HALLS GARAGE (SUTTON COURTENAY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2024
Company Registration Number: 09692947
HALLS GARAGE (SUTTON COURTENAY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
HALLS GARAGE (SUTTON COURTENAY) LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024
DIRECTOR
F D C Sparkes
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
09692947 England and Wales
HALLS GARAGE (SUTTON COURTENAY) LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Intangible assets 5 2,200 3,300
Tangible assets 6 55,328 28,340
57,528 31,640
CURRENT ASSETS
Stock 2,000 2,000
Debtors 7 378,392 401,590
Cash at bank and in hand 241,777 206,293
622,169 609,883
CREDITORS: Amounts falling due within one year 8 89,722 94,875
NET CURRENT ASSETS 532,447 515,008
TOTAL ASSETS LESS CURRENT LIABILITIES 589,975 546,648
Provisions for liabilities and charges 10,252 3,593
NET ASSETS 579,723 543,055
CAPITAL AND RESERVES
Called up share capital 1 1
Distributable profit and loss account 579,721 543,053
Capital redemption reserve 1 1
SHAREHOLDER'S FUNDS 579,723 543,055
HALLS GARAGE (SUTTON COURTENAY) LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
F D C Sparkes
Director
Date approved by the board: 14 February 2025
HALLS GARAGE (SUTTON COURTENAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
1 GENERAL INFORMATION
Halls Garage (Sutton Courtenay) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
4 Witan Way Halls Garage
Witney Brook Street
Oxon Sutton Courtenay
OX28 6FF Abingdon
Oxfordshire
OX14 4AH
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of motor vehicle repair services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 10 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
HALLS GARAGE (SUTTON COURTENAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Leasehold property Not depreciated
Office equipment Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
Depreciation has not been provided in respect of land and buildings. The company adopts a policy of fully maintaining these and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
HALLS GARAGE (SUTTON COURTENAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
HALLS GARAGE (SUTTON COURTENAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2024 2023
Average number of employees 2 2
HALLS GARAGE (SUTTON COURTENAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
5 INTANGIBLE FIXED ASSETS
Net goodwill
£
Cost
At 1 August 2023 11,000
At 31 July 2024 11,000
Accumulated amortisation and impairments
At 1 August 2023 7,700
Charge for year 1,100
At 31 July 2024 8,800
Net book value
At 1 August 2023 3,300
At 31 July 2024 2,200
6 TANGIBLE ASSETS
Leasehold property Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 12,377 19,763 12,900 45,040
Additions - 124 32,210 32,334
At 31 July 2024 12,377 19,887 45,110 77,374
Accumulated depreciation and impairments
At 1 August 2023 - 6,536 10,164 16,700
Charge for year - 3,320 2,026 5,346
At 31 July 2024 - 9,856 12,190 22,046
Net book value
At 1 August 2023 12,377 13,227 2,736 28,340
At 31 July 2024 12,377 10,031 32,920 55,328
HALLS GARAGE (SUTTON COURTENAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
7 DEBTORS
2024 2023
£ £
Trade debtors 4,104 5,056
Prepayments and accrued income - 966
Other debtors 374,288 395,568
378,392 401,590
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 177 279
Taxation and social security 27,799 38,296
Accruals and deferred income 55,498 55,503
Other creditors 6,248 797
89,722 94,875
9 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Loan accounts
2024 2023
£ £
F D C Sparkes Amount owed to Director at the year end: 2,141 282
Estate of E A Sparkes Amount owed by Ex-Director and Shareholder at the year end: - 2,291
Brook Street Holdings Limited
Company under common control 2024 2023
£ £
Intercompany loan Amount owed by Brook Street Holdings at the year end: 374,288 393,277
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