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Registration number: 01206014

Thurcroft Garage Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Thurcroft Garage Limited

(Registration number: 01206014)

Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment properties

3

550,000

500,000

Current assets

 

Debtors

4

1,265

1,484

Cash at bank and in hand

 

12,695

22,843

 

13,960

24,327

Creditors: Amounts falling due within one year

5

(80,365)

(30,516)

Net current liabilities

 

(66,405)

(6,189)

Total assets less current liabilities

 

483,595

493,811

Creditors: Amounts falling due after more than one year

5

(53,517)

(81,739)

Provisions for liabilities

(56,500)

(44,000)

Net assets

 

373,578

368,072

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

294,916

257,416

Retained earnings

78,562

110,556

Shareholders' funds

 

373,578

368,072

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:

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 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.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................

R Birkbeck (Junior)

Director

 

Thurcroft Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

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)

1

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 accounted for as follows;

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

3

Investment properties

£

Fair value

At 1 October 2023

500,000

Revaluation

50,000

At 30 September 2024

550,000

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)

4

Debtors

2024
£

2023
£

Prepayments

688

1,067

Other debtors

577

417

 

1,265

1,484

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Amounts owed to group undertakings

73,222

23,222

Taxation and social security

4,223

4,927

Accruals and deferred income

2,920

2,367

80,365

30,516

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

53,517

81,739

The bank loan is secured.

Creditors include bank loans not repayable by instalments of £nil (2023 - £81,739) due after more than five years.