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REGISTERED NUMBER: 14876986 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 17 MAY 2023 TO 31 JULY 2024

FOR

OLNEY GARAGES LIMITED
T/A
SOUL GARAGES

OLNEY GARAGES LIMITED (REGISTERED NUMBER: 14876986)
T/A SOUL GARAGES






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 17 MAY 2023 TO 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OLNEY GARAGES LIMITED
T/A SOUL GARAGES

COMPANY INFORMATION
FOR THE PERIOD 17 MAY 2023 TO 31 JULY 2024







DIRECTOR: C J Gleghorn





REGISTERED OFFICE: 5 Goldington Road
Bedford
Bedfordshire
MK40 3JY





BUSINESS ADDRESS: Lime Street
Olney
Buckinghamshire
MK45 5BA





REGISTERED NUMBER: 14876986 (England and Wales)





ACCOUNTANTS: Rawlinson Pryde & Partners
Chartered Certified Accountants
Argent House
5 Goldington Road
Bedford
Bedfordshire
MK40 3JY

OLNEY GARAGES LIMITED (REGISTERED NUMBER: 14876986)
T/A SOUL GARAGES

BALANCE SHEET
31 JULY 2024

Notes £    £   
FIXED ASSETS
Intangible assets 4 6,300
Tangible assets 5 82,695
88,995

CURRENT ASSETS
Stocks 2,084
Debtors 6 21,325
Cash at bank and in hand 69,538
92,947
CREDITORS
Amounts falling due within one year 7 179,074
NET CURRENT LIABILITIES (86,127 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,868

CREDITORS
Amounts falling due after more than one
year

8

(3,555

)

ACCRUALS AND DEFERRED INCOME (4,822 )
NET LIABILITIES (5,509 )

CAPITAL AND RESERVES
Called up share capital 9 100
Retained earnings (5,609 )
SHAREHOLDERS' FUNDS (5,509 )

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

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

The director acknowledges his 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.

OLNEY GARAGES LIMITED (REGISTERED NUMBER: 14876986)
T/A SOUL GARAGES

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 February 2025 and were signed by:





C J Gleghorn - Director


OLNEY GARAGES LIMITED (REGISTERED NUMBER: 14876986)
T/A SOUL GARAGES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 17 MAY 2023 TO 31 JULY 2024

1. STATUTORY INFORMATION

Olney Garages 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements have been prepared on the going concern basis due to the continuing support of the director.

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

Turnover represents net invoiced vehicle repairs and sales of parts, excluding value added tax which is recognised when the invoice is raised.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

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.
Improvements to property - 10% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - at varying rates on cost
Computer equipment - 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.


OLNEY GARAGES LIMITED (REGISTERED NUMBER: 14876986)
T/A SOUL GARAGES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 17 MAY 2023 TO 31 JULY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 period 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.

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 period was 9 .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 7,000
At 31 July 2024 7,000
AMORTISATION
Amortisation for period 700
At 31 July 2024 700
NET BOOK VALUE
At 31 July 2024 6,300

OLNEY GARAGES LIMITED (REGISTERED NUMBER: 14876986)
T/A SOUL GARAGES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 17 MAY 2023 TO 31 JULY 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
Additions 14,560 70,836 2,245
Disposals - (11,650 ) -
At 31 July 2024 14,560 59,186 2,245
DEPRECIATION
Charge for period 214 6,407 226
At 31 July 2024 214 6,407 226
NET BOOK VALUE
At 31 July 2024 14,346 52,779 2,019

Motor Computer
vehicles equipment Totals
£    £    £   
COST
Additions 12,500 6,378 106,519
Disposals - (750 ) (12,400 )
At 31 July 2024 12,500 5,628 94,119
DEPRECIATION
Charge for period 3,583 994 11,424
At 31 July 2024 3,583 994 11,424
NET BOOK VALUE
At 31 July 2024 8,917 4,634 82,695

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 13,057
Other debtors 5,206
Deferred tax asset 130
Prepayments 2,932
21,325

OLNEY GARAGES LIMITED (REGISTERED NUMBER: 14876986)
T/A SOUL GARAGES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 17 MAY 2023 TO 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Hire purchase contracts 7,920
Trade creditors 100,718
Social security and other taxes 6,096
VAT 11,851
Credit card 2,925
Pension creditor 1,522
Directors' current accounts 48,042
179,074

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
£   
Hire purchase contracts 3,555

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
1,000 Ordinary £100 100

10. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £263,952 and are in relation to commitments under operating and rental property leases.