Company Registration No. 13414799 (England and Wales)
Gary's Garage Limited
Unaudited accounts
for the year ended 31 May 2024
Gary's Garage Limited
Unaudited accounts
Contents
Gary's Garage Limited
Company Information
for the year ended 31 May 2024
Company Number
13414799 (England and Wales)
Registered Office
Iddenshall Grange
Iddenshall
Tarporley
Cheshire
CW6 0EQ
Accountants
Bayliss Baines Limited
29 Chester Street
Wrexham
LL13 8BG
Gary's Garage Limited
Statement of financial position
as at 31 May 2024
Tangible assets
47,597
52,581
Cash at bank and in hand
382,296
215,177
Creditors: amounts falling due within one year
(212,617)
(138,032)
Net current assets
173,458
79,966
Total assets less current liabilities
221,055
132,547
Provisions for liabilities
Deferred tax
(11,233)
(10,148)
Net assets
209,822
122,399
Called up share capital
100
100
Profit and loss account
209,722
122,299
Shareholders' funds
209,822
122,399
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 February 2025 and were signed on its behalf by
G Gwalchmai
Director
Company Registration No. 13414799
Gary's Garage Limited
Notes to the Accounts
for the year ended 31 May 2024
Gary's Garage Limited is a private company, limited by shares, registered in England and Wales, registration number 13414799. The registered office is Iddenshall Grange, Iddenshall, Tarporley, Cheshire, CW6 0EQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
31 May 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 June 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
9 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
20% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Gary's Garage Limited
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2023
60,085
9,050
2,565
71,700
Additions
5,146
1,250
916
7,312
At 31 May 2024
65,231
10,300
3,481
79,012
At 1 June 2023
14,493
3,961
665
19,119
Charge for the year
10,146
1,587
563
12,296
At 31 May 2024
24,639
5,548
1,228
31,415
At 31 May 2024
40,592
4,752
2,253
47,597
At 31 May 2023
45,592
5,089
1,900
52,581
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
-
8,384
Trade creditors
30,487
29,759
Taxes and social security
102,320
60,235
Other creditors
2,320
1,000
Loans from directors
77,490
38,654
7
Deferred taxation
2024
2023
Accelerated capital allowances
11,233
10,148
Provision at start of year
10,148
3,465
Charged to the profit and loss account
1,085
6,683
Provision at end of year
11,233
10,148
8
Average number of employees
During the year the average number of employees was 7 (2023: 7).
Gary's Garage Limited
Notes to the Accounts
for the year ended 31 May 2024
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 June 2022
31 May 2023
Capital and reserves (as previously stated)
44,815
132,547
Recognition of deferred tax position
(3,465)
(10,148)
Capital and reserves (as restated)
41,350
122,399
Reconciliation of profit or loss for the year
31 May 2023
Profit for the year (as previously stated)
187,634
Profit for the year (as restated)
180,951