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REGISTERED NUMBER: 04482785 (England and Wales)










Financial Statements

for the Year Ended 31 October 2024

for

STAITHES GARAGE LIMITED

STAITHES GARAGE LIMITED (Registered number: 04482785)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STAITHES GARAGE LIMITED

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mr P Baister
Mrs J Baister





SECRETARY: Mrs J Baister





REGISTERED OFFICE: 12 Cromwell Road
Whickham
Newcastle on Tyne
NE16 4TB





REGISTERED NUMBER: 04482785 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
52-56 Coatsworth Road
Gateshead
NE8 1QN

STAITHES GARAGE LIMITED (Registered number: 04482785)

Balance Sheet
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 14,386 19,181

CURRENT ASSETS
Stocks 7,800 7,200
Cash at bank 270,647 209,159
278,447 216,359
CREDITORS
Amounts falling due within one year 5 (74,084 ) (68,964 )
NET CURRENT ASSETS 204,363 147,395
TOTAL ASSETS LESS CURRENT
LIABILITIES

218,749

166,576

CREDITORS
Amounts falling due after more than one year 6 (4,220 ) (4,220 )

PROVISIONS FOR LIABILITIES (2,733 ) (3,645 )
NET ASSETS 211,796 158,711

CAPITAL AND RESERVES
Called up share capital 676 676
Retained earnings 7 211,120 158,035
211,796 158,711

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

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

STAITHES GARAGE LIMITED (Registered number: 04482785)

Balance Sheet - continued
31 October 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 Income Statement 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:





Mrs J Baister - Director


STAITHES GARAGE LIMITED (Registered number: 04482785)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

STAITHES 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.

The accounts have been prepared under the going concern basis.

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

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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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.

STAITHES GARAGE LIMITED (Registered number: 04482785)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

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 2 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2023
and 31 October 2024 35,798 14,581 30,821 81,200
DEPRECIATION
At 1 November 2023 34,316 9,228 18,475 62,019
Charge for year 371 1,338 3,086 4,795
At 31 October 2024 34,687 10,566 21,561 66,814
NET BOOK VALUE
At 31 October 2024 1,111 4,015 9,260 14,386
At 31 October 2023 1,482 5,353 12,346 19,181

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 5,064
Trade creditors 31,532 29,927
Corporation tax 26,943 20,862
Social security and other tax (646 ) (283 )
VAT 13,367 11,773
Other creditors 58 (83 )
Directors' current accounts 1,444 421
Accrued expenses 1,386 1,283
74,084 68,964

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 4,220 4,220

STAITHES GARAGE LIMITED (Registered number: 04482785)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

7. RESERVES
Retained
earnings
£   

At 1 November 2023 158,035
Profit for the year 85,085
Dividends (32,000 )
At 31 October 2024 211,120

8. ULTIMATE CONTROLLING PARTY

The company is jointly controlled by Philip and Julie Baister by virtue of them each holding 50% of the ordinary share capital.