2024-03-012025-02-282025-02-28false05699304Braithwaites Garage 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Braithwaites Garage Limited

Registered Number
05699304
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2025

Braithwaites Garage Limited
Company Information
for the year from 1 March 2024 to 28 February 2025

Directors

Gerald Hardy Braithwaite
Mark Beaty Braithwaite
Nigel Hardy Braithwaite
Rita Majorie Braithwaite

Company Secretary

Gerald Hardy Braithwaite

Registered Address

Newbiggin Garage
Newbiggin
Penrith
CA11 0HT

Registered Number

05699304 (England and Wales)
Braithwaites Garage Limited
Statement of Financial Position
28 February 2025

Notes

2025

2024

£

£

£

£

Fixed assets
Intangible assets46,80013,600
Tangible assets6413,12846,588
419,92860,188
Current assets
Stocks81,356,8601,163,432
Debtors986,280103,889
Cash at bank and on hand678,768901,596
2,121,9082,168,917
Creditors amounts falling due within one year10(458,187)(495,248)
Net current assets (liabilities)1,663,7211,673,669
Total assets less current liabilities2,083,6491,733,857
Creditors amounts falling due after one year11(1,700)(11,700)
Provisions for liabilities12(2,323)(11,647)
Net assets2,079,6261,710,510
Capital and reserves
Called up share capital100100
Profit and loss account2,079,5261,710,410
Shareholders' funds2,079,6261,710,510
The financial statements were approved and authorised for issue by the Board of Directors on 28 April 2025, and are signed on its behalf by:
Nigel Hardy Braithwaite
Director
Registered Company No. 05699304
Braithwaites Garage Limited
Notes to the Financial Statements
for the year ended 28 February 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: 5% Straight Line
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery15-
Fixtures and fittings15-
Vehicles25-
Office Equipment15-
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20252024
Average number of employees during the year1314
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 March 24136,000136,000
At 28 February 25136,000136,000
Amortisation and impairment
At 01 March 24122,400122,400
Charge for year6,8006,800
At 28 February 25129,200129,200
Net book value
At 28 February 256,8006,800
At 29 February 2413,60013,600
5.Useful life of intangible assets
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: 5% Straight line
6.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 March 24173,626106,94844,2014,79741,120370,692
Additions320,4296,86572,555-2,398402,247
Disposals--(29,468)--(29,468)
At 28 February 25494,055113,81387,2884,79743,518743,471
Depreciation and impairment
At 01 March 24161,67975,48044,2014,56738,177324,104
Charge for year11,9484,92118,1393566435,707
On disposals--(29,468)--(29,468)
At 28 February 25173,62780,40132,8724,60238,841330,343
Net book value
At 28 February 25320,42833,41254,4161954,677413,128
At 29 February 2411,94731,468-2302,94346,588
7.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
8.Stocks

2025

2024

££
Other stocks1,356,8601,163,432
Total1,356,8601,163,432
9.Debtors: amounts due within one year

2025

2024

££
Trade debtors / trade receivables86,28055,830
Prepayments and accrued income-48,059
Total86,280103,889
10.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables101,560139,956
Bank borrowings and overdrafts10,80010,800
Taxation and social security176,640179,440
Other creditors166,887162,752
Accrued liabilities and deferred income2,3002,300
Total458,187495,248
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Creditors: amounts due after one year

2025

2024

££
Bank borrowings and overdrafts1,70011,700
Total1,70011,700
12.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

2025

2024

££
Net deferred tax liability (asset)2,32311,647
Total2,32311,647
13.Further information regarding the company's financial position
Barclays Bank PLC hold fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery. This charge was created on 20 June 2006.