Company Registration No. 10980120 (England and Wales)
Ivo's Garage Ltd
Unaudited accounts
for the year ended 30 September 2024
Ivo's Garage Ltd
Unaudited accounts
Contents
Ivo's Garage Ltd
Company Information
for the year ended 30 September 2024
Secretary
Mrs Neli Neykova
Company Number
10980120 (England and Wales)
Registered Office
38 WEST PARK ROAD
MAIDSTONE
ME15 7AG
UNITED KINGDOM
Accountants
Prody Books Ltd
The Old Library
St Faith's Street
Maidstone
Kent
ME14 1LH
Ivo's Garage Ltd
Statement of financial position
as at 30 September 2024
Tangible assets
3,334
3,971
Cash at bank and in hand
11,813
4,319
Creditors: amounts falling due within one year
(16,573)
(30,021)
Net current liabilities
(3,853)
(13,725)
Total assets less current liabilities
(519)
(9,754)
Creditors: amounts falling due after more than one year
(3,141)
(7,277)
Net liabilities
(3,660)
(17,031)
Called up share capital
100
100
Profit and loss account
(3,760)
(17,131)
Shareholders' funds
(3,660)
(17,031)
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 April 2025 and were signed on its behalf by
Mr Ivaylo Neykov
Director
Company Registration No. 10980120
Ivo's Garage Ltd
Notes to the Accounts
for the year ended 30 September 2024
Ivo's Garage Ltd is a private company, limited by shares, registered in England and Wales, registration number 10980120. The registered office is 38 WEST PARK ROAD, MAIDSTONE, ME15 7AG, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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 accounts. 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 current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Accounts has been prepared on a going concern basis.
In the current year, there was a net deficiency of assets of £17,031 at the balance sheet date due to high loss in previous year as a result of Covid 19 Pandemic. However ,the directors has confirmed continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future.
Ivo's Garage Ltd
Notes to the Accounts
for the year ended 30 September 2024
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 October 2023
4,403
2,332
6,735
At 30 September 2024
4,852
2,332
7,184
At 1 October 2023
1,920
844
2,764
Charge for the year
714
372
1,086
At 30 September 2024
2,634
1,216
3,850
At 30 September 2024
2,218
1,116
3,334
At 30 September 2023
2,483
1,488
3,971
Amounts falling due within one year
Accrued income and prepayments
228
-
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
4,136
4,067
Trade creditors
4,294
25,195
Loans from directors
6,271
409
7
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Ivo's Garage Ltd
Notes to the Accounts
for the year ended 30 September 2024
9
Transactions with related parties
Dividends totaling £NIL ( 2023 - £ NIL ) were paid in the year in respect of shares held by the company's director.
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).