Registration number:
Harbour Garages (Bridport) Limited
for the Year Ended 31 March 2024
Harbour Garages (Bridport) Limited
Contents
Company Information |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Harbour Garages (Bridport) Limited
Company Information
Directors |
Mrs SD Walsh Mr B Walsh |
Registered office |
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Accountants |
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Harbour Garages (Bridport) Limited
Statement of Comprehensive Income for the Year Ended 31 March 2024
2024 |
2023 |
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Profit for the year |
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Surplus on property, plant and equipment revaluation |
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- |
Total comprehensive income for the year |
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Harbour Garages (Bridport) Limited
(Registration number: 01080726)
Abridged Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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Current assets |
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Cash at bank and in hand |
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Prepayments and accrued income |
- |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Harbour Garages (Bridport) Limited
(Registration number: 01080726)
Abridged Balance Sheet as at 31 March 2024
Approved and authorised by the
.........................................
Mrs SD Walsh
Director
.........................................
Mr B Walsh
Director
Harbour Garages (Bridport) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
General information |
The company is limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Section 1A of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
25% on cost |
Harbour Garages (Bridport) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Harbour Garages (Bridport) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Investment properties
2024 |
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At 1 April |
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Fair value adjustments |
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At 31 March |
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The property was valued by Kennedys Estate Agents in May 2023 as a realistic figure and obtainable within a short marketing period to a proceedable buyer.
Harbour Garages (Bridport) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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Investments |
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Total amount of revalued assets |
320,000 |
Amount of revaluation brought forward |
(24,101) |
Amount of revaluation for the year |
(25,000) |
Total carrying amount of assets had they not been revalued |
270,899 |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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40,000 |
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40,000 |