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Registration number: 00835349

Athelstan Garages Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Athelstan Garages Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Athelstan Garages Limited

Company Information

Directors

Mr James Rank

Mrs L R Rank

Mr C R H Rank

Company secretary

Mrs L R Rank

Registration number

00835349

Registered office

21 Market Place
Cirencester
Gloucestershire
GL7 2NX

Accountants

mca Shepherd Smail
21 Market Place
Cirencester
Gloucestershire
GL7 2NX

 

Athelstan Garages Limited

(Registration number: 00835349)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

442

54

Investment property

5

700,000

700,000

 

700,442

700,054

Current assets

 

Debtors

6

429,452

428,612

Cash at bank and in hand

 

111,875

112,121

 

541,327

540,733

Creditors: Amounts falling due within one year

7

(3,400)

(2,796)

Net current assets

 

537,927

537,937

Net assets

 

1,238,369

1,237,991

Capital and reserves

 

Called up share capital

1,153

1,153

Share premium reserve

392,667

392,667

Retained earnings

844,549

844,171

Shareholders' funds

 

1,238,369

1,237,991

 

Athelstan Garages Limited

(Registration number: 00835349)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 

Mrs L R Rank

Company secretary and director

Mr C R H Rank

Director

 

Athelstan Garages Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
21 Market Place
Cirencester
Gloucestershire
GL7 2NX

The principal place of business is:
The Old Forge
Kemble
Cirencester
Gloucestershire
GL7 6AA

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Athelstan Garages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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

Furniture, fittings and equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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.

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.

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.

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.

 

Athelstan Garages Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

531

531

Additions

536

536

At 31 December 2024

1,067

1,067

Depreciation

At 1 January 2024

477

477

Charge for the year

148

148

At 31 December 2024

625

625

Carrying amount

At 31 December 2024

442

442

At 31 December 2023

54

54

5

Investment properties

2024
£

At 1 January

700,000

At 31 December

700,000

Investment properties are stated at open market value of £700,000 at 31 December 2024 (2023: £700,000). The historical cost of these properties is £469,886 (2023: £469,886).

 

Athelstan Garages Limited

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

6

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

429,452

428,612

 

429,452

428,612

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,770

1,281

Accruals and deferred income

1,630

1,515

3,400

2,796

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,153

1,153

1,153

1,153