Company registration number 08466595 (England and Wales)
UK GARAGE DOORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
UK GARAGE DOORS LTD
COMPANY INFORMATION
Directors
Mr T S Hemstock
Mr C C Brickles
Mr J E Edmonds
Mr G N F Edmonds
Company number
08466595
Registered office
Cabourn House
Station Street
Bingham
Nottinghamshire
England
NG13 8AQ
Accountants
Xeinadin
Cabourn House
Station Street
Bingham
Nottinghamshire
United Kingdom
NG13 8AQ
UK GARAGE DOORS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
UK GARAGE DOORS LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,514
15,494
Current assets
Stocks
72,695
84,039
Debtors
5
103,100
148,555
Cash at bank and in hand
44,543
35,587
220,338
268,181
Creditors: amounts falling due within one year
6
(197,523)
(231,852)
Net current assets
22,815
36,329
Total assets less current liabilities
35,329
51,823
Creditors: amounts falling due after more than one year
7
(13,089)
(23,272)
Provisions for liabilities
(2,378)
(2,944)
Net assets
19,862
25,607
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
19,762
25,507
Total equity
19,862
25,607

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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

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

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.

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.

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

UK GARAGE DOORS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
Mr J E Edmonds
Director
Company registration number 08466595 (England and Wales)
UK GARAGE DOORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

UK Garage Doors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cabourn House, Station Street, Bingham, Nottinghamshire, England, NG13 8AQ.

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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business in 2014 over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is two years.

1.4
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:

Plant and equipment
20% on cost
IT equipment
33% on cost
Motor vehicles
20% on cost

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.

1.5
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.

UK GARAGE DOORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

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

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

UK GARAGE DOORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
11
12
3
Intangible fixed assets
Total
£
Cost
At 1 April 2023 and 31 March 2024
10,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
10,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
4
Tangible fixed assets
Total
£
Cost
At 1 April 2023
48,547
Additions
3,410
At 31 March 2024
51,957
Depreciation and impairment
At 1 April 2023
33,053
Depreciation charged in the year
6,390
At 31 March 2024
39,443
Carrying amount
At 31 March 2024
12,514
At 31 March 2023
15,494
UK GARAGE DOORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
89,109
114,087
Other debtors
-
0
21,711
Prepayments and accrued income
13,991
12,757
103,100
148,555
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,187
9,932
Trade creditors
140,059
187,302
Corporation tax
740
547
Other taxation and social security
10,876
-
0
Other creditors
29,840
26,808
Accruals and deferred income
5,821
7,263
197,523
231,852
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13,089
23,272
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
55,125
27,478

Amounts of £45,419 (2023: £13,500) relate to the lease of land and buildings.

2024-03-312023-04-01falsefalsefalse19 November 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMr T S HemstockMr C C BricklesMr J E EdmondsMr G N F Edmonds084665952023-04-012024-03-3108466595bus:Director12023-04-012024-03-3108466595bus:Director22023-04-012024-03-3108466595bus:Director32023-04-012024-03-3108466595bus:Director42023-04-012024-03-3108466595bus:RegisteredOffice2023-04-012024-03-31084665952024-03-31084665952023-03-3108466595core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3108466595core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3108466595core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3108466595core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3108466595core:CurrentFinancialInstruments2024-03-3108466595core:CurrentFinancialInstruments2023-03-3108466595core:ShareCapital2024-03-3108466595core:ShareCapital2023-03-3108466595core:RetainedEarningsAccumulatedLosses2024-03-3108466595core:RetainedEarningsAccumulatedLosses2023-03-3108466595core:Goodwill2023-04-012024-03-3108466595core:PlantMachinery2023-04-012024-03-3108466595core:ComputerEquipment2023-04-012024-03-3108466595core:MotorVehicles2023-04-012024-03-31084665952022-04-012023-03-31084665952023-03-3108466595core:Non-currentFinancialInstruments2024-03-3108466595core:Non-currentFinancialInstruments2023-03-3108466595bus:PrivateLimitedCompanyLtd2023-04-012024-03-3108466595bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108466595bus:FRS1022023-04-012024-03-3108466595bus:AuditExemptWithAccountantsReport2023-04-012024-03-3108466595bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP