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Registered number: 08558343
Paramount Garage Bluewater Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08558343
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 124,746 93,458
124,746 93,458
CURRENT ASSETS
Stocks 5 8,609 1,020
Debtors 6 88,979 49,160
Cash at bank and in hand 62,547 89,814
160,135 139,994
Creditors: Amounts Falling Due Within One Year 7 (73,877 ) (76,468 )
NET CURRENT ASSETS (LIABILITIES) 86,258 63,526
TOTAL ASSETS LESS CURRENT LIABILITIES 211,004 156,984
Creditors: Amounts Falling Due After More Than One Year 8 (48,417 ) (25,583 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,943 ) (17,757 )
NET ASSETS 130,644 113,644
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 130,544 113,544
SHAREHOLDERS' FUNDS 130,644 113,644
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Sean Siddons
Director
08/01/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Paramount Garage Bluewater Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08558343 . The registered office is The Old Barn, Off Wood Street, Swanley Village, Kent, BR8 7PA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold NIL
Plant & Machinery 20% on reducing basis
Motor Vehicles 20/25% on reducing basis
Fixtures & Fittings 15% on reducing basis
Computer Equipment 25% on reducing basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
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.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 July 2023 41,557 120,878 3,000 13,367
Additions - - 45,968 -
As at 30 June 2024 41,557 120,878 48,968 13,367
Depreciation
As at 1 July 2023 - 74,991 1,669 8,844
Provided during the period - 6,884 7,095 677
As at 30 June 2024 - 81,875 8,764 9,521
Net Book Value
As at 30 June 2024 41,557 39,003 40,204 3,846
As at 1 July 2023 41,557 45,887 1,331 4,523
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Computer Equipment Total
£ £
Cost
As at 1 July 2023 807 179,609
Additions - 45,968
As at 30 June 2024 807 225,577
Depreciation
As at 1 July 2023 647 86,151
Provided during the period 24 14,680
As at 30 June 2024 671 100,831
Net Book Value
As at 30 June 2024 136 124,746
As at 1 July 2023 160 93,458
5. Stocks
2024 2023
£ £
Stock 8,609 1,020
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 66,787 31,850
Prepayments and accrued income 19,692 17,310
Other debtors 2,500 -
88,979 49,160
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,156 4,916
Trade creditors 35,671 11,336
Bank loans and overdrafts 9,091 9,091
Corporation tax - 11,481
Other taxes and social security 2,709 2,356
VAT 5,685 12,766
...CONTINUED
Page 5
Page 6
Other creditors 8,594 951
Accruals and deferred income 1,500 1,350
Directors' loan accounts 471 22,221
73,877 76,468
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 39,326 8,159
Bank loans 9,091 17,424
48,417 25,583
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,156 4,916
Later than one year and not later than five years 39,326 8,159
49,482 13,075
49,482 13,075
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Related Party Transactions
Included in the Other Creditors is an amount owed to the company directors totalling £471 (2023 - £22,221), no interest is to be charged.
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