Registered number
06727612
Lodge Quarry Garage Limited
Unaudited Filleted Accounts
For the Year Ended
31 October 2024
Lodge Quarry Garage Limited
Registered number: 06727612
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 9,363 11,704
Tangible assets 4 176,098 177,846
185,461 189,550
Current assets
Stocks 250 250
Debtors 5 48,048 17,319
Investments held as current assets 6 1,476,200 1,176,200
Cash at bank and in hand 976,183 1,047,919
2,500,681 2,241,688
Creditors: amounts falling due within one year 7 (310,926) (324,061)
Net current assets 2,189,755 1,917,627
Total assets less current liabilities 2,375,216 2,107,177
Provisions for liabilities (1,945) (1,196)
Net assets 2,373,271 2,105,981
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,373,269 2,105,979
Shareholders' funds 2,373,271 2,105,981
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A J Travis
Director
Approved by the board on 7 May 2025
Lodge Quarry Garage Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Computers over 3 years
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 46,819
At 31 October 2024 46,819
Amortisation
At 1 November 2023 35,115
Provided during the year 2,341
At 31 October 2024 37,456
Net book value
At 31 October 2024 9,363
At 31 October 2023 11,704
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 181,467 21,587 400 203,454
Additions - 2,358 - 2,358
At 31 October 2024 181,467 23,945 400 205,812
Depreciation
At 1 November 2023 10,517 14,691 400 25,608
Charge for the year 2,630 1,476 - 4,106
At 31 October 2024 13,147 16,167 400 29,714
Net book value
At 31 October 2024 168,320 7,778 - 176,098
At 31 October 2023 170,950 6,896 - 177,846
5 Debtors 2024 2023
£ £
Trade debtors 48,048 17,319
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 1,476,200 1,176,200
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 42,303 42,105
Taxation and social security costs 140,573 126,758
Other creditors 128,050 155,198
310,926 324,061
8 Other information
Lodge Quarry Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lodge Quarry Garage
Lodge Quarry
Carnforth
Lancashire
LA5 9DW
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