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Company No: 11131420 (England and Wales)

ORCHARD GARAGE DMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

ORCHARD GARAGE DMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

ORCHARD GARAGE DMS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
ORCHARD GARAGE DMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 14,858 17,507
14,858 17,507
Current assets
Stocks 4 2,500 2,510
Debtors 5 12,316 10,670
Cash at bank and in hand 21,694 24,094
36,510 37,274
Creditors: amounts falling due within one year 6 ( 18,148) ( 20,007)
Net current assets 18,362 17,267
Total assets less current liabilities 33,220 34,774
Creditors: amounts falling due after more than one year 7 ( 22,619) ( 24,827)
Provision for liabilities ( 2,598) ( 3,101)
Net assets 8,003 6,846
Capital and reserves
Called-up share capital 10 10
Profit and loss account 7,993 6,836
Total shareholder's funds 8,003 6,846

For the financial 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.

Director's responsibilities:

The financial statements of Orchard Garage DMS Limited (registered number: 11131420) were approved and authorised for issue by the Director. They were signed on its behalf by:

Daniel Shave
Director

30 October 2024

ORCHARD GARAGE DMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
ORCHARD GARAGE DMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Orchard Garage DMS Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stonham White House Farm, Whitehouse Lane, Middlewood Green, Stowmarket, IP14 5HE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 4 years straight line
Tools and equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Plant and machinery Vehicles Tools and equipment Total
£ £ £ £
Cost
At 01 February 2023 7,758 1,250 17,177 26,185
At 31 January 2024 7,758 1,250 17,177 26,185
Accumulated depreciation
At 01 February 2023 5,843 115 2,720 8,678
Charge for the financial year 618 313 1,718 2,649
At 31 January 2024 6,461 428 4,438 11,327
Net book value
At 31 January 2024 1,297 822 12,739 14,858
At 31 January 2023 1,915 1,135 14,457 17,507

4. Stocks

2024 2023
£ £
Work in progress 2,500 2,510

5. Debtors

2024 2023
£ £
Trade debtors 11,301 5,887
Amounts owed by director 1,015 1,256
Other debtors 0 3,527
12,316 10,670

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 2,324 5,635
Accruals 3,000 2,740
Corporation tax 4,598 3,891
Other taxation and social security 6,309 4,760
Other creditors 1,917 2,981
18,148 20,007

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 22,619 24,827

There are no amounts included above in respect of which any security has been given by the small entity.