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Registration number: 11302160

Gordons Garage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Gordons Garage Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Gordons Garage Limited

Company Information

Director

Mr G J H Meakins

Registered office

Plot 5
Cillefwr Industrial Estate
Johnstown
Carmarthen
SA31 3RB

 

Gordons Garage Limited

(Registration number: 11302160)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

130,145

88,352

Current assets

 

Stocks

6

6,000

10,255

Debtors

7

53,968

31,575

Cash at bank and in hand

 

143,791

149,509

 

203,759

191,339

Creditors: Amounts falling due within one year

8

(159,530)

(127,983)

Net current assets

 

44,229

63,356

Total assets less current liabilities

 

174,374

151,708

Creditors: Amounts falling due after more than one year

8

(9,977)

(19,922)

Net assets

 

164,397

131,786

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

164,297

131,686

Total equity

 

164,397

131,786

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

 

Gordons Garage Limited

(Registration number: 11302160)
Balance Sheet as at 31 May 2024

Approved and authorised by the director on 20 January 2025
 

.........................................
Mr G J H Meakins
Director

   
     
 

Gordons Garage Limited

Notes to the Financial Statements for the Year Ended 31 May 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:
Plot 5
Cillefwr Industrial Estate
Johnstown
Carmarthen
SA31 3RB

These financial statements were authorised for issue by the director on 20 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

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Gordons Garage Limited

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

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.

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

Motor Vehicles

20% Reducing balance

Plant and Machinery

20% Reducing balance

Office Equipment

20% Reducing balance

Fixtures and Fittings

20% Reducing balance

Buildings

No depreciation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Gordons Garage Limited

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

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Gordons Garage Limited

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

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 the director) during the year, was 4 (2023 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

23,081

16,513

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 June 2023

3,636

3,397

120,248

6,773

24,025

Additions

-

-

13,874

-

51,000

At 31 May 2024

3,636

3,397

134,122

6,773

75,025

Depreciation

At 1 June 2023

-

2,026

55,113

3,977

8,611

Charge for the year

-

274

15,132

559

7,116

At 31 May 2024

-

2,300

70,245

4,536

15,727

Carrying amount

At 31 May 2024

3,636

1,097

63,877

2,237

59,298

At 31 May 2023

3,636

1,371

65,135

2,796

15,414

 

Gordons Garage Limited

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

Total
£

Cost or valuation

At 1 June 2023

158,079

Additions

64,874

At 31 May 2024

222,953

Depreciation

At 1 June 2023

69,727

Charge for the year

23,081

At 31 May 2024

92,808

Carrying amount

At 31 May 2024

130,145

At 31 May 2023

88,352

Included within the net book value of land and buildings above is £3,636 (2023 - £3,636) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

6,000

10,255

7

Debtors

2024
£

2023
£

Trade debtors

52,562

29,993

Prepayments

1,406

1,582

53,968

31,575

 

Gordons Garage Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

11,648

15,617

Trade creditors

 

31,175

23,381

Taxation and social security

 

22,702

17,442

Other related parties

 

87,946

67,037

Corporation tax liability

 

1,476

822

Other creditors

 

4,583

3,684

 

159,530

127,983

Due after one year

 

Loans and borrowings

10

9,977

19,922

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

9,977

19,922

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

9,977

19,922

 

Gordons Garage Limited

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

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,648

10,648

HP and finance lease liabilities

-

3,969

Other borrowings

1,000

1,000

11,648

15,617

11

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Repayments by director
£

At 31 May 2024
£

Mr G J H Meakins

Interest free loan

(67,037)

(19,909)

(86,946)

       
     

 

2023

At 1 June 2022
£

Repayments by director
£

At 31 May 2023
£

Mr G J H Meakins

Interest free loan

(65,617)

(1,419)

(67,037)