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REGISTERED NUMBER: 01415911 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

BOSLOWICK GARAGE LIMITED

BOSLOWICK GARAGE LIMITED (REGISTERED NUMBER: 01415911)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BOSLOWICK GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: E J Addy
B P Addy
J A Chaney Spiers





REGISTERED OFFICE: Boslowick
Boslowick Road
Falmouth
Cornwall
TR11 4EY





REGISTERED NUMBER: 01415911 (England and Wales)





ACCOUNTANTS: TC Group
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

BOSLOWICK GARAGE LIMITED (REGISTERED NUMBER: 01415911)

BALANCE SHEET
31 MAY 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 615,255 606,139

CURRENT ASSETS
Stocks 77,129 63,852
Debtors 5 18,137 17,414
Cash at bank and in hand 341,028 345,006
436,294 426,272
CREDITORS
Amounts falling due within one year 6 95,050 99,657
NET CURRENT ASSETS 341,244 326,615
TOTAL ASSETS LESS CURRENT
LIABILITIES

956,499

932,754

CREDITORS
Amounts falling due after more than one
year

7

(1,891

)

-

PROVISIONS FOR LIABILITIES (87,191 ) (83,377 )
NET ASSETS 867,417 849,377

CAPITAL AND RESERVES
Called up share capital 7,501 7,501
Share premium 17,500 17,500
Revaluation reserve 9 379,618 379,618
Retained earnings 462,798 444,758
867,417 849,377

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

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

BOSLOWICK GARAGE LIMITED (REGISTERED NUMBER: 01415911)

BALANCE SHEET - continued
31 MAY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





E J Addy - Director


BOSLOWICK GARAGE LIMITED (REGISTERED NUMBER: 01415911)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Boslowick Garage 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 as modified by the revaluation of certain assets.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the amount of revenue, stage of completion and costs incurred can be measured reliably.Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not depreciated
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 20% on reducing balance

The company's trading property has not been depreciated as, in the opinion of the Directors, the appreciation of the underlying freehold during ownership negates the need to depreciate the properties.

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

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

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.


BOSLOWICK GARAGE LIMITED (REGISTERED NUMBER: 01415911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 June 2023 600,000 32,810 75,859 34,902 743,571
Additions - - 14,000 - 14,000
At 31 May 2024 600,000 32,810 89,859 34,902 757,571
DEPRECIATION
At 1 June 2023 - 32,554 72,753 32,125 137,432
Charge for year - 51 4,277 556 4,884
At 31 May 2024 - 32,605 77,030 32,681 142,316
NET BOOK VALUE
At 31 May 2024 600,000 205 12,829 2,221 615,255
At 31 May 2023 600,000 256 3,106 2,777 606,139

Included in cost or valuation of land and buildings is freehold land of £ 600,000 (2023 - £ 600,000 ) which is not depreciated.

BOSLOWICK GARAGE LIMITED (REGISTERED NUMBER: 01415911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 May 2024 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2020 530,781 - - - 530,781
Cost 69,219 32,810 89,859 34,902 226,790
600,000 32,810 89,859 34,902 757,571

The revaluation was undertaken by the Directors at 31 May 2020.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and
fittings
£   
COST OR VALUATION
Additions 14,000
At 31 May 2024 14,000
DEPRECIATION
Charge for year 3,500
At 31 May 2024 3,500
NET BOOK VALUE
At 31 May 2024 10,500

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 8,519 17,299
VAT 9,491 -
Prepayments 127 115
18,137 17,414

BOSLOWICK GARAGE LIMITED (REGISTERED NUMBER: 01415911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Hire purchase contracts 5,135 -
Trade creditors 41,997 -
Tax 22,496 21,399
Social security and other taxes 1,158 1,028
VAT - 8,343
Other creditors - 6,022
Directors' loan accounts 21,764 60,865
Accrued expenses 2,500 2,000
95,050 99,657

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
as restated
£    £   
Hire purchase contracts 1,891 -

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Hire purchase contracts 7,026 -

9. RESERVES
Revaluation
reserve
£   
At 1 June 2023
and 31 May 2024 379,618

10. RELATED PARTY DISCLOSURES

The Directors were owed £21,764 at 31 May 2024. (2023: £60,864.) The loans to the company are free of interest and repayable on demand.