Registered number
05914558
Pringle Street Garage Limited
Filleted Accounts
31 August 2024
Pringle Street Garage Limited
Registered number: 05914558
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 4,000 6,000
Current assets
Debtors 4 1,833 1,162
Cash at bank and in hand 145,163 145,673
146,996 146,835
Creditors: amounts falling due within one year 5 (6,637) (7,845)
Net current assets 140,359 138,990
Net assets 144,359 144,990
Capital and reserves
Called up share capital 100 100
Profit and loss account 144,259 144,890
Shareholders' funds 144,359 144,990
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.
M Hashim Patel
Director
Approved by the board on 18 October 2024
Pringle Street Garage Limited
Notes to the Accounts
for the year ended 31 August 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 40,000
At 31 August 2024 40,000
Amortisation
At 1 September 2023 34,000
Provided during the year 2,000
At 31 August 2024 36,000
Net book value
At 31 August 2024 4,000
At 31 August 2023 6,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Debtors 2024 2023
£ £
Other debtors 1,833 1,162
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 5,012 1,709
Directors loan account 954 3,444
Other creditors 671 2,692
6,637 7,845
6 Other information
Pringle Street Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Pringle street works
Pringle street
Blackburn
Lancashire
BB1 1SA
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