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S & P GARAGES LIMITED

Registered Number
07877254
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

S & P GARAGES LIMITED
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

FROHMAIER, Peter
FROHMAIER, Sarah Jane
MAPLETHORPE, Kevin

Registered Address

Wrightsway
Off Outer Circle Road
Lincoln
LN2 4JY

Registered Number

07877254 (England and Wales)
S & P GARAGES LIMITED
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3225,187227,501
225,187227,501
Current assets
Stocks438,039366,484
Debtors481,704477,121
Cash at bank and on hand332,897317,673
1,252,6401,161,278
Creditors amounts falling due within one year(449,212)(493,712)
Net current assets (liabilities)803,428667,566
Total assets less current liabilities1,028,615895,067
Creditors amounts falling due after one year(26,513)(15,492)
Provisions for liabilities(50,699)(38,741)
Net assets951,403840,834
Capital and reserves
Called up share capital100100
Profit and loss account951,303840,734
Shareholders' funds951,403840,834
The financial statements were approved and authorised for issue by the Board of Directors on 3 March 2025, and are signed on its behalf by:
FROHMAIER, Peter
Director
Registered Company No. 07877254
S & P GARAGES LIMITED
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Turnover policy
Turnover represents net invoiced sales of goods, sales of vehicles, and repairs and servicing of vehicles, excluding value added tax.
Revenue from sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Current taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. 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.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at transaction price. Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.
2.Average number of employees

20242023
Average number of employees during the year2626
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 24509,244
Additions64,498
Disposals(23,314)
At 31 December 24550,428
Depreciation and impairment
At 01 January 24281,742
Charge for year43,499
At 31 December 24325,241
Net book value
At 31 December 24225,187
At 31 December 23227,501
Fixed assets, included in the above, valued at £27,848 are held under hire purchase contracts.
4.Secured creditors
Hire purchase loans are secured by the asset they are taken out on. The bank loan is unsecured and any fault on the loan, will be covered by the government.
5.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts22,8421,254