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Registration number: 02129455

Martin Gilbert Motor Repairs Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Martin Gilbert Motor Repairs Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Martin Gilbert Motor Repairs Limited

(Registration number: 02129455)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

157,339

177,364

Current assets

 

Stocks

5

18,372

20,067

Debtors

6

21,652

23,812

Cash at bank and in hand

 

539,186

484,153

 

579,210

528,032

Creditors: Amounts falling due within one year

7

(111,594)

(111,951)

Net current assets

 

467,616

416,081

Total assets less current liabilities

 

624,955

593,445

Provisions for liabilities

(11,259)

(11,259)

Net assets

 

613,696

582,186

Capital and reserves

 

Called up share capital

8

25,000

25,000

Retained earnings

588,696

557,186

Shareholders' funds

 

613,696

582,186

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Martin Gilbert Motor Repairs Limited

(Registration number: 02129455)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 14 May 2025 and signed on its behalf by:
 

.........................................
Mrs D P Gilbert
Company secretary and director

 

Martin Gilbert Motor Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Broad Street
Abingdon
Oxfordshire
OX14 3LH

The principal place of business is:
Radley Road Industrial Estate
Abingdon
Oxon
OX14 3RY

These financial statements were authorised for issue by the Board on 14 May 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Martin Gilbert Motor Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Straight line over fifty years

Plant and machinery

25% on reducing balance

Fixtures, fittings and equipment

15% on reducing balance and 3 years straight line

Motor vehicles

25% on reducing balance

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 at the transaction price. 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.

 

Martin Gilbert Motor Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 15).

 

Martin Gilbert Motor Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

234,560

204,830

75,723

515,113

Additions

-

314

-

314

Disposals

-

-

(30,495)

(30,495)

At 30 September 2024

234,560

205,144

45,228

484,932

Depreciation

At 1 October 2023

105,923

178,379

53,447

337,749

Charge for the year

3,558

7,421

4,343

15,322

Eliminated on disposal

-

-

(25,478)

(25,478)

At 30 September 2024

109,481

185,800

32,312

327,593

Carrying amount

At 30 September 2024

125,079

19,344

12,916

157,339

At 30 September 2023

128,637

26,451

22,276

177,364

Included within the net book value of land and buildings above is £125,079 (2023 - £128,637) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

18,372

20,067

6

Debtors

2024
£

2023
£

Trade debtors

18,022

19,417

Prepayments

3,630

4,267

Other debtors

-

128

21,652

23,812

 

Martin Gilbert Motor Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

40,079

34,418

Taxation and social security

67,439

69,603

Accruals and deferred income

2,114

2,180

Other creditors

1,962

5,750

111,594

111,951

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

25,000

25,000

25,000

25,000

       

9

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £2.50) per ordinary share

62,500

62,500