Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29No description of principal activity2022-09-01false33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08136759 2022-09-01 2024-02-29 08136759 2021-09-01 2022-08-31 08136759 2024-02-29 08136759 2022-08-31 08136759 c:Director1 2022-09-01 2024-02-29 08136759 d:OfficeEquipment 2022-09-01 2024-02-29 08136759 d:OfficeEquipment 2024-02-29 08136759 d:OfficeEquipment 2022-08-31 08136759 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2024-02-29 08136759 d:CurrentFinancialInstruments 2024-02-29 08136759 d:CurrentFinancialInstruments 2022-08-31 08136759 d:Non-currentFinancialInstruments 2024-02-29 08136759 d:Non-currentFinancialInstruments 2022-08-31 08136759 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 08136759 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 08136759 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 08136759 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 08136759 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 08136759 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 08136759 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 08136759 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 08136759 d:ShareCapital 2024-02-29 08136759 d:ShareCapital 2022-08-31 08136759 d:RetainedEarningsAccumulatedLosses 2024-02-29 08136759 d:RetainedEarningsAccumulatedLosses 2022-08-31 08136759 c:OrdinaryShareClass1 2022-09-01 2024-02-29 08136759 c:OrdinaryShareClass1 2024-02-29 08136759 c:OrdinaryShareClass1 2022-08-31 08136759 c:FRS102 2022-09-01 2024-02-29 08136759 c:AuditExempt-NoAccountantsReport 2022-09-01 2024-02-29 08136759 c:FullAccounts 2022-09-01 2024-02-29 08136759 c:PrivateLimitedCompanyLtd 2022-09-01 2024-02-29 08136759 2 2022-09-01 2024-02-29 08136759 e:PoundSterling 2022-09-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08136759










GARAGE WIRE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 29 FEBRUARY 2024

 
GARAGE WIRE LIMITED
REGISTERED NUMBER: 08136759

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
31 August
2024
2022
                                                                     Note
£
£

Fixed assets
  

Tangible assets
 4 
7,284
8,298

  
7,284
8,298

Current assets
  

Stocks
  
-
2,100

Debtors: amounts falling due within one year
 5 
165,284
143,060

Cash at bank and in hand
  
-
11,455

  
165,284
156,615

Creditors: amounts falling due within one year
 6 
(98,897)
(103,188)

Net current assets
  
 
 
66,387
 
 
53,427

Total assets less current liabilities
  
73,671
61,725

Creditors: amounts falling due after more than one year
 7 
(17,515)
(28,296)

Provisions for liabilities
  

Deferred tax
  
(1,384)
-

  
 
 
(1,384)
 
 
-

Net assets
  
54,772
33,429


Capital and reserves
  

Called up share capital 
 9 
800
800

Profit and loss account
  
53,972
32,629

  
54,772
33,429


Page 1

 
GARAGE WIRE LIMITED
REGISTERED NUMBER: 08136759
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N Samanta
Director

Date: 29 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GARAGE WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

1.


General information

Garage Wire Limited is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at 22 Belle Walk, Birmingham, England, B13 9DE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 3

 
GARAGE WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
GARAGE WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
10% on a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
GARAGE WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 3 (2022 - 3).


4.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 September 2022
10,442


Additions
649



At 29 February 2024

11,091



Depreciation


At 1 September 2022
2,144


Charge for the period on owned assets
1,663



At 29 February 2024

3,807



Net book value



At 29 February 2024
7,284



At 31 August 2022
8,298

Page 6

 
GARAGE WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
31 August
2024
2022
£
£


Trade debtors
31,830
52,279

Other debtors
133,454
89,704

Prepayments and accrued income
-
1,077

165,284
143,060



6.


Creditors: Amounts falling due within one year

29 February
31 August
2024
2022
£
£

Bank overdrafts
13,174
-

Bank loans
10,063
9,791

Trade creditors
645
6,040

Other taxation and social security
26,560
19,782

Pension fund creditor
-
166

Accruals and deferred income
48,455
67,409

98,897
103,188


29 February
31 August
2024
2022
£
£

Other taxation and social security

PAYE/NI control
382
1,487

Corporation tax payable
15,796
7,503

VAT payable
10,382
10,792

26,560
19,782


Page 7

 
GARAGE WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due after more than one year

29 February
31 August
2024
2022
£
£

Bank loans
17,515
28,296

17,515
28,296



8.


Loans


Analysis of the maturity of loans is given below:


29 February
31 August
2024
2022
£
£

Amounts falling due within one year

Bank loans
10,063
9,791


10,063
9,791

Amounts falling due 1-2 years

Bank loans
10,322
10,044


10,322
10,044

Amounts falling due 2-5 years

Bank loans
7,192
18,253


7,192
18,253


27,577
38,088



9.


Share capital

29 February
31 August
2024
2022
£
£
Allotted, called up and fully paid



800 (2022 - 800) Ordinary Shares shares of £1.00 each
800
800


Page 8

 
GARAGE WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

10.


Transactions with directors

At the balance sheet date, included in other debtors due within one year, is a loan to the director of £133,454 (2022: £80,557). 
The loan is unsecured, is repayable on demand and interest has been charged by the Company to the director at the official rate of interest, being 2.00% for the period from 1 September 2022 to 31 March 2023 and 2.25% for the period from 1 April 2023 to 29 February 2024.

 
Page 9