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REGISTERED NUMBER: 05521862 (England and Wales)











Highfield Garage (Dunkeswell) Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024






Highfield Garage (Dunkeswell) Limited (Registered number: 05521862)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Highfield Garage (Dunkeswell) Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mrs C J Page
S M Prettejohn
A C Pym





SECRETARY: Mrs C J Page





REGISTERED OFFICE: Dunkeswell
Honiton
Devon
EX14 4QH





REGISTERED NUMBER: 05521862 (England and Wales)





ACCOUNTANTS: Haines Watts
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Highfield Garage (Dunkeswell) Limited (Registered number: 05521862)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 442,613 446,723

CURRENT ASSETS
Stocks 19,884 26,901
Debtors 5 24,982 19,462
Cash at bank and in hand 48,316 68,786
93,182 115,149
CREDITORS
Amounts falling due within one year 6 228,983 235,510
NET CURRENT LIABILITIES (135,801 ) (120,361 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

306,812

326,362

CREDITORS
Amounts falling due after more than one year 7 (163,744 ) (188,896 )

PROVISIONS FOR LIABILITIES (2,404 ) (2,083 )
NET ASSETS 140,664 135,383

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 139,664 134,383
SHAREHOLDERS' FUNDS 140,664 135,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Highfield Garage (Dunkeswell) Limited (Registered number: 05521862)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by:





Mrs C J Page - Director


Highfield Garage (Dunkeswell) Limited (Registered number: 05521862)

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


1. STATUTORY INFORMATION

Highfield Garage (Dunkeswell) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to
exercise judgment in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgments:

- A provision is recognised when the company has a present legal or constructive obligation as a result of a
past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management's judgment is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Depreciation and residual values. The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives are appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property
Plant and machinery - 20% on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Highfield Garage (Dunkeswell) Limited (Registered number: 05521862)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

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.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Highfield Garage (Dunkeswell) Limited (Registered number: 05521862)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023 470,940 88,077 559,017
Additions - 4,944 4,944
At 31 July 2024 470,940 93,021 563,961
DEPRECIATION
At 1 August 2023 36,435 75,859 112,294
Charge for year 2,538 6,516 9,054
At 31 July 2024 38,973 82,375 121,348
NET BOOK VALUE
At 31 July 2024 431,967 10,646 442,613
At 31 July 2023 434,505 12,218 446,723

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 20,325 16,820
Other debtors 4,657 2,642
24,982 19,462

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,493 10,493
Trade creditors 88,106 87,340
Taxation and social security 2,225 9,518
Other creditors 128,159 128,159
228,983 235,510

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 163,744 188,896

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 163,744 188,896

Highfield Garage (Dunkeswell) Limited (Registered number: 05521862)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 174,237 199,389

Bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the Company, both present and future.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000