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REGISTERED NUMBER: 14042191 (England and Wales)















GREAT HOUSE GARAGE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024






GREAT HOUSE GARAGE LTD (REGISTERED NUMBER: 14042191)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GREAT HOUSE GARAGE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTORS: S M Davies
M R Davies
Mrs G D Davies
B M Davies





REGISTERED OFFICE: Great House Garage
Newbridge on Wye
Llandrindod Wells
Powys
LD1 6HT





REGISTERED NUMBER: 14042191 (England and Wales)





ACCOUNTANTS: Davies Edwards & Co
Chartered Certified Accountants
West Lodge
Rainbow Street
Leominster
Herefordshire
HR6 8DQ

GREAT HOUSE GARAGE LTD (REGISTERED NUMBER: 14042191)

BALANCE SHEET
28 FEBRUARY 2024

Notes £    £   
FIXED ASSETS
Tangible assets 4 375,835

CURRENT ASSETS
Stocks 23,229
Debtors 5 40,322
Cash at bank 27,998
91,549
CREDITORS
Amounts falling due within one year 6 80,834
NET CURRENT ASSETS 10,715
TOTAL ASSETS LESS CURRENT
LIABILITIES

386,550

CREDITORS
Amounts falling due after more than one
year

7

(359,450

)

PROVISIONS FOR LIABILITIES (4,314 )
NET ASSETS 22,786

CAPITAL AND RESERVES
Called up share capital 8 10
Retained earnings 9 22,776
SHAREHOLDERS' FUNDS 22,786

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GREAT HOUSE GARAGE LTD (REGISTERED NUMBER: 14042191)

BALANCE SHEET - continued
28 FEBRUARY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





M R Davies - Director


GREAT HOUSE GARAGE LTD (REGISTERED NUMBER: 14042191)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

1. STATUTORY INFORMATION

Great House Garage Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 historical cost convention.

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.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 tax
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 have been enacted or substantively enacted by the year end 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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

GREAT HOUSE GARAGE LTD (REGISTERED NUMBER: 14042191)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
Additions 360,166 28,403 200 388,769
At 28 February 2024 360,166 28,403 200 388,769
DEPRECIATION
Charge for year 7,203 5,681 50 12,934
At 28 February 2024 7,203 5,681 50 12,934
NET BOOK VALUE
At 28 February 2024 352,963 22,722 150 375,835

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 31,794
Prepayments and accrued income 8,528
40,322

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts 10,275
Trade creditors 20,654
Tax 2,718
Social security and other taxes 1,679
VAT 5,986
Directors' current accounts 23,609
Accruals and deferred income 15,913
80,834

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Bank loans - 1-2 years 11,000
Bank loans - 2-5 years 34,500
Bank loans more 5 yr by instal 213,950
Directors loan accounts 60,000
Loan 40,000
359,450

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 213,950

GREAT HOUSE GARAGE LTD (REGISTERED NUMBER: 14042191)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
10 Ordinary £1 10

9. RESERVES
Retained
earnings
£   

Profit for the year 22,776
At 28 February 2024 22,776

10. RELATED PARTY DISCLOSURES

Directors M Davies and G Davies also trade as a farming partnership.
The company has not traded with this partnership during the year.

M Davies also has a sole trade as an agricultural engineer.
Great House Garage Ltd provided goods and services to M Davies of £268.79 during the year.
M Davies provided goods and services to the company during the year to the value of £2,144.69.