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Company No: 03610806 (England and Wales)

BORINGDON MANOR GARAGE LIMITED

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

BORINGDON MANOR GARAGE LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

BORINGDON MANOR GARAGE LIMITED

BALANCE SHEET

As at 31 August 2024
BORINGDON MANOR GARAGE LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 20,486 15,803
20,486 15,803
Current assets
Stocks 16,620 15,159
Debtors 5 63,168 106,664
Cash at bank and in hand 134,430 133,006
214,218 254,829
Creditors: amounts falling due within one year 6 ( 196,033) ( 157,366)
Net current assets 18,185 97,463
Total assets less current liabilities 38,671 113,266
Creditors: amounts falling due after more than one year 7 ( 6,750) ( 15,750)
Provision for liabilities ( 2,761) ( 3,658)
Net assets 29,160 93,858
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 29,060 93,758
Total shareholders' funds 29,160 93,858

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

Directors' responsibilities:

The financial statements of Boringdon Manor Garage Limited (registered number: 03610806) were approved and authorised for issue by the Board of Directors on 16 April 2025. They were signed on its behalf by:

Mr A Blackmore
Director
Mr P Blackmore
Director
Mr C Mead
Director
BORINGDON MANOR GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
BORINGDON MANOR GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Boringdon Manor Garage Limited (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 Unit 7 Valley Road, Plympton, Plymouth, PL7 1RF, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
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.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
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 10 years straight line
Plant and machinery etc. 15 - 20 % 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 September 2023 3,000 3,000
At 31 August 2024 3,000 3,000
Accumulated amortisation
At 01 September 2023 3,000 3,000
At 31 August 2024 3,000 3,000
Net book value
At 31 August 2024 0 0
At 31 August 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 September 2023 6,768 177,069 183,837
Additions 0 9,597 9,597
At 31 August 2024 6,768 186,666 193,434
Accumulated depreciation
At 01 September 2023 6,768 161,266 168,034
Charge for the financial year 0 4,914 4,914
At 31 August 2024 6,768 166,180 172,948
Net book value
At 31 August 2024 0 20,486 20,486
At 31 August 2023 0 15,803 15,803

5. Debtors

2024 2023
£ £
Trade debtors 20,677 38,165
Other debtors 42,491 68,499
63,168 106,664

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 9,000 9,000
Trade creditors 42,964 53,886
Accruals 77,942 37,000
Taxation and social security 64,862 56,289
Other creditors 1,265 1,191
196,033 157,366

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

2024 2023
£ £
Bank loans 6,750 15,750

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

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
39 Ordinary A shares of £ 1.00 each (2023: 49 shares of £ 1.00 each) 39 49
39 Ordinary B shares of £ 1.00 each (2023: 49 shares of £ 1.00 each) 39 49
2 Ordinary C shares of £ 1.00 each 2 2
20 Ordinary D shares of £ 1.00 each (2023: nil shares) 20 0
100 100

During the year 10 Ordinary A shares and 10 Ordinary B shares were reclassified to 20 Ordinary D shares.

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance brought forward 55,518 17,144
Advances to director 205,844 119,628
Repayments by director (232,982) (82,000)
Interest charged at the official rate 1,225 746
0 0
Balance carried forward 29,605 55,518

The amount is repayable on demand and interest is charged at the official rate of 2.25%.