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Company No: 06311416 (England and Wales)

BUSBY STOOP GARAGE LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

BUSBY STOOP GARAGE LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

BUSBY STOOP GARAGE LTD

COMPANY INFORMATION

For the financial year ended 31 July 2024
BUSBY STOOP GARAGE LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
DIRECTORS Catherine Ross
Wayne Anthony Sowden
SECRETARY Catherine Ross
REGISTERED OFFICE Busby Stoop Garage
Busby Stoop
Thirsk
YO7 4EQ
United Kingdom
COMPANY NUMBER 06311416 (England and Wales)
ACCOUNTANT Morrell Middleton Auditors Ltd
Chartered Certified Accountants
Wellington House
Aviator Court
York
YO30 4UZ
BUSBY STOOP GARAGE LTD

BALANCE SHEET

As at 31 July 2024
BUSBY STOOP GARAGE LTD

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 250,369 154,727
Investments 4 4 4
250,373 154,731
Current assets
Stocks 5 142,731 88,551
Debtors
- due within one year 6 95,723 121,232
- due after more than one year 6 42,018 44,391
Cash at bank and in hand 7 162,787 48,896
443,259 303,070
Creditors: amounts falling due within one year 8 ( 236,717) ( 238,389)
Net current assets 206,542 64,681
Total assets less current liabilities 456,915 219,412
Creditors: amounts falling due after more than one year 9 ( 310,792) ( 51,253)
Net assets 146,123 168,159
Capital and reserves
Called-up share capital 10 4 4
Profit and loss account 146,119 168,155
Total shareholders' funds 146,123 168,159

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Busby Stoop Garage Ltd (registered number: 06311416) were approved and authorised for issue by the Board of Directors on 14 April 2025. They were signed on its behalf by:

Wayne Anthony Sowden
Director
BUSBY STOOP GARAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
BUSBY STOOP GARAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Busby Stoop Garage Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Busby Stoop Garage, Busby Stoop, Thirsk, YO7 4EQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 15 % reducing balance
Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 13

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 August 2023 21,023 319,457 340,480
Additions 116,489 7,795 124,284
At 31 July 2024 137,512 327,252 464,764
Accumulated depreciation
At 01 August 2023 6,983 178,770 185,753
Charge for the financial year 4,594 24,048 28,642
At 31 July 2024 11,577 202,818 214,395
Net book value
At 31 July 2024 125,935 124,434 250,369
At 31 July 2023 14,040 140,687 154,727

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 August 2023 4
At 31 July 2024 4
Carrying value at 31 July 2024 4
Carrying value at 31 July 2023 4

5. Stocks

2024 2023
£ £
Stocks 92,731 38,551
Work in progress 50,000 50,000
142,731 88,551

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 56,445 108,602
Other debtors 39,278 12,630
95,723 121,232
Debtors: amounts falling due after more than one year
Other debtors 42,018 44,391

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 162,787 48,896

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 45,841 69,088
Trade creditors 104,002 105,326
Taxation and social security 64,158 62,969
Other creditors 22,716 1,006
236,717 238,389

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 264,058 51,253
Other creditors 46,734 0
310,792 51,253

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4