

3

3

3

3

103

103

103

103

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £265.00 (2023 - £240.00) per each Ordinary Class A

26,500

24,000

Interim dividend of £22,316.00 (2023 - £16,500.00) per each Ordinary Class B

44,632

33,000

71,132

57,000

11

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Repayments by director
£

At 31 July 2024
£

Mr I J Stamp

Loan bearing interest at HMRC official rate

150,000

(18,000)

132,000

 

Days Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

Mr I J Stamp

Loan bearing interest at HMRC official rate

-

150,000

150,000

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

143,420

123,167

Contributions paid to money purchase schemes

2,642

2,640

146,062

125,807

Dividends paid to directors

2024
£

2023
£

Mr I J Stamp

Ordinary Shares A

26,500

24,000

 

 

Mr D Stamp

Ordinary Shares B

22,316

15,400

 

 

Mr S F K Jedrzejewski

Ordinary Shares B

22,316

17,600