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Registration number: 09395261

Wills Garage Folkestone Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Wills Garage Folkestone Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wills Garage Folkestone Limited

Company Information

Director

NP Mills

Registered office

1-2 Rhodium Point Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Wills Garage Folkestone Limited

(Registration number: 09395261)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

17,542

12,225

Current assets

 

Stocks

6

5,842

7,462

Debtors

7

5,956

6,703

Cash at bank and in hand

 

89,920

92,422

 

101,718

106,587

Creditors: Amounts falling due within one year

8

(42,978)

(49,550)

Net current assets

 

58,740

57,037

Total assets less current liabilities

 

76,282

69,262

Provisions for liabilities

(3,459)

(3,021)

Net assets

 

72,823

66,241

Capital and reserves

 

Called up share capital

1,300

1,300

Retained earnings

71,523

64,941

Shareholders' funds

 

72,823

66,241

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Wills Garage Folkestone Limited

(Registration number: 09395261)
Balance Sheet as at 31 January 2025 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 May 2025
 

.........................................
NP Mills
Director

   
     
 

Wills Garage Folkestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

Wills Garage Folkestone Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09395261 and registered office address is as follows:

1-2 Rhodium Point Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ
England

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

 

Wills Garage Folkestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Government grants

Grants are accounted for under the accruals model permitted by FRS102. Grants relating to expenditure on tangible assets are credited to the profit and loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Wills Garage Folkestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

Goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill - straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Wills Garage Folkestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Wills Garage Folkestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2024 - 8).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2024

175,000

175,000

At 31 January 2025

175,000

175,000

Amortisation

At 1 February 2024

175,000

175,000

At 31 January 2025

175,000

175,000

Carrying amount

At 31 January 2025

-

-

 

Wills Garage Folkestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2024

1,420

37,452

1,981

40,853

Additions

-

-

7,302

7,302

At 31 January 2025

1,420

37,452

9,283

48,155

Depreciation

At 1 February 2024

369

26,733

1,526

28,628

Charge for the year

263

1,608

114

1,985

At 31 January 2025

632

28,341

1,640

30,613

Carrying amount

At 31 January 2025

788

9,111

7,643

17,542

At 31 January 2024

1,051

10,719

455

12,225

6

Stocks

2025
£

2024
£

Work in progress

1,608

595

Other inventories

4,234

6,867

5,842

7,462

7

Debtors

2025
£

2024
£

Trade debtors

1,704

2,834

Prepayments

4,252

3,869

5,956

6,703

 

Wills Garage Folkestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

5,000

-

Trade creditors

 

13,986

16,793

Taxation and social security

 

16,757

27,209

Accruals and deferred income

 

3,275

3,180

Other creditors

 

3,960

2,368

 

42,978

49,550

9

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Directors current account

5,000

-

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,600 (2024 - £15,600), relating to future minimum lease payments due under non-cancellable operating leases.

Amounts disclosed in the balance sheet

Included in the balance sheet are unpaid pensions of £960 (2024 - £368).