Registered number
00743967
CRAYFORD GARAGE LIMITED
Filleted Accounts
31 August 2024
CRAYFORD GARAGE LIMITED
Registered number: 00743967
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,592,869 1,544,632
Current assets
Stocks 11,850 6,680
Debtors 4 269,279 270,806
Cash at bank and in hand 56,084 29,837
337,213 307,323
Creditors: amounts falling due within one year 5 (9,686) (43,847)
Net current assets 327,527 263,476
Total assets less current liabilities 1,920,396 1,808,108
Creditors: amounts falling due after more than one year 6 (173,539) (112,615)
Net assets 1,746,857 1,695,493
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 7 539,894 539,894
Profit and loss account 1,205,963 1,154,599
Shareholder's funds 1,746,857 1,695,493
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Vasilis Nichola Koumallou
Director
Approved by the board on 7 April 2025
CRAYFORD GARAGE LIMITED
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction 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.
Creditors
Short term creditors are measured at transaction 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 1,348,074 262,028 173,810 1,783,912
Additions - 116,984 - 116,984
Disposals - (77,544) - (77,544)
At 31 August 2024 1,348,074 301,468 173,810 1,823,352
Depreciation
At 1 September 2023 - 72,045 167,235 239,280
Charge for the year - 21,109 6,575 27,684
On disposals - (36,481) - (36,481)
At 31 August 2024 - 56,673 173,810 230,483
Net book value
At 31 August 2024 1,348,074 244,795 - 1,592,869
At 31 August 2023 1,348,074 189,983 6,575 1,544,632
4 Debtors 2024 2023
£ £
Trade debtors 35,904 32,334
Amounts owed by group undertakings and undertakings in which the company has a participating interest 233,375 238,472
269,279 270,806
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 38,595
Trade creditors 1,150 5,011
Taxation and social security costs 8,475 37
Other creditors 61 204
9,686 43,847
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 173,539 112,615
7 Revaluation reserve 2024 2023
£ £
At 1 September 2023 539,894 539,894
At 31 August 2024 539,894 539,894
8 Controlling party
The company was in both the current and preceding accounting periods under the ultimate control of its director by virtue of his ownership, together with associates, of the entire issued share capital.
9 Other information
CRAYFORD GARAGE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2a-3 Stock Orchard Street
Islington
London
N7 9RW
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