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REGISTERED NUMBER: 10636891 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

GARAGE COFFEE LTD

GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


GARAGE COFFEE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: L R Underdown





REGISTERED OFFICE: Calcott Oast
Calcott Hill
Sturry
Kent
CT3 4ND





REGISTERED NUMBER: 10636891 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
2 The Links
HERNE BAY
Kent
CT6 7GQ

GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891)

ABRIDGED BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 112,531 96,329
112,531 96,329

CURRENT ASSETS
Stocks 34,468 13,964
Debtors 23,467 11,266
Cash at bank and in hand 39,312 16,764
97,247 41,994
CREDITORS
Amounts falling due within one year 125,491 86,296
NET CURRENT LIABILITIES (28,244 ) (44,302 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

84,287

52,027

CREDITORS
Amounts falling due after more than one
year

7

(69,631

)

(35,389

)

PROVISIONS FOR LIABILITIES (13,382 ) (7,368 )
NET ASSETS 1,274 9,270

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,174 9,170
1,274 9,270

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891)

ABRIDGED BALANCE SHEET - continued
31ST MARCH 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25th November 2024 and were signed by:





L R Underdown - Director


GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Garage Coffee 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Recognition:

The company earns revenue from the sale of food, beverages and merchandise which is recognised at the point of sale with the exception of wholesale and online orders which are recognised on delivery. This revenue is recognised in the accounting period when control of the product has been transferred, at an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling its performance obligations to customers.

The following 5 step principles are applied to revenue recognition:
1. Identify the contracts with the customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations in the contract
5. Recognise revenue when or as the company satisfies its performance obligations

Sale of food and beverages:

For retail, the contract is established when the customer orders the food and beverage, and the performance obligation is the provision of food and beverages by the outlet. The performance obligation is satisfied when the food and beverage is delivered to the customer, and revenue is recognised at this point at the price for the items purchased. Payment is made on the same day and consequently there are no contract assets or liabilities.

For online sales, the contract is established when an order has been placed for the supply of goods by the customer. The performance obligation is the promise in the contract to deliver the goods to the customer for the agreed transaction price. The revenue is recognised when the title of ownership transfers from the company to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of six years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 27 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2023
and 31st March 2024 3,250
AMORTISATION
At 1st April 2023
and 31st March 2024 3,250
NET BOOK VALUE

At 31st March 2024 -
At 31st March 2023 -

GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2023 177,376
Additions 47,549
Disposals (16,109 )
At 31st March 2024 208,816
DEPRECIATION
At 1st April 2023 81,047
Charge for year 24,346
Eliminated on disposal (9,108 )
At 31st March 2024 96,285
NET BOOK VALUE
At 31st March 2024 112,531
At 31st March 2023 96,329

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans more 5 yr by instal - 12,996