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REGISTERED NUMBER: 03849581 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

Lound Road Garage Limited

Lound Road Garage Limited (Registered number: 03849581)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Lound Road Garage Limited (Registered number: 03849581)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 26,417 30,577
26,417 30,577

CURRENT ASSETS
Stocks 86,686 109,830
Debtors 6 73,907 72,807
Cash at bank and in hand 1,058,003 824,383
1,218,596 1,007,020
CREDITORS
Amounts falling due within one year 7 386,310 397,661
NET CURRENT ASSETS 832,286 609,359
TOTAL ASSETS LESS CURRENT
LIABILITIES

858,703

639,936

PROVISIONS FOR LIABILITIES 5,127 5,939
NET ASSETS 853,576 633,997

CAPITAL AND RESERVES
Called up share capital 1,200 1,200
Retained earnings 852,376 632,797
853,576 633,997

Lound Road Garage Limited (Registered number: 03849581)

Balance Sheet - continued
31 October 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:





D Cannon - Director


Lound Road Garage Limited (Registered number: 03849581)

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

1. STATUTORY INFORMATION

Lound Road Garage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03849581

Registered office: Lound Road
Kendal
Cumbria
LA9 7EG

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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Lound Road Garage Limited (Registered number: 03849581)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 33,000
AMORTISATION
At 1 November 2023
and 31 October 2024 33,000
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2023 177,138
Additions 6,510
At 31 October 2024 183,648
DEPRECIATION
At 1 November 2023 146,561
Charge for year 10,670
At 31 October 2024 157,231
NET BOOK VALUE
At 31 October 2024 26,417
At 31 October 2023 30,577

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 55,639 58,329
Other debtors 18,268 14,478
73,907 72,807

Lound Road Garage Limited (Registered number: 03849581)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade creditors 119,372 157,163
Taxation and social security 175,482 148,191
Other creditors 91,456 92,307
386,310 397,661