Grosvenor Garage (Gorleston) Ltd Filleted Accounts Cover
Grosvenor Garage (Gorleston) Ltd
Company No. 04488691
Information for Filing with The Registrar
30 September 2024
Grosvenor Garage (Gorleston) Ltd Directors Report Registrar
The Directors present their report and the accounts for the year ended 30 September 2024.
Principal activities
The principal activity of the company during the year under review was sale of used cars.
Directors
The Directors who served at any time during the year were as follows:
A. Ball
P. Ball
K. Fischer
L. Fischer
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
P. Ball
Company Secretary
14 April 2025
Grosvenor Garage (Gorleston) Ltd Balance Sheet Registrar
at
30 September 2024
Company No.
04488691
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
225,861238,742
225,861238,742
Current assets
Stocks
5
12,536-
Debtors
6
19,56542,471
Cash at bank and in hand
111,005126,393
143,106168,864
Creditors: Amount falling due within one year
7
(29,109)
(34,578)
Net current assets
113,997134,286
Total assets less current liabilities
339,858373,028
Provisions for liabilities
Deferred taxation
(1,954)
(4,367)
Net assets
337,904368,661
Capital and reserves
Called up share capital
108108
Profit and loss account
9
337,796368,553
Total equity
337,904368,661
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 14 April 2025 and signed on its behalf by:
P. Ball
Director
14 April 2025
Grosvenor Garage (Gorleston) Ltd Notes to the Accounts Registrar
for the year ended 30 September 2024
1
General information
Grosvenor Garage (Gorleston) Ltd is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 04488691
Its registered office is:
22 Beccles Road
Bradwell
Great Yarmouth
Norfolk
NR31 8DF
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
25% reducing balance
Motor vehicles
15% reducing balance
Furniture, fittings and equipment
25% straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
55
4
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost or revaluation
At 1 October 2023
214,74234,21315,6503,201267,806
Disposals
--
(13,000)
-
(13,000)
At 30 September 2024
214,74234,2132,6503,201254,806
Depreciation
At 1 October 2023
-21,2324,6313,20129,064
Charge for the year
-3,245244-3,489
Disposals
--
(3,608)
-
(3,608)
At 30 September 2024
-24,4771,2673,20128,945
Net book values
At 30 September 2024
214,7429,7361,383-225,861
At 30 September 2023
214,742
12,981
11,019
-
238,742
5
Stocks
2024
2023
£
£
Finished goods
12,536-
12,536-
6
Debtors
2024
2023
£
£
Trade debtors
10,64315,411
VAT recoverable
113-
Other debtors
7,24925,500
Prepayments and accrued income
1,5601,560
19,56542,471
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-23,301
Trade creditors
16,2702,640
Taxes and social security
12,153
7,952
Other creditors
6160
Accruals and deferred income
625625
29,10934,578
8
Share Capital
The company has 100 £1 ordinary A and 8 £1 ordinary B shares in issue, which are fully paid up at par.
9
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
10
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
67,200
77,034
67,200
77,034
Dividends by type:
Equity dividends
67,20077,034
67,200
77,034
11
Related party disclosures
Transactions with related parties
Included within other debtors are interest free loans to other businesses controlled by the directors. The loans are repayable on demand. The balances owed to the company at the year end are as follows: Fischer Ball Properties £7,249 (2023 : £5,500), Grosvenor Car Sales Limited £NIL (2023: £20,000).
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