Company registration number 01079357 (England and Wales)
SITWELL GARAGE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
SITWELL GARAGE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SITWELL GARAGE LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
162,799
165,514
Current assets
Stocks
4,802
5,478
Debtors
5
12,412
7,524
Cash at bank and in hand
84,466
94,121
101,680
107,123
Creditors: amounts falling due within one year
6
(59,086)
(58,867)
Net current assets
42,594
48,256
Total assets less current liabilities
205,393
213,770
Provisions for liabilities
(4,580)
(4,087)
Net assets
200,813
209,683
Capital and reserves
Called up share capital
2,000
2,000
Revaluation reserve
75,805
75,805
Profit and loss reserves
123,008
131,878
Total equity
200,813
209,683
SITWELL GARAGE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -

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

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
Mr P Lister
Mrs J Bennett
Director
Director
Company registration number 01079357 (England and Wales)
SITWELL GARAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Sitwell Garage Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Sitwell Street, Spondon, DERBY, Derbyshire, DE21 7FH. The company registration number is 01079357.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
in accordance with the property
Plant and machinery
15% on reducing balance
Motor vehicles
20% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SITWELL GARAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Debtors

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

 

Creditors

Short term creditors are measured at transaction price

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SITWELL GARAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
6
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 September 2023
198,502
198,394
5,383
402,279
Additions
-
0
550
200
750
Disposals
-
0
-
0
(792)
(792)
At 31 August 2024
198,502
198,944
4,791
402,237
Depreciation and impairment
At 1 September 2023
54,502
177,583
4,680
236,765
Depreciation charged in the year
-
0
3,203
161
3,364
Eliminated in respect of disposals
-
0
-
0
(691)
(691)
At 31 August 2024
54,502
180,786
4,150
239,438
Carrying amount
At 31 August 2024
144,000
18,158
641
162,799
At 31 August 2023
144,000
20,811
703
165,514

Included in cost of land and buildings is freehold land of £144,000 (2023- £144,000) which is not depreciated.

In August 1997 the freehold property was valued by Boxall, Brown and Jones, Chartered Surveyors.

In their opinion the open market value of the freehold property was £195,000.

SITWELL GARAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,305
3,991
Other debtors
4,107
3,533
12,412
7,524
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
18,980
21,621
Corporation tax
15,784
15,539
Other taxation and social security
18,265
16,817
Other creditors
6,057
4,890
59,086
58,867
2024-08-312023-09-01false20 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr P ListerMrs J BennettMr R HartMrs J Bennettfalsefalse010793572023-09-012024-08-31010793572024-08-31010793572023-08-3101079357core:LandBuildingscore:OwnedOrFreeholdAssets2024-08-3101079357core:PlantMachinery2024-08-3101079357core:MotorVehicles2024-08-3101079357core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-3101079357core:PlantMachinery2023-08-3101079357core:MotorVehicles2023-08-3101079357core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3101079357core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3101079357core:CurrentFinancialInstruments2024-08-3101079357core:CurrentFinancialInstruments2023-08-3101079357core:ShareCapital2024-08-3101079357core:ShareCapital2023-08-3101079357core:RevaluationReserve2024-08-3101079357core:RevaluationReserve2023-08-3101079357core:RetainedEarningsAccumulatedLosses2024-08-3101079357core:RetainedEarningsAccumulatedLosses2023-08-3101079357bus:Director12023-09-012024-08-3101079357bus:CompanySecretaryDirector12023-09-012024-08-3101079357core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-012024-08-3101079357core:PlantMachinery2023-09-012024-08-3101079357core:MotorVehicles2023-09-012024-08-31010793572022-09-012023-08-3101079357core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-3101079357core:PlantMachinery2023-08-3101079357core:MotorVehicles2023-08-31010793572023-08-3101079357core:WithinOneYear2024-08-3101079357core:WithinOneYear2023-08-3101079357bus:PrivateLimitedCompanyLtd2023-09-012024-08-3101079357bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3101079357bus:FRS1022023-09-012024-08-3101079357bus:AuditExemptWithAccountantsReport2023-09-012024-08-3101079357bus:Director22023-09-012024-08-3101079357bus:Director32023-09-012024-08-3101079357bus:CompanySecretary12023-09-012024-08-3101079357bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP