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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
Page
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Gary's Garage Limited Company Information for the year ended 31 May 2024
Director
G Gwalchmai
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
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Gary's Garage Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
47,597 
52,581 
Current assets
Inventories
2,000 
500 
Debtors
1,779 
2,321 
Cash at bank and in hand
382,296 
215,177 
386,075 
217,998 
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 
Capital and reserves
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
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Gary's Garage Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred taxation
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.
Pension costs
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.
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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 
Depreciation
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 
Net book value
At 31 May 2024
40,592 
4,752 
2,253 
47,597 
At 31 May 2023
45,592 
5,089 
1,900 
52,581 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Other debtors
1,779 
2,321 
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 
212,617 
138,032 
7
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
11,233 
10,148 
2024 
2023 
£ 
£ 
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).
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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 
Deferred Taxation
(6,683)
Profit for the year (as restated)
180,951 
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