Registered number
08367333
Coborn Garage Ltd.
Filleted Accounts
31 January 2024
Coborn Garage Ltd.
Registered number: 08367333
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 542,140 548,408
Current assets
Debtors 5 63,404 19,463
Cash at bank and in hand 482,777 411,647
546,181 431,110
Creditors: amounts falling due within one year 6 (263,977) (280,778)
Net current assets 282,204 150,332
Total assets less current liabilities 824,344 698,740
Creditors: amounts falling due after more than one year 7 (256,518) (263,860)
Net assets 567,826 434,880
Capital and reserves
Called up share capital 300 300
Profit and loss account 567,526 434,580
Shareholders' funds 567,826 434,880
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.
N Gami
Director
Approved by the board on 24 October 2024
Coborn Garage Ltd.
Notes to the Accounts
for the year ended 31 January 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. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
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 and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 179,500
At 31 January 2024 179,500
Amortisation
At 1 February 2023 179,500
Provided during the year -
At 31 January 2024 179,500
Net book value
At 31 January 2024 -
At 31 January 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 523,336 92,813 616,149
Additions - - -
At 31 January 2024 523,336 92,813 616,149
Depreciation
At 1 February 2023 - 67,741 67,741
Charge for the year - 6,268 6,268
At 31 January 2024 - 74,009 74,009
Net book value
At 31 January 2024 523,336 18,804 542,140
At 31 January 2023 523,336 25,072 548,408
5 Debtors 2024 2023
£ £
Trade debtors 6,968 1,961
Other debtors 56,436 17,502
63,404 19,463
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 51,993 63,474
Trade creditors 29,162 50,439
Taxation and social security costs 76,044 78,886
Other creditors 106,778 87,979
263,977 280,778
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 256,518 263,860
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 303,461 327,334
The bank has a fixed and floating charge over the company's assets to secure the bank loan.
9 Other information
Coborn Garage Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
206 Colts Lane
Bethnal Green
London
E2 6JN
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