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Registration number: 04166727

CHAE Garage Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

CHAE Garage Services Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 9

 

CHAE Garage Services Limited

(Registration number: 04166727)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,459

6,376

Current assets

 

Stocks

6

2,800

3,200

Debtors

7

70,532

80,833

Cash at bank and in hand

 

14,865

5,127

 

88,197

89,160

Creditors: Amounts falling due within one year

8

(56,919)

(51,175)

Net current assets

 

31,278

37,985

Total assets less current liabilities

 

35,737

44,361

Creditors: Amounts falling due after more than one year

8

(35,549)

(44,116)

Net assets

 

188

245

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

184

241

Shareholders' funds

 

188

245

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.

Directors' 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 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 and 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.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Mr M A Davage
Director

 

CHAE Garage Services 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.

The address of its registered office is:
Unit 2 Botley Road
Horton Heath
Eastleigh
SO50 7DN
England

These financial statements were authorised for issue by the Board on 14 March 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of VAT.

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.

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.

 

CHAE Garage Services Limited

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

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

Plant and machinery

25% reducing balance

Fixtures and fittings

15% reducing balance

Computer equipment

33% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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 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.

Stocks

Stocks and work in progress are initially valued at cost.

 

CHAE Garage Services Limited

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

CHAE Garage Services Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

15,000

15,000

At 31 October 2024

15,000

15,000

Amortisation

At 1 November 2023

15,000

15,000

At 31 October 2024

15,000

15,000

Carrying amount

At 31 October 2024

-

-

 

CHAE Garage Services Limited

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

140

13,698

2,641

8,475

24,954

Disposals

-

-

-

(4,000)

(4,000)

At 31 October 2024

140

13,698

2,641

4,475

20,954

Depreciation

At 1 November 2023

140

9,987

2,337

6,114

18,578

Charge for the year

-

928

100

490

1,518

Eliminated on disposal

-

-

-

(3,601)

(3,601)

At 31 October 2024

140

10,915

2,437

3,003

16,495

Carrying amount

At 31 October 2024

-

2,783

204

1,472

4,459

At 31 October 2023

-

3,711

304

2,361

6,376

 

CHAE Garage Services Limited

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

6

Stocks

2024
£

2023
£

Work in progress

1,500

1,500

Other inventories

1,300

1,700

2,800

3,200

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,047

1,255

Prepayments

-

450

Other debtors

68,485

79,128

 

70,532

80,833

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

6,205

6,639

Trade creditors

 

21,093

13,395

Taxation and social security

 

11,822

11,258

Accruals and deferred income

 

1,100

1,100

Other creditors

 

16,699

18,783

 

56,919

51,175

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

35,549

44,116

 

CHAE Garage Services Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

4

4

4

4

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

35,549

42,811

Hire purchase contracts

-

1,305

35,549

44,116

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

5,000

Hire purchase contracts

1,205

1,639

6,205

6,639

 

CHAE Garage Services Limited

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

11

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Repayments by director
£

At 31 October 2024
£

Mrs M Davage

Loan (interest charged at official rate and repayable on demand)

30,067

(4,257)

25,811

Mrs M Davage

Loan (interest charged at official rate and repayable on demand)

30,067

(4,257)

25,811

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mrs M Davage

Loan (interest charged at official rate and repayable on demand)

28,224

1,843

30,067

Mrs M Davage

Loan (interest charged at official rate and repayable on demand)

28,224

1,843

30,067