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Registered number: 12494426
Atlanta Garage Ltd
Financial Statements
For The Year Ended 30 September 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12494426
30 September 2024 30 September 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 55,245 49,394
55,245 49,394
CURRENT ASSETS
Stocks 5 40,032 17,076
Debtors 6 1,257 8,286
Cash at bank and in hand 215,415 155,821
256,704 181,183
Creditors: Amounts Falling Due Within One Year 7 (178,369 ) (137,442 )
NET CURRENT ASSETS (LIABILITIES) 78,335 43,741
TOTAL ASSETS LESS CURRENT LIABILITIES 133,580 93,135
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,256 ) (9,108 )
NET ASSETS 123,324 84,027
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 123,322 84,025
SHAREHOLDERS' FUNDS 123,324 84,027
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nik Buck
Director
5th March 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Atlanta Garage Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12494426 . The registered office is Unit 1 & 2 Atlanta Works, Stamshaw Rd, Portsmouth, Hampshire, PO2 8LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over 10 years
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment Over 3 years
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 October 2023 1,925 81,779 - 1,000
Additions - 7,495 10,000 -
As at 30 September 2024 1,925 89,274 10,000 1,000
Depreciation
As at 1 October 2023 467 34,978 - 292
Provided during the period 192 9,860 2,000 142
As at 30 September 2024 659 44,838 2,000 434
Net Book Value
As at 30 September 2024 1,266 44,436 8,000 566
As at 1 October 2023 1,458 46,801 - 708
Computer Equipment Total
£ £
Cost
As at 1 October 2023 824 85,528
Additions 973 18,468
As at 30 September 2024 1,797 103,996
Depreciation
As at 1 October 2023 397 36,134
Provided during the period 423 12,617
As at 30 September 2024 820 48,751
Net Book Value
As at 30 September 2024 977 55,245
As at 1 October 2023 427 49,394
5. Stocks
30 September 2024 30 September 2023
£ £
Finished goods 40,032 17,076
Page 4
Page 5
6. Debtors
30 September 2024 30 September 2023
£ £
Due within one year
Trade debtors 1,257 3,109
Other debtors - 5,177
1,257 8,286
7. Creditors: Amounts Falling Due Within One Year
30 September 2024 30 September 2023
£ £
Trade creditors 2,478 1,045
Other creditors 152,849 114,837
Taxation and social security 23,042 21,560
178,369 137,442
8. Share Capital
30 September 2024 30 September 2023
£ £
Allotted, Called up and fully paid 2 2
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