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Registration number: 00515148

Prepared for the registrar

County Garage (Cheltenham) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

County Garage (Cheltenham) Limited

(Registration number: 00515148)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,200,001

1,200,001

Investments

5

325

325

 

1,200,326

1,200,326

Current assets

 

Stocks

25,900

25,900

Debtors

6

182,646

167,080

Cash at bank and in hand

 

40,819

288,178

 

249,365

481,158

Creditors: Amounts falling due within one year

7

(801,612)

(1,036,132)

Net current liabilities

 

(552,247)

(554,974)

Total assets less current liabilities

 

648,079

645,352

Creditors: Amounts falling due after more than one year

7

(579,343)

(586,977)

Net assets

 

68,736

58,375

Capital and reserves

 

Called up share capital

150,300

150,300

Revaluation reserve

884,484

884,484

Retained earnings

(966,048)

(976,409)

Shareholders' funds

 

68,736

58,375

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2025
 


A M Rodrigues
Director

 

County Garage (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 Coln Gardens
Andoversford
Cheltenham
GL53 4NB

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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 and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

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.

 

County Garage (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated 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 cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

County Garage (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

4

Investment properties

£

At 1 July 2023 and 30 June 2024

1,200,001

The investment properties were revalued on 30 June 2011 by A R G Turrell MRICS who is external to the company. The basis of this valuation was open market for existing use. This class of assets has a current value of £1,200,001 (2023: £1,200,001) and a carrying amount at historical cost of £403,363 (2023: £403,363). The depreciation on this historical cost in £nil (2023: £nil).

 

5

Investments held as fixed assets

Unlisted investments
£

Cost

At 1 July 2023

325

At 30 June 2024

325

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Yukantakitwithya Incorporated

U.S.A

Ordinary

50%

50%

 

6

Debtors

Note

2024
£

2023
£

Receivables from related parties

9

162,606

162,606

Other debtors

 

20,040

4,474

 

182,646

167,080

 

County Garage (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

7,635

7,636

Amounts due to related parties

9

9,701

20,053

Taxation and social security

 

22,152

19,195

Accruals and deferred income

 

4,500

2,500

Other creditors

 

757,624

986,748

 

801,612

1,036,132

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

579,343

586,977

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

7,635

7,636

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,908

16,542

Redeemable preference shares

570,435

570,435

579,343

586,977

The preference shares are redeemable at £1 per share and carry no voting rights. On a winding up of the company the holders of the shares have a right to receive £1 per share together with all dividends due to date of redemption.

 

9

Related party transactions

Summary of transactions with other related parties


At the year end the amount owned to the company by Yukantankitwithya Inc. was £162,606 (2023: £162,606). Yukantakitwithya Inc, is a USA registered company in which County Garage (Cheltenham) has a 50% interest.

Also at the year end the company owed £689,833 (2023: £908,088) to Bill Allen (Cheltenham) Ltd, a company under common control.

No interest was charged on these balances, and there are no fixed repayment terms.