Company registration number 6076307 (England and Wales)
WEST END GARAGE (YEOVIL) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
WEST END GARAGE (YEOVIL) LIMITED
CONTENTS
Page
WEST END GARAGE (YEOVIL) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
2
17,500
Tangible assets
3
164
17,664
Current assets
Stocks
320
Cash at bank and in hand
21,281
21,601
Creditors: amounts falling due within one year
4
(6,672)
Net current assets
14,929
Net assets
32,593
Capital and reserves
Called up share capital
2
Profit and loss reserves
32,591
Total equity
32,593

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
J R Rawlings
Director
Company registration number 6076307 (England and Wales)
WEST END GARAGE (YEOVIL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

West End Garage (Yeovil) Limited is a private company limited by shares incorporated in England and Wales. The registered office is West End Garage, West Street, Stoke Sub Hamdon, Yeovil, TA14 6QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

WEST END GARAGE (YEOVIL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

2
Intangible fixed assets
Spare Asset 1
£
Cost
At 1 February 2023 and 31 January 2024
50,000
Amortisation and impairment
At 1 February 2023
35,000
Amortisation charged for the year
(2,500)
At 31 January 2024
32,500
Carrying amount
At 31 January 2024
17,500
Last year c/fwd cost
-
Differs from this year b/fwd by
50,000
Last year c/fwd depreciation
-
Differs from this year b/fwd by
35,000
WEST END GARAGE (YEOVIL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 and 31 January 2024
19,530
Depreciation and impairment
At 1 February 2023
19,312
Depreciation charged in the year
54
At 31 January 2024
19,366
Carrying amount
At 31 January 2024
164
Last year c/fwd cost
-
Differs from this year b/fwd by
19,530
Last year c/fwd depreciation
-
Differs from this year b/fwd by
19,312
4
Creditors: amounts falling due within one year
2024
£
Trade creditors
528
Corporation tax
4,413
Other taxation and social security
1,093
Other creditors
638
6,672
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