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Registered number: 08782405
Woodrow Garage Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Richard Day Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08782405
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 37,113 31,371
37,113 31,371
CURRENT ASSETS
Stocks 6 13,900 57,930
Debtors 7 194,680 195,494
Cash at bank and in hand 316,727 246,193
525,307 499,617
Creditors: Amounts Falling Due Within One Year 8 (108,583 ) (158,917 )
NET CURRENT ASSETS (LIABILITIES) 416,724 340,700
TOTAL ASSETS LESS CURRENT LIABILITIES 453,837 372,071
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,466 ) (5,473 )
NET ASSETS 446,371 366,598
CAPITAL AND RESERVES
Called up share capital 9 22 22
Profit and Loss Account 446,349 366,576
SHAREHOLDERS' FUNDS 446,371 366,598
Page 1
Page 2
For the year ending 31 January 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Carman
Director
23/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Woodrow Garage Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08782405 . The registered office is The Cottage, 87 Yarmouth Road, Norwich, NR7 0HF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5 years straight line
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 12)
13 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 20,000
As at 31 January 2024 20,000
Amortisation
As at 1 February 2023 20,000
As at 31 January 2024 20,000
Net Book Value
As at 31 January 2024 -
As at 1 February 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 February 2023 26,992 46,446 3,000 7,249 83,687
Additions - 900 12,000 1,977 14,877
Disposals - - (3,000 ) (3,661 ) (6,661 )
As at 31 January 2024 26,992 47,346 12,000 5,565 91,903
Depreciation
As at 1 February 2023 12,127 33,332 2,050 4,807 52,316
Provided during the period 3,397 2,679 2,116 943 9,135
Disposals - - (3,000 ) (3,661 ) (6,661 )
As at 31 January 2024 15,524 36,011 1,166 2,089 54,790
Net Book Value
As at 31 January 2024 11,468 11,335 10,834 3,476 37,113
As at 1 February 2023 14,865 13,114 950 2,442 31,371
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock - goods for resale and consumables 13,900 57,930
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 193,266 192,005
Prepayments and accrued income 1,414 3,489
194,680 195,494
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 43,063 97,134
Corporation tax 31,682 35,732
Other taxes and social security 3,368 -
VAT 19,158 12,601
Other creditors 136 660
Accruals and deferred income 5,891 6,976
Directors' loan accounts 5,285 5,814
108,583 158,917
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 22 22
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 3,210 3,210
Later than one year and not later than five years 6,152 9,362
9,362 12,572
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