REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 |
FOR |
SOUL GARAGES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 |
FOR |
SOUL GARAGES LIMITED |
SOUL GARAGES LIMITED (REGISTERED NUMBER: 00721053) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2025 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SOUL GARAGES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2025 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Argent House |
5 Goldington Road |
Bedford |
Bedfordshire |
MK40 3JY |
BANKERS: |
111 High Street |
Bedford |
MK40 1NJ |
SOUL GARAGES LIMITED (REGISTERED NUMBER: 00721053) |
BALANCE SHEET |
31 JANUARY 2025 |
31.1.25 | 31.1.24 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Capital redemption reserve |
Fair value reserve | 9 | 803,397 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SOUL GARAGES LIMITED (REGISTERED NUMBER: 00721053) |
BALANCE SHEET - continued |
31 JANUARY 2025 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOUL GARAGES LIMITED (REGISTERED NUMBER: 00721053) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2025 |
1. | STATUTORY INFORMATION |
Soul Garages Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced vehicle repairs and sales of parts, excluding value added tax which is recognised when the invoice is raised. |
Tangible fixed assets |
Plant and machinery | - |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all liabilities. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
If an arrangement constitutes a financing transaction it is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The present value of a financial asset or financial liability that is repayable on demand is equal to the undiscounted cash amount expected to be paid or received. paid or received. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
SOUL GARAGES LIMITED (REGISTERED NUMBER: 00721053) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2025 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences 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 tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a pension scheme for one director. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
Other income |
Other income includes net invoiced rents received, excluding value added tax. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 February 2024 |
and 31 January 2025 |
DEPRECIATION |
At 1 February 2024 |
Charge for year |
At 31 January 2025 |
NET BOOK VALUE |
At 31 January 2025 |
At 31 January 2024 |
The freehold property was transferred and reclassified as Investment property on 1st August 2023 when the premises were rented out. |
SOUL GARAGES LIMITED (REGISTERED NUMBER: 00721053) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2025 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2024 |
and 31 January 2025 |
NET BOOK VALUE |
At 31 January 2025 |
At 31 January 2024 |
Fair value at 31 January 2025 is represented by: |
£ |
Valuation in 2017 | (101,000 | ) |
Valuation in 2022 | 68,500 |
Valuation in 2024 | (108,750 | ) |
Cost | 1,150,000 |
1,008,750 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.1.25 | 31.1.24 |
£ | £ |
Cost | 268,219 | 268,219 |
Investment property was valued on an open market basis on 17 April 2024 by Stephen Oakley & Co . |
In the opinion of the director, the valuation of the investment property was not materially different at 31 January 2025. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.25 | 31.1.24 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
SOUL GARAGES LIMITED (REGISTERED NUMBER: 00721053) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2025 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.25 | 31.1.24 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Directors loan account |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.25 | 31.1.24 |
value: | £ | £ |
Ordinary | £1 | 6,100 | 6,100 |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 February 2024 |
and 31 January 2025 | 803,397 |
Reserves are stated net of deferred taxation. |