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COMPANY REGISTRATION NUMBER: 05760897
Poplar Garage Limited
Filleted Unaudited Financial Statements
30 April 2024
Poplar Garage Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Poplar Garage Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
489,212
412,950
Current assets
Debtors
7
80
4,538
Cash at bank and in hand
25,414
46,087
--------
--------
25,494
50,625
Creditors: amounts falling due within one year
8
13,172
30,306
--------
--------
Net current assets
12,322
20,319
---------
---------
Total assets less current liabilities
501,534
433,269
Creditors: amounts falling due after more than one year
9
3,711
---------
---------
Net assets
501,534
429,558
---------
---------
Capital and reserves
Called up share capital
30
30
Revaluation reserve
257,750
126,597
Profit and loss account
243,754
302,931
---------
---------
Shareholders funds
501,534
429,558
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Poplar Garage Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 7 November 2024 , and are signed on behalf of the board by:
Mr P H Hertzog
Director
Company registration number: 05760897
Poplar Garage Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 & 7 Poplar Grove, Sale, Manchester, M33 3AX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
70,000
--------
Amortisation
At 1 May 2023 and 30 April 2024
70,000
--------
Carrying amount
At 30 April 2024
--------
At 30 April 2023
--------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
400,010
56,101
23,122
149,595
628,828
Disposals
( 5,456)
( 4,900)
( 10,356)
Revaluations
90,000
90,000
---------
--------
--------
---------
---------
At 30 April 2024
490,010
56,101
17,666
144,695
708,472
---------
--------
--------
---------
---------
Depreciation
At 1 May 2023
40,010
49,672
21,061
105,135
215,878
Charge for the year
1,607
355
11,108
13,070
Disposals
( 4,816)
( 4,872)
( 9,688)
---------
--------
--------
---------
---------
At 30 April 2024
40,010
51,279
16,600
111,371
219,260
---------
--------
--------
---------
---------
Carrying amount
At 30 April 2024
450,000
4,822
1,066
33,324
489,212
---------
--------
--------
---------
---------
At 30 April 2023
360,000
6,429
2,061
44,460
412,950
---------
--------
--------
---------
---------
Investment properties were revalued at the year end date 30 April 2024 by an independent third party.
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,439
Other debtors
80
99
----
-------
80
4,538
----
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
38
37
Corporation tax
10,524
11,514
Other creditors
2,610
18,755
--------
--------
13,172
30,306
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,711
----
-------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Hertzog
( 1,457)
925
( 532)
Mr P H Hertzog
( 15,408)
15,230
( 178)
--------
--------
----
( 16,865)
16,155
( 710)
--------
--------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Hertzog
12,734
( 14,191)
( 1,457)
Mr P H Hertzog
( 608)
( 14,800)
( 15,408)
--------
--------
--------
12,126
( 28,991)
( 16,865)
--------
--------
--------
11. Related party transactions
Included in other Debtors is 2024 £NIL (2023) £4,438.53 owed by Poplar Garage Sale Ltd (Company number 13937011). Mr P Hertzog is a Director of this company. This loan is non interest bearing and repayable on demand.