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REGISTERED NUMBER: 06237335 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

BRIXHAM GARAGE LIMITED

BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BRIXHAM GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr R M Soper
Mr L M Swift



REGISTERED OFFICE: Brixham Garage & Body Repair Centre
Yalberton Road
Paignton
Devon
TQ4 7PJ



REGISTERED NUMBER: 06237335 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: HSBC
14 Fore Street
St Marychurch
Torquay
TQ1 4ND

BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 88,419 101,486
Tangible assets 5 77,360 65,504
165,779 166,990

CURRENT ASSETS
Stocks 6 1,977 1,171
Debtors 7 136,296 132,065
Cash at bank and in hand 186,225 126,047
324,498 259,283
CREDITORS
Amounts falling due within one year 8 249,430 201,036
NET CURRENT ASSETS 75,068 58,247
TOTAL ASSETS LESS CURRENT LIABILITIES 240,847 225,237

CREDITORS
Amounts falling due after more than one
year

9

(83,886

)

(118,456

)

PROVISIONS FOR LIABILITIES (16,444 ) (15,963 )
NET ASSETS 140,517 90,818

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 140,507 90,808
SHAREHOLDERS' FUNDS 140,517 90,818

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

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

BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

BALANCE SHEET - continued
31 MAY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2025 and were signed on its behalf by:




Mr L M Swift - Director



Mr R M Soper - Director


BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Brixham 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 second business in 2023, is being amortised evenly over its estimated useful life of 10 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.

Software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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 Statement of Income and Retained Earnings, 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.


BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

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


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill Software Totals
£    £    £   
COST
At 1 June 2023 210,000 4,920 214,920
Disposals - (1,675 ) (1,675 )
At 31 May 2024 210,000 3,245 213,245
AMORTISATION
At 1 June 2023 111,000 2,434 113,434
Amortisation for year 11,000 811 11,811
Eliminated on disposal - (419 ) (419 )
At 31 May 2024 122,000 2,826 124,826
NET BOOK VALUE
At 31 May 2024 88,000 419 88,419
At 31 May 2023 99,000 2,486 101,486

BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 138,584 12,744 36,389 - 187,717
Additions 16,508 - 12,325 3,170 32,003
At 31 May 2024 155,092 12,744 48,714 3,170 219,720
DEPRECIATION
At 1 June 2023 83,373 6,314 32,526 - 122,213
Charge for year 14,343 965 4,047 792 20,147
At 31 May 2024 97,716 7,279 36,573 792 142,360
NET BOOK VALUE
At 31 May 2024 57,376 5,465 12,141 2,378 77,360
At 31 May 2023 55,211 6,430 3,863 - 65,504

6. STOCKS
2024 2023
£    £   
Stocks 1,977 1,171

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 132,087 129,913
Prepayments 4,209 2,152
136,296 132,065

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 42,780 42,471
Trade creditors 49,889 76,896
Tax 91,854 37,707
Social security and other taxes 3,001 5,675
VAT 40,934 33,032
Other creditors 67 1,203
Directors' current accounts 14,172 608
Accrued expenses 6,733 3,444
249,430 201,036

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 83,886 118,456

BRIXHAM GARAGE LIMITED (REGISTERED NUMBER: 06237335)

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


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 126,666 160,927

11. OTHER FINANCIAL COMMITMENTS

At 31 May 2024, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £51,830 (2023 £119,204).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
Mr L M Swift
Balance outstanding at start of year (136 ) (149 )
Amounts advanced 100,919 68,313
Amounts repaid (100,830 ) (68,300 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (47 ) (136 )

Mr R M Soper
Balance outstanding at start of year (473 ) (13,434 )
Amounts advanced 99,676 68,761
Amounts repaid (113,330 ) (55,800 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (14,127 ) (473 )

Loans are unsecured and repayable on demand. Interest is charged at 2.5% in the year on credit loan balances.

13. GOVERMENT GUARENTEED LOAN

The bank loan of £20,765 is a COVID-19 Bounce Back Loan, guaranteed by the government. Term runs to 14 May 2026.