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REGISTERED NUMBER: 01396963 (England and Wales)















Unaudited Financial Statements for the Year Ended 30th April 2024

for

CLOCK GARAGE (CHORLEY) LIMITED

CLOCK GARAGE (CHORLEY) LIMITED (REGISTERED NUMBER: 01396963)






Contents of the Financial Statements
for the Year Ended 30th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CLOCK GARAGE (CHORLEY) LIMITED

Company Information
for the Year Ended 30th April 2024







DIRECTORS: Mr J R Finch
Mrs M Finch



SECRETARY: Mr J R Finch



REGISTERED OFFICE: Castle Street
Chorley
Lancashire
PR7 3BU



REGISTERED NUMBER: 01396963 (England and Wales)



ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE



BANKERS: Natwest
46 Market Street
Chorley
Lancashire

CLOCK GARAGE (CHORLEY) LIMITED (REGISTERED NUMBER: 01396963)

Balance Sheet
30th April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 280,471 280,588

CURRENT ASSETS
Stocks 5 198,829 265,133
Debtors 6 11,794 5,038
Cash in hand 220 100
210,843 270,271
CREDITORS
Amounts falling due within one year 7 169,380 217,795
NET CURRENT ASSETS 41,463 52,476
TOTAL ASSETS LESS CURRENT
LIABILITIES

321,934

333,064

CREDITORS
Amounts falling due after more than one
year

8

(42,461

)

(84,273

)

PROVISIONS FOR LIABILITIES (33,057 ) (27,164 )
NET ASSETS 246,416 221,627

CAPITAL AND RESERVES
Called up share capital 11 5,000 5,000
Non distributable reserves 202,850 202,850
Retained earnings 38,566 13,777
SHAREHOLDERS' FUNDS 246,416 221,627

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CLOCK GARAGE (CHORLEY) LIMITED (REGISTERED NUMBER: 01396963)

Balance Sheet - continued
30th April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th October 2024 and were signed on its behalf by:





Mr J R Finch - Director


CLOCK GARAGE (CHORLEY) LIMITED (REGISTERED NUMBER: 01396963)

Notes to the Financial Statements
for the Year Ended 30th April 2024

1. STATUTORY INFORMATION

Clock Garage (Chorley) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax. is Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

In a departure from FRS102 Section 1A for small entities, no depreciation is provided in respect of long leasehold properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


CLOCK GARAGE (CHORLEY) LIMITED (REGISTERED NUMBER: 01396963)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Going concern
In view of the level of distributable retained earnings at the year-end date, consideration has been given to the company's status as a going concern. The directors have confirmed their continued support of the company for the foreseeable future and so in turn provided sufficient going concern assurance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1st May 2023
and 30th April 2024 280,000 34,626 48,260 362,886
DEPRECIATION
At 1st May 2023 - 34,459 47,839 82,298
Charge for year - 33 84 117
At 30th April 2024 - 34,492 47,923 82,415
NET BOOK VALUE
At 30th April 2024 280,000 134 337 280,471
At 30th April 2023 280,000 167 421 280,588

In the current year, there have been no significant material changes to effect these valuations.

5. STOCKS
30.4.24 30.4.23
£    £   
Stocks 198,829 265,133

CLOCK GARAGE (CHORLEY) LIMITED (REGISTERED NUMBER: 01396963)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 11,449 4,704
Prepayments and accrued income 345 334
11,794 5,038

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 94,005 89,391
Trade creditors 8,357 11,067
Social security and other taxes 7,397 7,338
Stocking loan 33,872 84,758
Other creditors 3,634 389
Directors' loan accounts 2,084 1,215
Accrued expenses 20,031 23,637
169,380 217,795

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans - 1-2 years 42,461 41,859
Bank loans - 2-5 years - 42,414
42,461 84,273

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.4.24 30.4.23
£    £   
Within one year 19,200 19,200

10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank overdrafts 52,146 50,810
Bank loans 84,320 122,854
Stocking loan 33,871 84,758
170,337 258,422

The bank holds a legal charge over the company's land and buildings.

Included within bank loans are loans taken out under the government's BBL and CBILS loan schemes, in response to the economic impact of the coronavirus pandemic.

CLOCK GARAGE (CHORLEY) LIMITED (REGISTERED NUMBER: 01396963)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
5,000 Ordinary £1 5,000 5,000

12. RELATED PARTY DISCLOSURES

At the 30th April 2024 the company owed £2,084 (2023: £1,215) to its directors, of which £Nil (2023: £nil) is classified within creditors payable in more than one year. No interest has been charged to the company in respect of this loan and there is no formal repayment date for this loan.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mr J R Finch by virtue of his majority shareholding in the company.