Warren Garage Limited 08522801 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Garage Digita Accounts Production Advanced 6.30.9574.0 true 08522801 2023-06-01 2024-05-31 08522801 2024-05-31 08522801 core:RetainedEarningsAccumulatedLosses 2024-05-31 08522801 core:ShareCapital 2024-05-31 08522801 core:CurrentFinancialInstruments 2024-05-31 08522801 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 08522801 core:LandBuildings core:ShortLeaseholdAssets 2024-05-31 08522801 core:MotorVehicles 2024-05-31 08522801 core:PlantMachinery 2024-05-31 08522801 bus:SmallEntities 2023-06-01 2024-05-31 08522801 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08522801 bus:FullAccounts 2023-06-01 2024-05-31 08522801 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 08522801 bus:RegisteredOffice 2023-06-01 2024-05-31 08522801 bus:Director1 2023-06-01 2024-05-31 08522801 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08522801 core:IntangibleAssetsOtherThanGoodwill 2023-06-01 2024-05-31 08522801 core:ComputerEquipment 2023-06-01 2024-05-31 08522801 core:LandBuildings core:ShortLeaseholdAssets 2023-06-01 2024-05-31 08522801 core:MotorVehicles 2023-06-01 2024-05-31 08522801 core:PlantMachinery 2023-06-01 2024-05-31 08522801 core:Vehicles 2023-06-01 2024-05-31 08522801 countries:EnglandWales 2023-06-01 2024-05-31 08522801 2023-05-31 08522801 core:LandBuildings core:ShortLeaseholdAssets 2023-05-31 08522801 core:MotorVehicles 2023-05-31 08522801 core:PlantMachinery 2023-05-31 08522801 2022-06-01 2023-05-31 08522801 2023-05-31 08522801 core:RetainedEarningsAccumulatedLosses 2023-05-31 08522801 core:ShareCapital 2023-05-31 08522801 core:CurrentFinancialInstruments 2023-05-31 08522801 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 08522801 core:LandBuildings core:ShortLeaseholdAssets 2023-05-31 08522801 core:MotorVehicles 2023-05-31 08522801 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 08522801

Warren Garage Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 May 2024

 

Warren Garage Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Warren Garage Limited

(Registration number: 08522801)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

88,454

65,296

Current assets

 

Stocks

5

3,547

5,229

Debtors

6

174,505

173,745

Cash at bank and in hand

 

132,770

97,539

 

310,822

276,513

Creditors: Amounts falling due within one year

7

(129,968)

(133,359)

Net current assets

 

180,854

143,154

Total assets less current liabilities

 

269,308

208,450

Provisions for liabilities

(14,862)

(12,125)

Net assets

 

254,446

196,325

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

254,346

196,225

Shareholders' funds

 

254,446

196,325

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 1 November 2024 and signed on its behalf by:
 

 

Warren Garage Limited

(Registration number: 08522801)
Statement of Financial Position as at 31 May 2024

.........................................
Mrs B Paling
Director

 

Warren Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 255 Frimley Green Road, Frimley Green, Camberley, Surrey, GU16 6LD. United Kingdom.

The principal place of business is: 255 Frimley Green Road, Frimley Green, Camberley, Surrey, GU16 6LD, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Warren Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Computer equipment

33% straight line

Courtesy vehicles

25% straight line

Amortisation

Asset class

Amortisation method and rate

Intangible assets other than goodwill

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

 

Warren Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 7).

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

6,010

46,667

67,406

120,083

Additions

10,802

41,154

-

51,956

Disposals

-

(1,107)

-

(1,107)

At 31 May 2024

16,812

86,714

67,406

170,932

Depreciation

At 1 June 2023

4,529

27,821

22,437

54,787

Charge for the year

2,048

10,237

16,051

28,336

Eliminated on disposal

-

(645)

-

(645)

At 31 May 2024

6,577

37,413

38,488

82,478

Carrying amount

At 31 May 2024

10,235

49,301

28,918

88,454

At 31 May 2023

1,481

18,846

44,969

65,296

Included within the net book value of land and buildings above is £10,235 (2023 - £1,481) in respect of short leasehold land and buildings.
 

 

Warren Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

3,547

5,229

6

Debtors

2024
£

2023
£

Trade debtors

902

431

Other debtors

171,000

171,156

Prepayments

2,603

2,158

174,505

173,745

Details of non-current trade and other debtors

£Nil (2023 -£171,000) of Other debtors is classified as non current. The company loaned monies to Warren House Developments Limited, a company in which the directors have an interest. A formal loan agreement is in place and interest is charged at 3%. Repayment of the loan will occur as funds become available.

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

20,465

25,954

Taxation and social security

60,883

38,425

Accruals and deferred income

2,863

3,165

Other creditors

45,757

65,815

129,968

133,359