Company registration number: 00778814
Unaudited financial statements
for the year ended 31 March 2024
for
Victoria Garage (Whitchurch) Limited
Pages for filing with the Registrar
Company registration number: 00778814
Victoria Garage (Whitchurch) Limited
Balance sheet
as at 31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 733,475 775,405
733,475 775,405
Current assets
Stocks 273,269 227,352
Debtors 284,411 115,437
Cash at bank and in hand 460,036 478,344
1,017,716 821,133
Creditors: amounts falling due within
one year
(607,275) (464,945)
Net current assets 410,441 356,188
Total assets less current liabilities 1,143,916 1,131,593
Provisions for liabilities (58,068) (59,551)
NET ASSETS 1,085,848 1,072,042
Capital and reserves
Called up share capital 2,000 2,000
Revaluation reserve 237,248 237,248
Profit and loss account 846,600 832,794
TOTAL EQUITY 1,085,848 1,072,042
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 March 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 00778814
Victoria Garage (Whitchurch) Limited
Balance sheet - continued
as at 31 March 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 31 October 2024 and signed on its behalf by:
Mr C Ball, Director Mr W Ball, Director
31 October 2024 31 October 2024
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Victoria Garage (Whitchurch) Limited
Notes to the financial statements
for the year ended 31 March 2024
1 Company information
Victoria Garage (Whitchurch) Limited is a private company registered in England and Wales. Its registered number is 00778814. The company is limited by shares. Its registered office is Victoria Garage, Newport Road, Whitchurch, Shropshire, SY13 1QD.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings:
Freehold property - 2% straight line
Plant and machinery etc.:
Plant and machinery - 15% reducing balance
Fixtures & fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 33% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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Victoria Garage (Whitchurch) Limited
Notes to the financial statements - continued
for the year ended 31 March 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 16 (2023 - 16).
4 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 April 2023 939,755 597,414 1,537,169
At 31 March 2024 939,755 597,414 1,537,169
Depreciation
At 1 April 2023 283,544 478,220 761,764
Charge for year 19,005 22,925 41,930
At 31 March 2024 302,549 501,145 803,694
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Victoria Garage (Whitchurch) Limited
Notes to the financial statements - continued
for the year ended 31 March 2024
4 Tangible fixed assets - continued
Net book value
At 31 March 2024 637,206 96,269 733,475
At 31 March 2023 656,211 119,194 775,405
5 Advances, credit and guarantees granted to directors
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023.
2024 2023
£ £
Mr William Alan Ball
Balance outstanding at start of year 10,829 -
Amounts advanced 546 -
Amounts repaid (11,029) -
Balance outstanding at end of year 346 -
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