Registered number
06635334
Village Garage (Colden Common) Limited
Filleted Accounts
31 July 2024
Village Garage (Colden Common) Limited
Registered number: 06635334
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 82,976 96,563
Current assets
Stocks 5,236 2,006
Debtors 4 4,400 -
Cash at bank and in hand 343,080 243,455
352,716 245,461
Creditors: amounts falling due within one year 5 (113,409) (72,877)
Net current assets 239,307 172,584
Total assets less current liabilities 322,283 269,147
Creditors: amounts falling due after more than one year 6 (12,284) (19,867)
Net assets 309,999 249,280
Capital and reserves
Called up share capital 2 2
Profit and loss account 309,997 249,278
Shareholders' funds 309,999 249,280
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Mousley
Director
Approved by the board on 10 April 2025
Village Garage (Colden Common) Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured 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 carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 64,820 117,718 41,071 223,609
Additions - 12,472 - 12,472
At 31 July 2024 64,820 130,190 41,071 236,081
Depreciation
At 1 August 2023 49,643 55,440 21,963 127,046
Charge for the year 4,950 16,332 4,777 26,059
At 31 July 2024 54,593 71,772 26,740 153,105
Net book value
At 31 July 2024 10,227 58,418 14,331 82,976
At 31 July 2023 15,177 62,278 19,108 96,563
4 Debtors 2024 2023
£ £
Other debtors 4,400 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,172 5,297
Obligations under finance lease and hire purchase contracts 2,708 2,708
Trade creditors 31,304 22,746
Taxation and social security costs 56,759 34,817
Other creditors 17,466 7,309
113,409 72,877
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,998 8,873
Obligations under finance lease and hire purchase contracts 8,286 10,994
12,284 19,867
7 Other information
Village Garage (Colden Common) Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Village Garage, Main Road
Colden Common
Winchester
Hampshire
SO21 1RY
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