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Registration number: 00324341

Mochdre Garage Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Mochdre Garage Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Mochdre Garage Limited

Company Information

Directors

C G Gostage

J T Gostage

Registered office

268 Conway Road
Mochdre
Colwyn Bay
North Wales
LL28 5DS

Accountants

Aston Hughes & Co
Chartered Accountants
Selby Towers
29 Princes Drive
Colwyn Bay
LL29 8PE

 

Mochdre Garage Limited

(Registration number: 00324341)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,030

270,314

Current assets

 

Stocks

5

220,125

211,372

Debtors

6

(12,190)

619

Cash at bank and in hand

 

742,440

276,200

 

950,375

488,191

Creditors: Amounts falling due within one year

7

(39,001)

(65,050)

Net current assets

 

911,374

423,141

Net assets

 

926,404

693,455

Capital and reserves

 

Called up share capital

8

1,302

1,302

Retained earnings

925,102

692,153

Shareholders' funds

 

926,404

693,455

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

 

Mochdre Garage Limited

(Registration number: 00324341)
Balance Sheet as at 30 April 2024

.........................................
C G Gostage
Director

 

Mochdre Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
268 Conway Road
Mochdre
Colwyn Bay
North Wales
LL28 5DS

These financial statements were authorised for issue by the Board on 14 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Mochdre Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on cost

Plant and machinery

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

Mochdre Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

488,499

210,059

698,558

Disposals

(461,010)

-

(461,010)

At 30 April 2024

27,489

210,059

237,548

Depreciation

At 1 May 2023

219,986

208,258

428,244

Charge for the year

550

518

1,068

Eliminated on disposal

(206,794)

-

(206,794)

At 30 April 2024

13,742

208,776

222,518

Carrying amount

At 30 April 2024

13,747

1,283

15,030

At 30 April 2023

268,513

1,801

270,314

Included within the net book value of land and buildings above is £13,747 (2023 - £28,065) in respect of freehold land and buildings and £Nil (2023 - £240,448) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

220,125

211,372

6

Debtors

Current

2024
£

2023
£

Trade debtors

(12,190)

619

 

(12,190)

619

 

Mochdre Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

31,570

Trade creditors

 

20,157

19,651

Taxation and social security

 

8,582

6,099

Accruals and deferred income

 

10,260

7,728

Other creditors

 

2

2

 

39,001

65,050

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,302

1,302

1,302

1,302

         

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

31,570