Registration number:
Thurcroft Garage Limited
for the Year Ended 30 September 2024
Thurcroft Garage Limited
(Registration number: 01206014)
Balance Sheet as at 30 September 2024
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2024 |
2023 |
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Fixed assets |
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Investment properties |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial 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.
Directors' responsibilities:
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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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
.........................................
R Birkbeck (Junior)
Director
Thurcroft Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Accounting policies |
Statutory information
Thurcroft Garage Limited is a private company, limited by shares, domiciled in England and Wales, company number 01206014. The registered office is at Thurcroft Industrial Estate, New Orchard Road, Thurcroft, Rotherham, S66 9HY.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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. The functional currency of the company is United Kingdon pounds sterling.
These financial statements are in respect of the company as an individual entity.
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental of the company's investment properties. Revenue is recognised on a straight line basis over the lease terms.
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.
Thurcroft Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Accounting policies (continued) |
Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Unrelieved tax losses and other deferred tax assets shall be 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.
Investment property
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the accumulated fair value reserve unless a defecit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
£ |
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Fair value |
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At 1 October 2023 |
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Revaluation |
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At 30 September 2024 |
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Valuation
The investment properties have been revalued by the directors having reference to similar properties being marketed in the same area.
Thurcroft Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
Debtors |
2024 |
2023 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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The bank loan is secured.
Creditors include bank loans not repayable by instalments of £nil (2023 - £81,739) due after more than five years.