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REGISTERED NUMBER: 00721053 (England and Wales)















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: A W Soul
C Soul



SECRETARY: Mrs S Soul



REGISTERED OFFICE: 6 West Farm Way
Emberton
Olney
MK46 5QP



REGISTERED NUMBER: 00721053 (England and Wales)



ACCOUNTANTS: Rawlinson Pryde & Partners
Chartered Certified Accountants
Argent House
5 Goldington Road
Bedford
Bedfordshire
MK40 3JY



BANKERS: Barclays Bank PLC
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 4 294 357
Investment property 5 1,008,750 1,008,750
1,009,044 1,009,107

CURRENT ASSETS
Debtors 6 52,393 90,497
Prepayments and accrued income 1,091 -
Cash at bank and in hand 94,477 67,582
147,961 158,079
CREDITORS
Amounts falling due within one year 7 21,417 20,743
NET CURRENT ASSETS 126,544 137,336
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,135,588

1,146,443

PROVISIONS FOR LIABILITIES 133,363 133,368
NET ASSETS 1,002,225 1,013,075

CAPITAL AND RESERVES
Called up share capital 8 6,100 6,100
Capital redemption reserve 608 608
Fair value reserve 9 803,397 803,397
Retained earnings 192,120 202,970
SHAREHOLDERS' FUNDS 1,002,225 1,013,075

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:





A W Soul - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on cost

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 1 (2024 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 February 2024
and 31 January 2025 420
DEPRECIATION
At 1 February 2024 63
Charge for year 63
At 31 January 2025 126
NET BOOK VALUE
At 31 January 2025 294
At 31 January 2024 357

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 1,008,750
NET BOOK VALUE
At 31 January 2025 1,008,750
At 31 January 2024 1,008,750

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 52,314 86,910
Other debtors 79 -
VAT - 1,449
Prepayments - 2,138
52,393 90,497

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 - 6
Corporation tax 13,000 9,094
Social security and other taxes 79 155
Directors loan account 3,257 3,063
Accruals and deferred income 5,081 8,425
21,417 20,743

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.25 31.1.24
value: £    £   
6,100 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.