Company Registration No. 2110095 (England and Wales)
Fairwater Garages Limited
Unaudited accounts
for the year ended 30 April 2024
Fairwater Garages Limited
Unaudited accounts
Contents
Fairwater Garages Limited
Company Information
for the year ended 30 April 2024
Company Number
2110095 (England and Wales)
Registered Office
Fairwater Garage Norbury Road
Fairwater
Cardiff
CF5 3AT
Accountants
STAS Ltd
253 Cowbridge Road West
Cardiff
CF5 5TD
Fairwater Garages Limited
Statement of financial position
as at 30 April 2024
Tangible assets
95,222
199,634
Cash at bank and in hand
302,199
156,794
Creditors: amounts falling due within one year
(223,292)
(105,427)
Net current assets
111,207
89,429
Total assets less current liabilities
206,429
289,063
Provisions for liabilities
Deferred tax
(3,762)
(3,762)
Net assets
202,667
285,301
Called up share capital
1,000
1,000
Profit and loss account
201,667
284,301
Shareholders' funds
202,667
285,301
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 October 2024 and were signed on its behalf by
S Heselton
Director
Company Registration No. 2110095
Fairwater Garages Limited
Notes to the Accounts
for the year ended 30 April 2024
Fairwater Garages Limited is a private company, limited by shares, registered in England and Wales, registration number 2110095. The registered office is Fairwater Garage Norbury Road, Fairwater, Cardiff, CF5 3AT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax for the sales of goods and provision of services.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% - 20%
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Fairwater Garages Limited
Notes to the Accounts
for the year ended 30 April 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 May 2023
42,578
199,297
176,003
58,150
476,028
Additions
-
6,154
10,484
12,585
29,223
Disposals
-
(30,925)
(86,407)
(16,249)
(133,581)
At 30 April 2024
42,578
174,526
100,080
54,486
371,670
At 1 May 2023
41,201
131,732
61,167
42,294
276,394
Charge for the year
862
12,747
30,374
7,265
51,248
On disposals
-
(6,516)
(40,297)
(4,381)
(51,194)
At 30 April 2024
42,063
137,963
51,244
45,178
276,448
At 30 April 2024
515
36,563
48,836
9,308
95,222
At 30 April 2023
1,377
67,565
114,836
15,856
199,634
Amounts falling due within one year
Trade debtors
7,602
17,552
Accrued income and prepayments
16,160
13,511
Fairwater Garages Limited
Notes to the Accounts
for the year ended 30 April 2024
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Creditors: amounts falling due within one year
2024
2023
Trade creditors
133,512
51,316
Taxes and social security
5,075
5,200
Other creditors
23,258
2,878
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Post balance sheet events
Employee Ownership Trust
On 24/05/2024, 100% of the share capital of Fairwater Garages Ltd was sold by the previous shareholders to Fairwater Garages Employee Trust Limited, which is an Employee Ownership Trust. This resulted in the company becoming employee owned by virtue of current and future employees being beneficiaries of the trust.
The funding for the purchase of the shares by the Employee Ownership Trust was by way of a loan to the Employee Ownership Trust from the previous shareholders of the business.
The obligation for full repayment of the loan, as set out in the deed of trust agreement, lies with the Employee Ownership Trust and has therefore not been recognised within the financial statements of the company group as a liability.
The company has provided a guarantee to the previous shareholders, should the Employee Ownership Trust not meet its loan repayment obligations. The amount guaranteed is £700,000, excluding accrued interest and charges.
There were no contingent liabilities on 30 April 2024.
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Average number of employees
During the year the average number of employees was 14 (2023: 14).