REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st December 2024 |
for |
Cambridge Garage (Farnborough) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st December 2024 |
for |
Cambridge Garage (Farnborough) Limited |
Cambridge Garage (Farnborough) Limited (Registered number: 00536766) |
Contents of the Financial Statements |
for the Year Ended 31st December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Cambridge Garage (Farnborough) Limited |
Company Information |
for the Year Ended 31st December 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Sovereign House |
155 High Street |
Aldershot |
Hampshire |
GU11 1TT |
Cambridge Garage (Farnborough) Limited (Registered number: 00536766) |
Balance Sheet |
31st December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Fair value reserve | 11 | 310,579 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Cambridge Garage (Farnborough) Limited (Registered number: 00536766) |
Balance Sheet - continued |
31st December 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Cambridge Garage (Farnborough) Limited (Registered number: 00536766) |
Notes to the Financial Statements |
for the Year Ended 31st December 2024 |
1. | STATUTORY INFORMATION |
Cambridge Garage (Farnborough) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of Freehold land and buildings. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity. |
Tangible fixed assets |
Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows: |
Plant and machinery | - | 15% on cost |
Fixtures and fittings | - | 15% on cost |
Computer equipment | - | 33% on cost |
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss. |
Freehold land and buildings held and used in the Company's own activities are stated in the accounts at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not differ from using the fair value at the year end date. |
Any revaluation increase or decrease on freehold land and property is credited to the revaluation reserve in reserves. |
Depreciation on revalued property is charged to the profit or loss so as to write off their value over their estimated life of 50 years using the straight line method. There is no depreciation on the land element. |
Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. |
Cambridge Garage (Farnborough) Limited (Registered number: 00536766) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
3. | ACCOUNTING POLICIES - continued |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. |
Investment properties are initially measured at cost, including transaction costs. Subsequently |
investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Stocks |
Stocks are measured at the lower of cost and selling price less cost to complete and sell. |
Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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 future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Borrowing costs |
All borrowing costs are recognised in profit or loss in the period in which they are incurred |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. |
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Cambridge Garage (Farnborough) Limited (Registered number: 00536766) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
3. | ACCOUNTING POLICIES - continued |
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 that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss 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 statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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 profit or loss. |
Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory 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 profit or loss. |
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 profit or loss. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Cambridge Garage (Farnborough) Limited (Registered number: 00536766) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | and | Office |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st January 2024 |
Additions |
Revaluations |
At 31st December 2024 |
DEPRECIATION |
At 1st January 2024 |
Charge for year |
Revaluation adjustments | ( |
) | ( |
) |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 133,333 (2023 - £ 100,000 ) which is not depreciated. |
Cost or valuation at 31st December 2024 is represented by: |
Freehold | Fixtures |
land and | and | Office |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2024 | 178,163 | - | - | 178,163 |
Cost | 221,837 | 1,971 | 9,081 | 232,889 |
400,000 | 1,971 | 9,081 | 411,052 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 221,837 | 200,000 |
Aggregate depreciation | - | 10,000 |
Value of land in freehold land and buildings | 133,333 | 100,000 |
Freehold land and buildings were valued on an open market basis on 31st December 2024 by the director, P Harrison . |
Cambridge Garage (Farnborough) Limited (Registered number: 00536766) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2024 |
Revaluations | 165,000 |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
Fair value at 31st December 2024 is represented by: |
£ |
Valuation in 2024 | 357,191 |
Cost | 452,809 |
810,000 |
If Investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 452,809 | 452,809 |
Investment property was valued on a rental yield basis on 31st December 2024 by the director, P Harrison . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Cambridge Garage (Farnborough) Limited (Registered number: 00536766) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans | 188,385 | 243,783 |
The bank loans and overdraft are secured by way of a fixed and floating charge over the company, all property and assets present and future including goodwill, book debts, uncalled capital, buildings fixtures and plant & machinery, and specific legal charges over individual properties owned by the company. |
11. | RESERVES |
Fair |
Revaluation | value |
reserve | reserve | Totals |
£ | £ | £ |
At 1st January 2024 | 281,801 |
Property revaluation | 118,163 | 165,001 | 283,164 |
Transfer | (40,000 | ) | - | (40,000 | ) |
Deferred Tax | (19,973 | ) | (37,591 | ) | (57,564 | ) |
At 31st December 2024 | 467,401 |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st December 2024 and 31st December 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |