Registration number:
Prepared for the registrar
for the
Year Ended 30 June 2024
County Garage (Cheltenham) Limited
(Registration number: 00515148)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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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:
• |
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• |
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
County Garage (Cheltenham) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
County Garage (Cheltenham) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Investment properties |
£ |
|
At 1 July 2023 and 30 June 2024 |
|
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).
Investments held as fixed assets |
Unlisted investments |
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Cost |
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At 1 July 2023 |
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At 30 June 2024 |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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U.S.A |
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Debtors |
Note |
2024 |
2023 |
|
Receivables from related parties |
162,606 |
162,606 |
|
Other debtors |
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County Garage (Cheltenham) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Amounts due to related parties |
9,701 |
20,053 |
|
Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Redeemable preference shares |
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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.
Related party transactions |
Summary of transactions with other related parties
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.