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COMPANY REGISTRATION NUMBER: 08734224
The Motor Garage Limited
Filleted Unaudited Financial Statements
31 March 2024
The Motor Garage Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
36,000
50,000
Tangible assets
6
164,669
158,078
---------
---------
200,669
208,078
Current assets
Stocks
500
500
Debtors
7
26,881
15,424
Cash at bank and in hand
60,762
39,581
--------
--------
88,143
55,505
Creditors: amounts falling due within one year
8
86,471
65,509
--------
--------
Net current assets/(liabilities)
1,672
( 10,004)
---------
---------
Total assets less current liabilities
202,341
198,074
Creditors: amounts falling due after more than one year
9
300,000
300,000
---------
---------
Net liabilities
( 97,659)
( 101,926)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 97,661)
( 101,928)
--------
---------
Shareholders deficit
( 97,659)
( 101,926)
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Motor Garage Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr G W Russell
Director
Company registration number: 08734224
The Motor Garage Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Garage Kennel Row, Netheravon, Salisbury, SP4 9RH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis. The going concern basis is believed to be appropriate due to the continued support of the company's directors and shareholders. Having considered the level of losses incurred to date, the directors are of the opinion that the company is still in a position to continue trading, and that they will provide adequate support to ensure that the debts incurred in the normal course of business may be settled as they fall due.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
20% reducing balance
No depreciation has been charged on the Freehold Land and Buildings as the Company has a policy of regular maintenance and repair ensuring the estimated residual value is not markedly different from the carrying amount. Any depreciation charge is therefore deemed immaterial.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023
87,000
Additions
Disposals of previously acquired businesses
( 10,000)
--------
At 31 March 2024
77,000
--------
Amortisation
At 1 April 2023
37,000
Charge for the year
4,000
--------
At 31 March 2024
41,000
--------
Carrying amount
At 31 March 2024
36,000
--------
At 31 March 2023
50,000
--------
The original purchase cost and current amortised carrying value of Goodwill in TMG has been partially attributable to the build up of the Classic Car business over the years so CRCC LLP acquired such Goodwill for £10,000 being attributable to that proportion of the group turnover.
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
135,582
42,677
16,200
194,459
Additions
10,000
10,000
---------
--------
--------
---------
At 31 March 2024
135,582
42,677
26,200
204,459
---------
--------
--------
---------
Depreciation
At 1 April 2023
29,281
7,100
36,381
Charge for the year
2,159
1,250
3,409
---------
--------
--------
---------
At 31 March 2024
31,440
8,350
39,790
---------
--------
--------
---------
Carrying amount
At 31 March 2024
135,582
11,237
17,850
164,669
---------
--------
--------
---------
At 31 March 2023
135,582
13,396
9,100
158,078
---------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
19,614
9,424
Other debtors
7,267
6,000
--------
--------
26,881
15,424
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,867
24,504
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,894
Social security and other taxes
17,858
12,002
Other creditors
36,852
29,003
--------
--------
86,471
65,509
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
300,000
300,000
---------
---------