Company registration number 00588315 (England and Wales)
BILLINGHAM GREEN GARAGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 16 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
BILLINGHAM GREEN GARAGE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
BILLINGHAM GREEN GARAGE LIMITED
BALANCE SHEET
AS AT
16 AUGUST 2024
16 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,362
8,980
Current assets
Stocks
150
150
Debtors
4
7,171
3,373
Cash at bank and in hand
29,947
28,144
37,268
31,667
Creditors: amounts falling due within one year
5
(5,117)
(9,101)
Net current assets
32,151
22,566
Total assets less current liabilities
40,513
31,546
Provisions for liabilities
(958)
(875)
Net assets
39,555
30,671
Capital and reserves
Called up share capital
6
500
500
Profit and loss reserves
39,055
30,171
Total equity
39,555
30,671
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 16 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
Mr P Sanderson
Director
Company Registration No. 00588315
BILLINGHAM GREEN GARAGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 16 AUGUST 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 17 August 2022
500
28,020
28,520
Year ended 16 August 2023:
Profit and total comprehensive income for the year
-
3,651
3,651
Dividends
-
(1,500)
(1,500)
Balance at 16 August 2023
500
30,171
30,671
Year ended 16 August 2024:
Profit and total comprehensive income for the year
-
8,884
8,884
Balance at 16 August 2024
500
39,055
39,555
BILLINGHAM GREEN GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 16 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Billingham Green Garage Limited is a private company limited by shares incorporated in England and Wales. The registered office is Banktop Garage, Southview, Billingham, United Kingdom, TS23 1BS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
1% straight line
Plant and machinery
10% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BILLINGHAM GREEN GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 16 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are recorded at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
BILLINGHAM GREEN GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 16 AUGUST 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 17 August 2023 and 16 August 2024
5,714
25,841
31,555
Depreciation and impairment
At 17 August 2023
2,337
20,238
22,575
Depreciation charged in the year
57
561
618
At 16 August 2024
2,394
20,799
23,193
Carrying amount
At 16 August 2024
3,320
5,042
8,362
At 16 August 2023
3,377
5,603
8,980
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
7,171
3,373
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,014
1,131
Other taxation and social security
453
Other creditors
3,103
7,517
5,117
9,101
BILLINGHAM GREEN GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 16 AUGUST 2024
- 6 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
7
Directors' transactions
Dividends totalling £0 (2023 - £1,500) were paid in the year in respect of shares held by the company's directors.