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Registered Number: 08667285
England and Wales

 

 

 

WALNUT TREE GARAGE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2023

End date: 31 August 2024
Directors Jessica Kathleen TOD
Julian Paul TOD
Paul Richard TOD
Registered Number 08667285
Registered Office WALNUT TREE YARD
MILL STREET
ABERGAVENNY
NP7 5HE
Accountants Child and Child Accountants Ltd
49 Somerset Street
Abertillery
Gwent
NP13 1DL
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 August 2024
Principal activities
The principal activity of the company continued to be that of sale of commercial vehicles.
Directors
The directors who served the company throughout the year were as follows:
Jessica Kathleen TOD
Julian Paul TOD
Paul Richard TOD
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Julian Paul TOD
Director

Date approved: 08 May 2025
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of WALNUT TREE GARAGE LIMITED for the year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WALNUT TREE GARAGE LIMITED for the year ended 31 August 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of WALNUT TREE GARAGE LIMITED , as a body, in accordance with the terms of our engagement letter dated 08 May 2025. Our work has been undertaken solely to prepare for your approval the accounts of WALNUT TREE GARAGE LIMITED and state those matters that we have agreed to state to the Board of Directors of WALNUT TREE GARAGE LIMITED , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WALNUT TREE GARAGE LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that WALNUT TREE GARAGE LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of WALNUT TREE GARAGE LIMITED . You consider that WALNUT TREE GARAGE LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of WALNUT TREE GARAGE LIMITED . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts



....................................................
Child and Child Accountants Ltd
49 Somerset Street
Abertillery
Gwent
NP13 1DL
08 May 2025
3
 
 
Notes
 
2024
£
  2023
£
Turnover 2,283,896    1,925,103 
Cost of sales (1,809,027)   (1,544,241)
Gross profit 474,869    380,862 
Administrative expenses (284,938)   (270,205)
Operating profit 189,931    110,657 
Interest payable and similar charges   (214)
Profit/(Loss) on ordinary activities before taxation 189,931    110,443 
Tax on profit on ordinary activities (29,547)   (33,377)
Profit/(Loss) for the financial year 160,384    77,066 
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 142,943    102,940 
142,943    102,940 
Current assets      
Stocks 5 531,206    379,848 
Debtors 6 19,120    40,183 
Cash at bank and in hand 110,556    163,043 
660,882    583,074 
Creditors: amount falling due within one year 7 (183,450)   (332,876)
Net current assets 477,432    250,198 
 
Total assets less current liabilities 620,375    353,138 
Creditors: amount falling due after more than one year 8 (174,152)   (19,391)
Provisions for liabilities 9 (19,301)   (25,735)
Net assets 426,922    308,012 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 426,822    307,912 
Shareholders' funds 426,922    308,012 
 


For the year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 08 May 2025 and were signed on its behalf by:


-------------------------------
Julian Paul TOD
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 September 2022 100  297,214  297,314 
Profit for the year 77,066  77,066 
Total comprehensive income for the year 77,066  77,066 
Dividends (66,368) (66,368)
Total investments by and distributions to owners (66,368) (66,368)
At 31 August 2023 100  307,912  308,012 
At 01 September 2023 100  307,912  308,012 
Profit for the year 160,384  160,384 
Total comprehensive income for the year 160,384  160,384 
Dividends (41,474) (41,474)
Total investments by and distributions to owners (41,474) (41,474)
At 31 August 2024 100  426,822  426,922 
6
General Information
WALNUT TREE GARAGE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08667285, registration address WALNUT TREE YARD, MILL STREET , ABERGAVENNY, NP7 5HE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 10 (2023 : 10).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 September 2023 202,000    202,000 
Additions  
Disposals  
At 31 August 2024 202,000    202,000 
Amortisation
At 01 September 2023 202,000    202,000 
Charge for year  
On disposals  
At 31 August 2024 202,000    202,000 
Net book values
At 31 August 2024  
At 31 August 2023  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 September 2023 198,422    198,422 
Additions 84,497    84,497 
Disposals (21,447)   (21,447)
At 31 August 2024 261,472    261,472 
Depreciation
At 01 September 2023 95,482    95,482 
Charge for year 31,818    31,818 
On disposals (8,771)   (8,771)
At 31 August 2024 118,529    118,529 
Net book values
Closing balance as at 31 August 2024 142,943    142,943 
Opening balance as at 01 September 2023 102,940    102,940 


5.

Stocks

2024
£
  2023
£
Stocks 531,206    379,848 
531,206    379,848 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 16,548    28,590 
Prepayments 2,572    2,248 
PAYE & Social Security   9,345 
19,120    40,183 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 52,939    33,137 
Corporation Tax 35,981    26,944 
PAYE & Social Security 1,248   
Accruals 1,300    1,594 
Directors' Current Accounts 83,694    249,057 
VAT 8,288    22,144 
183,450    332,876 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Directors' Loan Accounts 174,152    19,391 
174,152    19,391 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 19,301    25,735 
19,301    25,735 

7