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Registered number: 01377224
Doves Garages Limited
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01377224
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 27,014 30,808
27,014 30,808
CURRENT ASSETS
Stocks 6 144,384 78,948
Debtors 7 33,518 41,886
Cash at bank and in hand 250,604 239,128
428,506 359,962
Creditors: Amounts Falling Due Within One Year 8 (163,583 ) (132,686 )
NET CURRENT ASSETS (LIABILITIES) 264,923 227,276
TOTAL ASSETS LESS CURRENT LIABILITIES 291,937 258,084
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,463 ) (4,986 )
NET ASSETS 287,474 253,098
CAPITAL AND RESERVES
Called up share capital 9 25,000 25,000
Profit and Loss Account 262,474 228,098
SHAREHOLDERS' FUNDS 287,474 253,098
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D M Jackson
Director
22 January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Doves Garages Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01377224 . The registered office is High St, Melbourne, Derby, DE73 8GJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 12.5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 10% reducing balance
Motor Vehicles 25% straight line
Fixtures & Fittings 10% straight line
Computer Equipment over 3 years straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
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2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 25,000
As at 31 August 2024 25,000
Amortisation
As at 1 September 2023 25,000
As at 31 August 2024 25,000
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2023 77,731 115,714 13,700 14,960
Additions - - - -
As at 31 August 2024 77,731 115,714 13,700 14,960
Depreciation
As at 1 September 2023 70,871 96,260 10,000 14,268
Provided during the period 980 1,946 925 116
As at 31 August 2024 71,851 98,206 10,925 14,384
Net Book Value
As at 31 August 2024 5,880 17,508 2,775 576
As at 1 September 2023 6,860 19,454 3,700 692
Computer Equipment Total
£ £
Cost
As at 1 September 2023 2,115 224,220
Additions 412 412
As at 31 August 2024 2,527 224,632
...CONTINUED
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Page 5
Depreciation
As at 1 September 2023 2,013 193,412
Provided during the period 239 4,206
As at 31 August 2024 2,252 197,618
Net Book Value
As at 31 August 2024 275 27,014
As at 1 September 2023 102 30,808
6. Stocks
2024 2023
£ £
Stock 144,384 78,948
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 24,338 32,706
Other debtors 9,180 9,180
33,518 41,886
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 36,407 14,720
Other creditors 95,920 89,346
Taxation and social security 31,256 28,620
163,583 132,686
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 25,000 25,000
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 2,863 2,863
Later than one year and not later than five years 8,826 11,689
11,689 14,552
Page 5