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Registered number: 03382888
Foxfield Garage Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
CMA Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03382888
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,951,036 3,225,901
2,951,036 3,225,901
CURRENT ASSETS
Stocks 5 2,762 2,762
Debtors 6 482,638 419,378
Cash at bank and in hand 277,817 126,605
763,217 548,745
Creditors: Amounts Falling Due Within One Year 7 (133,910 ) (158,230 )
NET CURRENT ASSETS (LIABILITIES) 629,307 390,515
TOTAL ASSETS LESS CURRENT LIABILITIES 3,580,343 3,616,416
Creditors: Amounts Falling Due After More Than One Year 8 (490,000 ) (774,386 )
NET ASSETS 3,090,343 2,842,030
CAPITAL AND RESERVES
Called up share capital 9 250,000 250,000
Revaluation reserve 10 1,922,429 1,960,324
Profit and Loss Account 917,914 631,706
SHAREHOLDERS' FUNDS 3,090,343 2,842,030
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Les Berry
Director
20/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Foxfield Garage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03382888 . The registered office is Six Foxes Farm, Jacksons Lane, Mawdsley, Ormskirk, L3 3SS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2%
Plant & Machinery 25%
Fixtures & Fittings 25%
Computer Equipment 33%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: )
- -
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 3,753,700 760 450 15,114 3,770,024
Disposals (215,371 ) - - - (215,371 )
As at 30 June 2024 3,538,329 760 450 15,114 3,554,653
Depreciation
As at 1 July 2023 528,156 403 450 15,114 544,123
Provided during the period 59,375 119 - - 59,494
As at 30 June 2024 587,531 522 450 15,114 603,617
Net Book Value
As at 30 June 2024 2,950,798 238 - - 2,951,036
As at 1 July 2023 3,225,544 357 - - 3,225,901
5. Stocks
2024 2023
£ £
Stock 2,762 2,762
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,010 18,430
Other debtors 472,628 400,948
482,638 419,378
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,521 4,910
Bank loans and overdrafts - 49,752
Other creditors 56,127 68,771
Taxation and social security 75,262 34,797
133,910 158,230
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 490,000 774,386
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 250,000 250,000
10. Reserves
Revaluation Reserve
£
As at 1 July 2023 1,960,324
Transfer to profit and loss (37,895 )
As at 30 June 2024 1,922,429
11. Related Party Transactions
In the year the company disposed of a share in the property held by the company to the SIPP pension scheme of the director Mr Les Berry.
Page 5