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Registered number: 08223126
Raw Garage Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Revis & Co Accountancy Services Ltd
AAT
1st Floor 50 High Street
Cosham
Portsmouth
Hampshire
PO6 3AG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08223126
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 27,000 -
Tangible Assets 5 58,378 33,665
85,378 33,665
CURRENT ASSETS
Debtors 6 23,056 10,308
Cash at bank and in hand 60,151 99,558
83,207 109,866
Creditors: Amounts Falling Due Within One Year 7 (63,901 ) (58,589 )
NET CURRENT ASSETS (LIABILITIES) 19,306 51,277
TOTAL ASSETS LESS CURRENT LIABILITIES 104,684 84,942
Creditors: Amounts Falling Due After More Than One Year 8 (16,467 ) (26,082 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,764 ) (4,413 )
NET ASSETS 79,453 54,447
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 79,451 54,445
SHAREHOLDERS' FUNDS 79,453 54,447
Page 1
Page 2
For the year ending 30 September 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 Richard Almond
Director
Mrs Wendy Almond
Director
22/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Raw Garage Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08223126 . The registered office is 1st Floor , 50 High Street, Cosham, Hampshire, PO6 3AG.
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 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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 Not provided
Plant & Machinery 18% Reducing balance
Motor Vehicles 18% Reducing balance
Fixtures & Fittings 18% Reducing balance
Computer Equipment 18% Reducing balance
2.5. 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. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
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. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 4)
5 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 -
Additions 30,000
As at 30 September 2024 30,000
Amortisation
As at 1 October 2023 -
Provided during the period 3,000
As at 30 September 2024 3,000
Net Book Value
As at 30 September 2024 27,000
As at 1 October 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 October 2023 - 41,530 39,311 3,694
Additions 3,354 29,981 - 1,196
As at 30 September 2024 3,354 71,511 39,311 4,890
Depreciation
As at 1 October 2023 - 20,085 28,844 2,688
Provided during the period - 7,859 1,884 276
As at 30 September 2024 - 27,944 30,728 2,964
Net Book Value
As at 30 September 2024 3,354 43,567 8,583 1,926
As at 1 October 2023 - 21,445 10,467 1,006
Computer Equipment Total
£ £
Cost
As at 1 October 2023 3,311 87,846
Additions 365 34,896
As at 30 September 2024 3,676 122,742
...CONTINUED
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Page 5
Depreciation
As at 1 October 2023 2,564 54,181
Provided during the period 164 10,183
As at 30 September 2024 2,728 64,364
Net Book Value
As at 30 September 2024 948 58,378
As at 1 October 2023 747 33,665
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,216 7,252
Prepayments and accrued income 1,840 3,056
17,056 10,308
Due after more than one year
Other debtors 6,000 -
23,056 10,308
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 26,584 23,144
Bank loans and overdrafts 10,000 10,000
Corporation tax 5,131 9,552
Other taxes and social security 2,474 -
VAT 12,961 10,836
Accruals and deferred income 6,665 4,917
Directors' loan accounts 86 140
63,901 58,589
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,467 26,082
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Ultimate Controlling Party
The company's ultimate controlling party is Mr & Mrs Almond by virtue of there ownership of 100% of the issued share capital in the company.
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