Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31282023-06-01falseCar dealership28truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03196999 2023-06-01 2024-05-31 03196999 2022-06-01 2023-05-31 03196999 2024-05-31 03196999 2023-05-31 03196999 2022-06-01 03196999 1 2023-06-01 2024-05-31 03196999 1 2022-06-01 2023-05-31 03196999 5 2022-06-01 2023-05-31 03196999 d:Director3 2023-06-01 2024-05-31 03196999 e:Buildings 2023-06-01 2024-05-31 03196999 e:Buildings 2024-05-31 03196999 e:Buildings 2023-05-31 03196999 e:Buildings e:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03196999 e:Buildings e:ShortLeaseholdAssets 2023-06-01 2024-05-31 03196999 e:Buildings e:ShortLeaseholdAssets 2024-05-31 03196999 e:Buildings e:ShortLeaseholdAssets 2023-05-31 03196999 e:LandBuildings 2024-05-31 03196999 e:LandBuildings 2023-05-31 03196999 e:PlantMachinery 2023-06-01 2024-05-31 03196999 e:PlantMachinery 2024-05-31 03196999 e:PlantMachinery 2023-05-31 03196999 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03196999 e:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03196999 e:FreeholdInvestmentProperty 2024-05-31 03196999 e:FreeholdInvestmentProperty 2023-05-31 03196999 e:CurrentFinancialInstruments 2024-05-31 03196999 e:CurrentFinancialInstruments 2023-05-31 03196999 e:Non-currentFinancialInstruments 2024-05-31 03196999 e:Non-currentFinancialInstruments 2023-05-31 03196999 e:CurrentFinancialInstruments e:WithinOneYear 2024-05-31 03196999 e:CurrentFinancialInstruments e:WithinOneYear 2023-05-31 03196999 e:Non-currentFinancialInstruments e:AfterOneYear 2024-05-31 03196999 e:Non-currentFinancialInstruments e:AfterOneYear 2023-05-31 03196999 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-05-31 03196999 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-05-31 03196999 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-05-31 03196999 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-05-31 03196999 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-05-31 03196999 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-05-31 03196999 e:ShareCapital 2023-06-01 2024-05-31 03196999 e:ShareCapital 2024-05-31 03196999 e:ShareCapital 2022-06-01 2023-05-31 03196999 e:ShareCapital 2023-05-31 03196999 e:ShareCapital 2022-06-01 03196999 e:RevaluationReserve 2023-06-01 2024-05-31 03196999 e:RevaluationReserve 2024-05-31 03196999 e:RevaluationReserve 1 2023-06-01 2024-05-31 03196999 e:RevaluationReserve 2022-06-01 2023-05-31 03196999 e:RevaluationReserve 2023-05-31 03196999 e:RevaluationReserve 2022-06-01 03196999 e:RevaluationReserve 5 2022-06-01 2023-05-31 03196999 e:RevaluationReserve 8 2022-06-01 2023-05-31 03196999 e:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 03196999 e:RetainedEarningsAccumulatedLosses 2024-05-31 03196999 e:RetainedEarningsAccumulatedLosses 1 2023-06-01 2024-05-31 03196999 e:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 03196999 e:RetainedEarningsAccumulatedLosses 2023-05-31 03196999 e:RetainedEarningsAccumulatedLosses 2022-06-01 03196999 e:RetainedEarningsAccumulatedLosses 1 2022-06-01 2023-05-31 03196999 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-05-31 03196999 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 03196999 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2024-05-31 03196999 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2023-05-31 03196999 e:AcceleratedTaxDepreciationDeferredTax 2024-05-31 03196999 e:AcceleratedTaxDepreciationDeferredTax 2023-05-31 03196999 e:RetirementBenefitObligationsDeferredTax 2024-05-31 03196999 e:RetirementBenefitObligationsDeferredTax 2023-05-31 03196999 e:OtherDeferredTax 2024-05-31 03196999 e:OtherDeferredTax 2023-05-31 03196999 d:OrdinaryShareClass1 2023-06-01 2024-05-31 03196999 d:OrdinaryShareClass1 2024-05-31 03196999 d:OrdinaryShareClass1 2023-05-31 03196999 d:FRS102 2023-06-01 2024-05-31 03196999 d:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 03196999 d:FullAccounts 2023-06-01 2024-05-31 03196999 d:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03196999 e:Subsidiary1 2023-06-01 2024-05-31 03196999 e:Subsidiary1 1 2023-06-01 2024-05-31 03196999 e:WithinOneYear 2024-05-31 03196999 e:WithinOneYear 2023-05-31 03196999 e:BetweenOneFiveYears 2024-05-31 03196999 e:BetweenOneFiveYears 2023-05-31 03196999 5 2023-06-01 2024-05-31 03196999 6 2023-06-01 2024-05-31 03196999 e:ShareCapital 1 2023-06-01 2024-05-31 03196999 e:ShareCapital 1 2022-06-01 2023-05-31 03196999 f:PoundSterling 2023-06-01 2024-05-31 03196999 e:RetainedEarningsAccumulatedLosses 5 2022-06-01 2023-05-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 03196999









CROWN GARAGE LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
CROWN GARAGE LIMITED
REGISTERED NUMBER: 03196999

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
951,448
960,363

Fixed asset investments
 5 
480,816
480,816

Investment property
 6 
445,000
445,000

  
1,877,264
1,886,179

Current assets
  

Stocks
 7 
1,961,435
1,632,895

Debtors
 8 
268,564
169,256

Cash at bank and in hand
 9 
352
177,548

Current liabilities
  
2,230,351
1,979,699

Creditors: amounts falling due within one year
 10 
(1,516,899)
(1,249,049)

Net current assets
  
 
 
713,452
 
 
730,650

Total assets less current liabilities
  
2,590,716
2,616,829

Creditors: amounts falling due after more than one year
 11 
(240,323)
(265,427)

Provisions for liabilities
  

Deferred tax
 14 
(113,227)
(113,495)

Net assets
  
2,237,166
2,237,907


Capital and reserves
  

Called up share capital 
 15 
2,000
2,000

Revaluation reserve
 16 
348,833
349,239

Profit and loss account
 16 
1,886,333
1,886,668

  
2,237,166
2,237,907


Page 1

 
CROWN GARAGE LIMITED
REGISTERED NUMBER: 03196999

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






................................................
Mr A J Harrison
Director

Date: 20 January 2025

The notes on pages 5 to 18 form part of these financial statements.

Page 2

 
CROWN GARAGE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Revaluation on Freehold Property
Profit and loss account
Total equity

£
£
£
£

At 1 June 2023
2,000
349,239
1,886,668
2,237,907


Comprehensive income for the year

Profit for the year
-
-
132,316
132,316

Deferred taxation on property revaluation
-
1,943
-
1,943


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(135,000)
(135,000)

Transfer to/from profit and loss account
-
(2,349)
2,349
-


Total transactions with owners
-
(2,349)
(132,651)
(135,000)


At 31 May 2024
2,000
348,833
1,886,333
2,237,166


The notes on pages 5 to 18 form part of these financial statements.

Page 3

 
CROWN GARAGE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Revaluation on Freehold Property
Profit and loss account
Total equity

£
£
£
£

At 1 June 2022
2,000
300,960
1,802,176
2,105,136


Comprehensive income for the year

Profit for the year

-
-
218,028
218,028

Surplus on revaluation of freehold property
-
61,910
-
61,910

Deferred taxation on property revaluation
-
(12,167)
-
(12,167)


Other comprehensive income for the year
-
49,743
-
49,743


Total comprehensive income for the year
-
49,743
218,028
267,771


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(135,000)
(135,000)

Transfer of excess depreciation on Freehold property
-
(1,464)
1,464
-


Total transactions with owners
-
(1,464)
(133,536)
(135,000)


At 31 May 2023
2,000
349,239
1,886,668
2,237,907


The notes on pages 5 to 18 form part of these financial statements.

Page 4

 
CROWN GARAGE LIMITED
 

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

1.


General information

Crown Garage Limited is a private company limited by shares, incorporated in England and Wales, United Kingdom. The address of the registered office is 1 - 5 High Street, Soham, Ely, CB7 5HB. This Company is part of a group. The operating activities of the Company continued to be that of the sale, maintenance and repair of motor vehicles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered cash flow requirements for a period of 12 months from the year end which demonstrate that the cash reserves will continue to meet liabilities as they fall due.
The directors continues to adopt the going concern basis in preparing these financial statements.

Page 5

 
CROWN GARAGE LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
CROWN GARAGE LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 7

 
CROWN GARAGE LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
50 year straight line
Short-term leasehold property
-
Over the term of the lease
Plant and machinery
-
15% & 25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are
measured at fair value at each reporting date, with changes in fair value recognised in Statement of
Income and Retained Earnings. 
No depreciation is provided for.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 8

 
CROWN GARAGE LIMITED
 

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

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Consignment stocks, where the risks and rewards of ownership have been passed to the company, are included within stock and the corresponding liability included within creditors. Where risks and rewards of ownership have not passed the stock is not included within the balance sheet but disclosed in the notes to the financial statements.



 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 9

 
CROWN GARAGE LIMITED
 

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

2.Accounting policies (continued)

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2023 - 28).

Page 10

 
CROWN GARAGE LIMITED
 

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

4.


Tangible fixed assets





Freehold property
Short-term leasehold property
Plant and machinery
Total

£
£
£
£



Cost or valuation


At 1 June 2023
915,000
55,733
213,045
1,183,778


Additions
-
-
6,563
6,563



At 31 May 2024

915,000
55,733
219,608
1,190,341



Depreciation


At 1 June 2023
9,880
37,536
175,999
223,415


Charge for the year on owned assets
7,770
3,715
3,993
15,478



At 31 May 2024

17,650
41,251
179,992
238,893



Net book value



At 31 May 2024
897,350
14,482
39,616
951,448



At 31 May 2023
905,120
18,197
37,046
960,363

Freehold property totalling £550,000 was revalued during the 2019 financial year by Akermans Chartered Surveyors on an open market value for existing use basis to £650,000. This property was reviewed by the directors at the current year end who concluded there was no material change in valuation. 
The remaining property within freehold property was reviewed by the directors at the 2023 financial year end who concluded there was change in valuation to £265,000. 
If the property had not been revalued it would have been included at an historic cost of £565,398 (2023 - £565,398).




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
897,350
905,120

Short leasehold
14,482
18,197

911,832
923,317


Page 11

 
CROWN GARAGE LIMITED
 

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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
530,816



At 31 May 2024

530,816



Impairment


At 1 June 2023
50,000



At 31 May 2024

50,000



Net book value



At 31 May 2024
480,816



At 31 May 2023
480,816

Page 12

 
CROWN GARAGE LIMITED
 

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

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Auto Service & Performance Limited
England & Wales
Ordinary
100%

The aggregate of the share capital and reserves as at 31 May 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Auto Service & Performance Limited
35,024
45,431


6.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
445,000



At 31 May 2024
445,000

The 2024 valuations were made by Directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
68,000
68,000

Page 13

 
CROWN GARAGE LIMITED
 

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

7.


Stocks

2024
2023
£
£

Raw materials and consumables
168,043
151,395

Finished goods and goods for resale
1,793,392
1,481,500

1,961,435
1,632,895


Stocks on consignment, not included in the accounts as the company bears no risks or rewards of ownership until the title has passed, amounted to approximately £769,000 (2023 - £722,00) at the year end.


8.


Debtors

2024
2023
£
£


Trade debtors
251,449
127,438

Other debtors
-
3,695

Prepayments and accrued income
17,115
38,123

268,564
169,256



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
352
177,548

Less: bank overdrafts
(23,859)
-

(23,507)
177,548


Page 14

 
CROWN GARAGE LIMITED
 

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

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
23,859
-

Bank loans
28,482
31,805

Other loans
254,060
188,900

Trade creditors
660,945
441,753

Corporation tax
30,798
44,729

Other taxation and social security
33,898
133,433

Other creditors
469,944
389,490

Accruals and deferred income
14,913
18,939

1,516,899
1,249,049



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
240,323
265,427

240,323
265,427


The aggregate amount of secured creditors included in the above is £268,805 (2023 - £297,232), these are secured over the property and assets owned by the company.

Page 15

 
CROWN GARAGE LIMITED
 

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

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
28,482
31,805

Other loans
254,060
188,900


282,542
220,705

Amounts falling due 1-2 years

Bank loans
28,482
16,667

Amounts falling due 2-5 years

Bank loans
211,841
155,556

Amounts falling due after more than 5 years

Bank loans
-
93,204

522,865
486,132



13.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
251,801
308,680


Financial Liabilities


Financial liabilities measured at amortised cost
1,692,526
1,336,143


Financial assets measured at amortised cost comprise of cash at bank and in hand, trade and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, other creditors, accruals, bank loans and other loans.

Page 16

 
CROWN GARAGE LIMITED
 

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

14.


Deferred taxation




2024
2023


£

£






At beginning of year
(113,495)
(95,800)


Charged to profit or loss
268
(17,695)



At end of year
(113,227)
(113,495)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(22,308)
(20,202)

Pension surplus
431
-

On investment and freehold property revaluation
(91,350)
(93,293)

(113,227)
(113,495)


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,000 (2023 - 2,000) Ordinary shares of £1.00 each
2,000
2,000



16.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative revaluations on Freehold Property less adjustments for deferred taxation and transfer of excess depreciation on revalued assets.

Profit and loss account

The profit and loss account represents cumulative profits and losses less dividends paid.


17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £21,551 (2023 - £25,740). Contributions were payable to the fund at the balance sheet date of £3,695 (2023 - £3,685).

Page 17

 
CROWN GARAGE LIMITED
 

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

18.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
45,000
45,000

Later than 1 year and not later than 5 years
135,000
180,000

180,000
225,000


19.


Related party transactions

During the year the Company paid dividends of £6,750 (2023 - £6,750) to Mr M H Murfitt, a director.
The amount due to him at the year end was £44,957 (2023 - £52,388).
During the year the Company paid dividends of £47,250 (2023 - £47,250) to Mr P G Murfitt, a director.
The amount due to him at the year end was £196,548 (2023 - £187,848).
During the year the Company paid dividends of £40,500 (2023 - £40,500) to Mr A Harrison, a director.
The amount due to  Mr A J Harrison, a director, at the year end was 109,025 (2023- £86,808).
Key Management personnel remuneration
Key management personnel are considered to be the Directors of the company whose remuneration totalled £101,101 (2023 - £104,151).


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