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Stort Mill Garage Limited

Registered Number
05112824
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

Stort Mill Garage Limited
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

Longmore, Jason Adam
MCAULIFFE, James

Company Secretary

GILCHRISTS COMPANY SECRETARIAL SERVICES LIMITED

Registered Address

Unit 2 Station Road
Braughing
Ware
SG11 2PB

Registered Number

05112824 (England and Wales)
Stort Mill Garage Limited
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,702,5111,577,685
Investment property41,246,046860,162
2,948,5572,437,847
Current assets
Debtors5980,442563,112
Cash at bank and on hand1,035,4531,501,950
2,015,8952,065,062
Creditors amounts falling due within one year6(635,193)(735,715)
Net current assets (liabilities)1,380,7021,329,347
Total assets less current liabilities4,329,2593,767,194
Creditors amounts falling due after one year7(462,024)(544,531)
Provisions for liabilities9(210,421)(111,314)
Net assets3,656,8143,111,349
Capital and reserves
Called up share capital100100
Profit and loss account3,656,7143,111,249
Shareholders' funds3,656,8143,111,349
The financial statements were approved and authorised for issue by the Board of Directors on 21 November 2024, and are signed on its behalf by:
Longmore, Jason Adam
Director
MCAULIFFE, James
Director

Registered Company No. 05112824
Stort Mill Garage Limited
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods and services 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets except land and buildings as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Vehicles15
Office Equipment15
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year2422
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 June 23860,824162,2121,463,17933,90616,6192,536,740
Additions-139,541368,0607,6162,341517,558
Disposals-(58,309)(242,101)--(300,410)
At 31 May 24860,824243,4441,589,13841,52218,9602,753,888
Depreciation and impairment
At 01 June 23-82,860850,72015,09310,382959,055
Charge for year-18,796145,1843,1051,288168,373
On disposals--(76,051)--(76,051)
At 31 May 24-101,656919,85318,19811,6701,051,377
Net book value
At 31 May 24860,824141,788669,28523,3247,2901,702,511
At 31 May 23860,82479,352612,45918,8136,2371,577,685
4.Investment property
Investment properties are valued by the directors and in their view the market value of the investment properties are not materially different than the book value.

£
Fair value at 01 June 23860,162
Additions385,884
At 31 May 241,246,046
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables489,501493,196
Other debtors427,90027,593
Prepayments and accrued income63,04142,323
Total980,442563,112
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables203,106125,542
Bank borrowings and overdrafts40,21146,833
Taxation and social security302,754439,488
Finance lease and HP contracts15,15758,903
Other creditors65,46460,450
Accrued liabilities and deferred income8,5014,499
Total635,193735,715
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.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts426,525515,030
Other creditors35,49929,501
Total462,024544,531
Long 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.
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts35,50029,501
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)210,421111,314
Total210,421111,314