REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th April 2024 |
for |
CLOCK GARAGE (CHORLEY) LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
BANKERS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Non distributable reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st May 2023 |
and 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
In the current year, there have been no significant material changes to effect these valuations. |
5. | STOCKS |
30.4.24 | 30.4.23 |
£ | £ |
Stocks |
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 |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
Stocking loan |
Other creditors | 3,634 | 389 |
Directors' loan accounts | 2,084 | 1,215 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Within one year |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank overdrafts |
Bank loans |
Stocking loan | 33,871 | 84,758 |
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: | £ | £ |
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. |