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REGISTRAR OF COMPANIES

Registration number: 04521850

Wood Lane Garage Limited

Unaudited Financial Statements

31 October 2024

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Wood Lane Garage Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Wood Lane Garage Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wood Lane Garage Limited for the year ended 31 October 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Wood Lane Garage Limited, as a body, in accordance with the terms of our engagement letter dated 15 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of Wood Lane Garage Limited and state those matters that we have agreed to state to the Board of Directors of Wood Lane Garage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wood Lane Garage Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wood Lane Garage Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wood Lane Garage Limited. You consider that Wood Lane Garage Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wood Lane Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

27 February 2025

 

Wood Lane Garage Limited

(Registration number: 04521850)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

100

118

Investment property

5

186,370

186,370

 

186,470

186,488

Current assets

 

Debtors

6

32,934

35,309

Cash at bank and in hand

 

69,194

63,757

 

102,128

99,066

Creditors: Amounts falling due within one year

7

(1,887)

(1,210)

Net current assets

 

100,241

97,856

Net assets

 

286,711

284,344

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Non-distributable reserve

 

13,286

13,286

Profit and loss account

273,423

271,056

Total equity

 

286,711

284,344

 

Wood Lane Garage Limited

(Registration number: 04521850)
Balance Sheet as at 31 October 2024 (continued)

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 February 2025
 

.........................................

H Knubley

Director

 

Wood Lane Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Laikin View
Calthwaite
PENRITH
CA11 9QW

2

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

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.

 

Wood Lane Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Land and buildings

15% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 the sale of goods 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.

 

Wood Lane Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Wood Lane Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 November 2023

408

408

At 31 October 2024

408

408

Depreciation

At 1 November 2023

290

290

Charge for the year

18

18

At 31 October 2024

308

308

Carrying amount

At 31 October 2024

100

100

At 31 October 2023

118

118

5

Investment properties

£

At 1 November 2023

186,370

At 31 October 2024

186,370

There has been no valuation of investment property by an independent valuer.
The director has reviewed the carrying value of investment properties and consider no fair value adjustments are required.

6

Debtors

2024
£

2023
£

Other debtors

32,934

35,309

32,934

35,309

 

Wood Lane Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

7

Creditors

2024
£

2023
£

Due within one year

 

Corporation tax liability

 

677

-

Other creditors

 

1,210

1,210

 

1,887

1,210

8

Related party transactions

2024

At 1 November 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 October 2024
£

H Knubley

25,985

5,104

(6,800)

-

(500)

561

24,350

               
         

 

2023

At 1 November 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 October 2023
£

H Knubley

28,324

5,330

(6,758)

-

(1,500)

589

25,985

               
         

 

Directors' advances are repayable on demand

Interest has been charged at rates of 2% on advances to directors up to March 2023 and 2.25% thereafter.