Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-02-27The principal activity is that of the maintenance and repair of motor vehicles.10falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14689904 2023-02-26 14689904 2023-02-27 2024-03-31 14689904 2022-02-27 2023-02-26 14689904 2024-03-31 14689904 c:Director1 2023-02-27 2024-03-31 14689904 d:Buildings d:LongLeaseholdAssets 2023-02-27 2024-03-31 14689904 d:Buildings d:ShortLeaseholdAssets 2023-02-27 2024-03-31 14689904 d:Buildings d:ShortLeaseholdAssets 2024-03-31 14689904 d:PlantMachinery 2023-02-27 2024-03-31 14689904 d:PlantMachinery 2024-03-31 14689904 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-27 2024-03-31 14689904 d:MotorVehicles 2023-02-27 2024-03-31 14689904 d:MotorVehicles 2024-03-31 14689904 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-27 2024-03-31 14689904 d:OfficeEquipment 2023-02-27 2024-03-31 14689904 d:OfficeEquipment 2024-03-31 14689904 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-27 2024-03-31 14689904 d:ComputerEquipment 2023-02-27 2024-03-31 14689904 d:ComputerEquipment 2024-03-31 14689904 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-27 2024-03-31 14689904 d:OwnedOrFreeholdAssets 2023-02-27 2024-03-31 14689904 d:Goodwill 2023-02-27 2024-03-31 14689904 d:Goodwill 2024-03-31 14689904 d:CurrentFinancialInstruments 2024-03-31 14689904 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 14689904 d:ShareCapital 2024-03-31 14689904 d:RetainedEarningsAccumulatedLosses 2024-03-31 14689904 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 14689904 c:OrdinaryShareClass1 2023-02-27 2024-03-31 14689904 c:OrdinaryShareClass1 2024-03-31 14689904 c:OrdinaryShareClass2 2023-02-27 2024-03-31 14689904 c:OrdinaryShareClass2 2024-03-31 14689904 c:OrdinaryShareClass3 2023-02-27 2024-03-31 14689904 c:OrdinaryShareClass3 2024-03-31 14689904 c:OrdinaryShareClass4 2023-02-27 2024-03-31 14689904 c:OrdinaryShareClass4 2024-03-31 14689904 c:OrdinaryShareClass5 2023-02-27 2024-03-31 14689904 c:OrdinaryShareClass5 2024-03-31 14689904 c:FRS102 2023-02-27 2024-03-31 14689904 c:AuditExemptWithAccountantsReport 2023-02-27 2024-03-31 14689904 c:FullAccounts 2023-02-27 2024-03-31 14689904 c:PrivateLimitedCompanyLtd 2023-02-27 2024-03-31 14689904 d:WithinOneYear 2024-03-31 14689904 d:BetweenOneFiveYears 2024-03-31 14689904 d:MoreThanFiveYears 2024-03-31 14689904 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-02-27 2024-03-31 14689904 2 2023-02-27 2024-03-31 14689904 d:Goodwill d:OwnedIntangibleAssets 2023-02-27 2024-03-31 14689904 e:PoundSterling 2023-02-27 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14689904










Woodbourne Garages Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 31 March 2024

 
Woodbourne Garages Ltd
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Woodbourne Garages Ltd for the Period Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Woodbourne Garages Ltd for the period ended 31 March 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Woodbourne Garages Ltd, as a body, in accordance with the terms of our engagement letter dated 1 March 2023Our work has been undertaken solely to prepare for your approval the financial statements of Woodbourne Garages Ltd and state those matters that we have agreed to state to the Board of Directors of Woodbourne Garages Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woodbourne Garages Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Woodbourne Garages Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Woodbourne Garages Ltd. You consider that Woodbourne Garages Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Woodbourne Garages Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
12 November 2024
Page 1

 
Woodbourne Garages Ltd
Registered number: 14689904

Balance Sheet
As at 31 March 2024

2024
Note
£

Fixed assets
  

Intangible assets
 4 
162,000

Tangible assets
 5 
28,078

  
190,078

Current assets
  

Debtors: amounts falling due within one year
 6 
146,499

Cash at bank and in hand
  
44,614

  
191,113

Creditors: amounts falling due within one year
 7 
(299,994)

Net current (liabilities)/assets
  
 
 
(108,881)

Total assets less current liabilities
  
81,197

Provisions for liabilities
  

Deferred tax
 8 
(6,858)

  
 
 
(6,858)

Net assets
  
74,339


Capital and reserves
  

Called up share capital 
  
200

Profit and loss account
  
74,139

  
74,339


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S W Gardner
Director
Page 2

 
Woodbourne Garages Ltd
Registered number: 14689904

Balance Sheet (continued)
As at 31 March 2024

Date: 18 September 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
Woodbourne Garages Ltd
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

1.


General information

Woodbourne Garages Ltd is a private company limited by shares and is incorporated in England with the
registration number 14689904. The address of the registered office is C/O Kreston Reeves LLP Plus X Innovation Hub, Lewes Road, Brighton, East Sussex, BN2 4GL.
The Company incorporated on 27 February 2023 and started trading from 1 April 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. 

Page 4

 
Woodbourne Garages Ltd
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
straight line
Plant and machinery
-
33%
straight line
Motor vehicles
-
20%
straight line
Office equipment
-
33%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
Woodbourne Garages Ltd
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

The Company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
Woodbourne Garages Ltd
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 10.

Page 7

 
Woodbourne Garages Ltd
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

4.


Intangible assets



Goodwill

£



Cost


Additions
180,000



At 31 March 2024

180,000



Amortisation


Charge for the period on owned assets
18,000



At 31 March 2024

18,000



Net book value



At 31 March 2024
162,000



Page 8
 


 
Woodbourne Garages Ltd


 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024


5.


Tangible fixed assets






Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


Additions
12,690
1,967
15,500
275
2,189
32,621



At 31 March 2024

12,690
1,967
15,500
275
2,189
32,621



Depreciation


Charge for the period on owned assets
1,046
204
2,842
46
405
4,543



At 31 March 2024

1,046
204
2,842
46
405
4,543



Net book value



At 31 March 2024
11,644
1,763
12,658
229
1,784
28,078

Page 9
 
Woodbourne Garages Ltd
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

6.


Debtors

2024
£


Trade debtors
10,131

Other debtors
135,766

Prepayments and accrued income
602

146,499



7.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
26,986

Corporation tax
60,844

Other taxation and social security
25,765

Other creditors
186,399

299,994


Page 10

 
Woodbourne Garages Ltd
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

8.


Deferred taxation



2024


£






Charged to profit or loss
(6,858)



At end of year
(6,858)

The deferred taxation balance is made up as follows:

2024
£


Accelerated capital allowances
(6,858)

(6,858)


9.


Share capital

2024
£
Allotted, called up and fully paid


80 Ordinary A shares shares of £1.00 each
80
80 Ordinary B shares shares of £1.00 each
80
10 Ordinary C shares shares of £1.00 each
10
10 Ordinary D shares shares of £1.00 each
10
10 Ordinary E shares shares of £1.00 each
10
10 Ordinary F shares shares of £1.00 each
10

200




10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,842. Contributions totalling £648 were payable to the fund at the balance sheet date and are included in creditors. 

Page 11

 
Woodbourne Garages Ltd
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
£


Not later than 1 year
42,000

Later than 1 year and not later than 5 years
168,000

Later than 5 years
143,500

353,500


12.


Related party transactions

Woodbourne Car Sales Ltd
During the year the company provided Woodbourne Car Sales Ltd with an interest free unsecured loan that is repayable on demand. At the balance sheet date the amount due from Woodbourne Car Sales Ltd was £135,039. 
S W Gardner
During the year the company provided the director with an interest free loan repayable on demand. At the balance sheet date the amount due from the director was £140.
K M Gardner
During the year the company provided the director with an interest free loan repayable on demand. At the balance sheet date the amount due from the director was £587.


Page 12