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Registered number: 07986232
Oldfields Garage Services Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07986232
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 154,958 176,930
154,958 176,930
CURRENT ASSETS
Stocks 5 72,189 65,911
Debtors 6 50,633 66,629
Cash at bank and in hand 73,076 43,014
195,898 175,554
Creditors: Amounts Falling Due Within One Year 7 (148,694 ) (107,924 )
NET CURRENT ASSETS (LIABILITIES) 47,204 67,630
TOTAL ASSETS LESS CURRENT LIABILITIES 202,162 244,560
Creditors: Amounts Falling Due After More Than One Year 8 (82,245 ) (102,071 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,974 ) (24,579 )
NET ASSETS 87,943 117,910
CAPITAL AND RESERVES
Called up share capital 10 12 12
Profit and Loss Account 87,931 117,898
SHAREHOLDERS' FUNDS 87,943 117,910
Page 1
Page 2
For the 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.
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 for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Timothy Benson
Director
21 November 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Oldfields Garage Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07986232 . The registered office is Unit 1 Brunel Road, Enterprise Park, Leominster, Herefordshire, HR6 0LX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% straight line
Workshop Equipment 20% straight line
Vehicles For Hire 20% straight line
Motor Vehicles 20% straight line
Office and Computer Equipment 20% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year or on demand are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss in other operating expenses.
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in nonconvertible preference and non puttable ordinary shares which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are intially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Directors loans are recognised at transaction price.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 10)
9 10
4. Tangible Assets
Land & Property
Leasehold Workshop Equipment Vehicles For Hire Motor Vehicles
£ £ £ £
Cost
As at 1 April 2023 7,693 57,825 145,387 54,039
Additions - 1,503 28,170 -
Disposals - (167 ) (6,208 ) -
As at 31 March 2024 7,693 59,161 167,349 54,039
Depreciation
As at 1 April 2023 5,729 26,058 70,352 1,801
Provided during the period 561 9,117 25,723 10,807
Disposals - (103 ) (3,957 ) -
As at 31 March 2024 6,290 35,072 92,118 12,608
Net Book Value
As at 31 March 2024 1,403 24,089 75,231 41,431
As at 1 April 2023 1,964 31,767 75,035 52,238
Office and Computer Equipment Total
£ £
Cost
As at 1 April 2023 24,982 289,926
Additions 2,085 31,758
Disposals (1,055 ) (7,430 )
As at 31 March 2024 26,012 314,254
...CONTINUED
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Depreciation
As at 1 April 2023 9,056 112,996
Provided during the period 4,714 50,922
Disposals (562 ) (4,622 )
As at 31 March 2024 13,208 159,296
Net Book Value
As at 31 March 2024 12,804 154,958
As at 1 April 2023 15,926 176,930
5. Stocks
2024 2023
£ £
Stock 72,189 65,911
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 32,063 37,937
Prepayments and accrued income 17,116 8,703
Other debtors 1,454 1,248
Directors' loan accounts - 18,741
50,633 66,629
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 31,739 23,666
Trade creditors 42,149 33,957
Bank loans and overdrafts 10,000 10,000
Corporation tax 28,544 15,467
Other taxes and social security 3,714 -
VAT 21,963 17,777
Other creditors 10,378 7,057
Accruals and deferred income 63 -
Directors' loan accounts 144 -
148,694 107,924
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 70,578 80,404
Bank loans 11,667 21,667
82,245 102,071
9. Secured Creditors
Hire purchase liabilities are secured on their related assets.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 102,317 104,070
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12 12
11. Other Commitments
Total financial commitments not included in the balance sheet amount to £3,000 and are in relation to
commitments under operating leases.
12. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £929 (2023: £813) were due to the fund. They are included in Other Creditors.
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Timothy Benson 18,741 - (18,741 ) - -
The above loan is unsecured, interest free and repayable on demand.
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