Gilesgate Autocare Ltd 08430757 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is motor service & repair Digita Accounts Production Advanced 6.30.9574.0 true true 08430757 2023-04-01 2024-03-31 08430757 2024-03-31 08430757 bus:OrdinaryShareClass1 2024-03-31 08430757 core:CurrentFinancialInstruments 2024-03-31 08430757 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08430757 core:FurnitureFittingsToolsEquipment 2024-03-31 08430757 core:MotorVehicles 2024-03-31 08430757 bus:SmallEntities 2023-04-01 2024-03-31 08430757 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08430757 bus:FilletedAccounts 2023-04-01 2024-03-31 08430757 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08430757 bus:RegisteredOffice 2023-04-01 2024-03-31 08430757 bus:Director1 2023-04-01 2024-03-31 08430757 bus:Director2 2023-04-01 2024-03-31 08430757 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08430757 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08430757 core:LicencesFranchises 2023-04-01 2024-03-31 08430757 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 08430757 core:MotorVehicles 2023-04-01 2024-03-31 08430757 core:OfficeEquipment 2023-04-01 2024-03-31 08430757 core:PlantMachinery 2023-04-01 2024-03-31 08430757 countries:EnglandWales 2023-04-01 2024-03-31 08430757 2023-03-31 08430757 core:FurnitureFittingsToolsEquipment 2023-03-31 08430757 core:MotorVehicles 2023-03-31 08430757 2022-04-01 2023-03-31 08430757 2023-03-31 08430757 bus:OrdinaryShareClass1 2023-03-31 08430757 core:CurrentFinancialInstruments 2023-03-31 08430757 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08430757 core:FurnitureFittingsToolsEquipment 2023-03-31 08430757 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08430757

Gilesgate Autocare Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Gilesgate Autocare Ltd

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Gilesgate Autocare Ltd

Company Information

Directors

R Towns

C J Towns

Registered office

76 Front Street
Prudhoe
Northumberland
NE42 5PU

Accountants

Heritage Accountancy Limited
Chartered Certified Accountants
76 Front Street
Prudhoe
Northumberland
NE42 5PU

 

Gilesgate Autocare Ltd

(Registration number: 08430757)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,906

7,795

Current assets

 

Stocks

5

4,500

4,000

Debtors

6

3,418

365

Cash at bank and in hand

 

189,782

145,298

 

197,700

149,663

Prepayments and accrued income

 

2,824

2,821

Creditors: Amounts falling due within one year

(135,964)

(95,861)

Net current assets

 

64,560

56,623

Net assets

 

80,466

64,418

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

80,366

64,318

Shareholders' funds

 

80,466

64,418

For the financial year ending 31 March 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
R Towns
Director

 

Gilesgate Autocare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 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:
76 Front Street
Prudhoe
Northumberland
NE42 5PU
England

The principal place of business is:
Dene Park
Hexham
Northumberland
NE46 1HN

These financial statements were authorised for issue by the Board on 22 October 2024.

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 abridged 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 abridged 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.

Going concern

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

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 sales/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.

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.

 

Gilesgate Autocare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

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 balance sheet 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

Motor vehicles

25% reducing balance basis

Office equipment

25% straight line basis

Plant & machinery

25% reducing balance basis

Amortisation

Asset class

Amortisation method and rate

Franchise fee

over 2 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Gilesgate Autocare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Gilesgate Autocare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

16,884

42,220

59,104

Additions

4,562

10,417

14,979

Disposals

(940)

(17,000)

(17,940)

At 31 March 2024

20,506

35,637

56,143

Depreciation

At 1 April 2023

14,398

36,911

51,309

Charge for the year

920

3,259

4,179

Eliminated on disposal

(940)

(14,311)

(15,251)

At 31 March 2024

14,378

25,859

40,237

Carrying amount

At 31 March 2024

6,128

9,778

15,906

At 31 March 2023

2,486

5,309

7,795

5

Stocks

2024
£

2023
£

Other inventories

4,500

4,000

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100