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REGISTERED NUMBER: 05073758 (England and Wales)

















Lowgate Garage Limited

Financial Statements for the Year Ended 31 August 2024






Lowgate Garage Limited (Registered number: 05073758)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lowgate Garage Limited

Company Information
for the year ended 31 August 2024







DIRECTORS: Mr R Wells
Mrs E Wells





REGISTERED OFFICE: 78-80 Church Street
Sutton-On-Hull
Hull
East Yorkshire
HU7 4TD





REGISTERED NUMBER: 05073758 (England and Wales)





ACCOUNTANTS: Southgates
Chartered Certified Accountants
9 Market Place
Hedon
East Yorkshire
HU12 8JA

Lowgate Garage Limited (Registered number: 05073758)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 456,459 441,081
456,459 441,081

CURRENT ASSETS
Stocks 6 7,910 6,635
Debtors 7 4,785 5,600
Cash at bank and in hand 14,648 31,893
27,343 44,128
CREDITORS
Amounts falling due within one year 8 84,078 133,063
NET CURRENT LIABILITIES (56,735 ) (88,935 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

399,724

352,146

CREDITORS
Amounts falling due after more than one
year

9

(80,864

)

(23,572

)

PROVISIONS FOR LIABILITIES (15,406 ) (14,180 )
NET ASSETS 303,454 314,394

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 303,452 314,392
SHAREHOLDERS' FUNDS 303,454 314,394

Lowgate Garage Limited (Registered number: 05073758)

Balance Sheet - continued
31 August 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2025 and were signed on its behalf by:




Mr R Wells - Director



Mrs E Wells - Director


Lowgate Garage Limited (Registered number: 05073758)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Lowgate Garage Limited 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

No depreciation is provided on Freehold Buildings.

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 Profit and Loss Account, 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.

Lowgate Garage Limited (Registered number: 05073758)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 100,000
AMORTISATION
At 1 September 2023
and 31 August 2024 100,000
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 379,430 107,001 9,552 73,935 569,918
Additions - 4,134 - 32,950 37,084
At 31 August 2024 379,430 111,135 9,552 106,885 607,002
DEPRECIATION
At 1 September 2023 - 81,366 9,407 38,064 128,837
Charge for year - 4,465 36 17,205 21,706
At 31 August 2024 - 85,831 9,443 55,269 150,543
NET BOOK VALUE
At 31 August 2024 379,430 25,304 109 51,616 456,459
At 31 August 2023 379,430 25,635 145 35,871 441,081

Lowgate Garage Limited (Registered number: 05073758)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 62,995
Additions 32,950
At 31 August 2024 95,945
DEPRECIATION
At 1 September 2023 27,560
Charge for year 17,096
At 31 August 2024 44,656
NET BOOK VALUE
At 31 August 2024 51,289
At 31 August 2023 35,435

6. STOCKS
2024 2023
£    £   
Stocks 7,910 6,635

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,783 3,393
Other debtors 1,990 -
Prepayments 1,012 2,207
4,785 5,600

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Loan - 6,000
Hire purchase contracts 20,802 9,391
Trade creditors 12,232 14,362
Tax 11,008 21,706
Income tax 800 800
Social security and other taxes 1,925 943
VAT 9,588 9,060
Credit card 11,072 13,139
Directors' current accounts 13,476 53,968
Accruals 3,175 3,694
84,078 133,063

Lowgate Garage Limited (Registered number: 05073758)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 30,864 23,572
Directors' loan accounts 50,000 -
80,864 23,572

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
J. P. Wells - 6,000