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Registration number: 09130968

Freeland Garage Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Freeland Garage Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Freeland Garage Services Limited

Company Information

Directors

Mrs CE Freeland

Mr AG Freeland

Registered office

1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Freeland Garage Services Limited

(Registration number: 09130968)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

104,516

74,250

Current assets

 

Stocks

5

1,663

1,559

Debtors

6

184,809

116,128

Cash at bank and in hand

 

110,540

158,747

 

297,012

276,434

Creditors: Amounts falling due within one year

7

(172,701)

(159,211)

Net current assets

 

124,311

117,223

Total assets less current liabilities

 

228,827

191,473

Provisions for liabilities

(19,447)

(14,073)

Net assets

 

209,380

177,400

Capital and reserves

 

Called up share capital

2

2

Retained earnings

209,378

177,398

Shareholders' funds

 

209,380

177,400

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
Mrs CE Freeland
Director

   
     
 

Freeland Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ
United Kingdom

The principal place of business is:
Molash Garage
The Street
Molash
Nr Canterbury
Kent
CT4 8HE

2

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

Freeland Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

10 years straight line

Fixtures and Fittings

10 years straight line

Office Equipment

3 years straight line

Motor Vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Freeland Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

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 (FIFO) 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Freeland Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

 

Freeland Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

7,303

41,689

9,575

79,575

138,142

Additions

-

6,775

1,261

45,430

53,466

Disposals

-

-

(2,045)

-

(2,045)

At 31 July 2024

7,303

48,464

8,791

125,005

189,563

Depreciation

At 1 August 2023

4,823

18,575

6,497

33,997

63,892

Charge for the year

731

4,547

1,927

15,995

23,200

Eliminated on disposal

-

-

(2,045)

-

(2,045)

At 31 July 2024

5,554

23,122

6,379

49,992

85,047

Carrying amount

At 31 July 2024

1,749

25,342

2,412

75,013

104,516

At 31 July 2023

2,480

23,114

3,078

45,578

74,250

 

Freeland Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

5

Stocks

2024
£

2023
£

Raw materials and consumables

1,663

1,559

6

Debtors

Current

2024
£

2023
£

Trade debtors

169,357

107,661

Prepayments

15,452

8,467

 

184,809

116,128

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

15,615

18,744

Trade creditors

 

93,428

81,612

Taxation and social security

 

58,886

53,104

Accruals and deferred income

 

2,626

4,058

Other creditors

 

2,146

1,693

 

172,701

159,211

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors current account

15,615

18,744

 

Freeland Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £27,993.30 (2023 - £21,430.00) per each Ordinary

55,987

42,860

 

 

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

25,140

Contributions paid to money purchase schemes

20,380

380

45,520

25,520

Dividends paid to directors

2024
£

2023
£

Mrs CE Freeland

Interim dividends

27,993

21,430

 

 

Mr AG Freeland

Interim dividends

27,993

21,430

 

 

Loans from related parties

2024

Key management
£

Total
£

At start of period

18,743

18,743

Repaid

(3,128)

(3,128)

At end of period

15,615

15,615

 

Freeland Garage Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

10

Related party transactions (continued)

2023

Key management
£

Total
£

At start of period

19,776

19,776

Repaid

(1,033)

(1,033)

At end of period

18,743

18,743

Terms of loans from related parties

There are no terms of repayment or interest charged on loans owed to key management.