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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
Page
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Fairwater Garages Limited Company Information for the year ended 30 April 2024
Director
S Heselton
Secretary
E Heselton
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
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Fairwater Garages Limited Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
95,222 
199,634 
Current assets
Inventories
1,700 
1,000 
Debtors
30,600 
37,062 
Cash at bank and in hand
302,199 
156,794 
334,499 
194,856 
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 
Capital and reserves
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
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Fairwater Garages Limited Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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:
Land & buildings
20%
Plant & machinery
15%
Motor vehicles
25%
Fixtures & fittings
15% - 20%
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred taxation
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
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.
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Fairwater Garages Limited Notes to the Accounts for the year ended 30 April 2024
Leased assets
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.
Pension costs
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.
4
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 
Depreciation
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 
Net book value
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 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
1,004 
Trade debtors
7,602 
17,552 
Accrued income and prepayments
16,160 
13,511 
Other debtors
6,838 
4,995 
30,600 
37,062 
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Fairwater Garages Limited Notes to the Accounts for the year ended 30 April 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
30,779 
31,796 
Trade creditors
133,512 
51,316 
Taxes and social security
5,075 
5,200 
Other creditors
23,258 
2,878 
Accruals
30,668 
14,237 
223,292 
105,427 
7
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.
8
Average number of employees
During the year the average number of employees was 14 (2023: 14).
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