Registered number
00645810
Paddock Wood Garage Limited
Filleted Accounts
30 April 2024
Paddock Wood Garage Limited
Registered number: 00645810
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - -
Tangible assets 4 - -
- -
Current assets
Stocks 29,500 32,000
Debtors 5 15,262 11,791
Cash at bank and in hand 25,691 5,756
70,453 49,547
Creditors: amounts falling due within one year 6 (52,273) (36,035)
Net current assets 18,180 13,512
Total assets less current liabilities 18,180 13,512
Net assets 18,180 13,512
Capital and reserves
Called up share capital 9,100 9,100
Profit and loss account 9,080 4,412
Shareholders' funds 18,180 13,512
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr E Knight
Director
Approved by the board on 15 January 2025
Paddock Wood Garage Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 50,000
Additions -
Disposals -
At 30 April 2024 50,000
Amortisation
At 1 May 2023 50,000
Provided during the year -
On disposals -
At 30 April 2024 50,000
Net book value
At 30 April 2024 -
At 30 April 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 - 26,900 - 26,900
Additions - - - -
At 30 April 2024 - 26,900 - 26,900
Depreciation
At 1 May 2023 - 26,900 - 26,900
Charge for the year - - - -
At 30 April 2024 - 26,900 - 26,900
Net book value
At 30 April 2024 - - - -
At 30 April 2023 - - - -
5 Debtors 2024 2023
£ £
Trade debtors 8,697 9,246
Other debtors 6,565 2,545
15,262 11,791
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 48,092 31,960
Taxation and social security costs 1,834 1,582
Other creditors 2,347 2,493
52,273 36,035
7 Other information
Paddock Wood Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
136 Commercial Road
Paddock Wood
Tonbridge
Kent
TN12 6PP
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