Registered number
03965563
The Lion Garage Limited
Unaudited Filleted Accounts
31 December 2024
The Lion Garage Limited
Registered number: 03965563
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 347,109 344,709
Current assets
Stocks 30,001 21,867
Debtors 5 306,371 183,564
Cash at bank and in hand 843,408 859,549
1,179,780 1,064,980
Creditors: amounts falling due within one year 7 (362,330) (311,755)
Net current assets 817,450 753,225
Total assets less current liabilities 1,164,559 1,097,934
Provisions for liabilities (13,343) (8,090)
Net assets 1,151,216 1,089,844
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,151,116 1,089,744
Shareholders' funds 1,151,216 1,089,844
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M W Sentance
Director
Approved by the board on 19 March 2025
The Lion Garage Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services in connection with the repairs of motor vehicles. Turnover is recognised when all works have been completed.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% on cost
Plant and machinery 25% on reducing balance
Motor vehicles 25% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 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. Current and deferred tax assets and liabilities are not discounted.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 31 30
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 190,000
Disposals (75,000)
At 31 December 2024 115,000
Amortisation
At 1 January 2024 190,000
On disposals (75,000)
At 31 December 2024 115,000
Net book value
At 31 December 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 425,378 278,682 69,932 773,992
Additions - 21,890 10,500 32,390
Disposals - - (1,000) (1,000)
At 31 December 2024 425,378 300,572 79,432 805,382
Depreciation
At 1 January 2024 131,323 240,122 57,838 429,283
Charge for the year 8,508 15,732 5,650 29,890
On disposals - - (900) (900)
At 31 December 2024 139,831 255,854 62,588 458,273
Net book value
At 31 December 2024 285,547 44,718 16,844 347,109
At 31 December 2023 294,055 38,560 12,094 344,709
5 Debtors 2024 2023
£ £
Trade debtors 59,358 29,318
Other debtors 247,013 154,246
306,371 183,564
6 Investments held as current assets 2024 2023
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments - 17,232
All investments were sold in the previous year and the gain recognised in the profit and loss account.
7 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 107,394 129,203
Other creditors 254,936 182,552
362,330 311,755
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 189,659 280,175
9 Other information
The Lion Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
43 Cobden Street
Leicester
LE1 2LB
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