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Registration number: 01641373

Shenley Garage Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2024

 

Shenley Garage Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Shenley Garage Limited

Company Information

Director

Mr Peter Harrington

Company secretary

Sue Harrington

Registered office

Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

Accountants

Charles Rippin & Turner
Chartered AccountantsMiddlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

 

Shenley Garage Limited

(Registration number: 01641373)
Abridged Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

485,615

496,177

Current assets

 

Stocks

5

11,269

10,903

Debtors

11,955

14,269

Cash at bank and in hand

 

19,006

33,011

 

42,230

58,183

Creditors: Amounts falling due within one year

(96,319)

(115,618)

Net current liabilities

 

(54,089)

(57,435)

Total assets less current liabilities

 

431,526

438,742

Provisions for liabilities

-

(377)

Accruals and deferred income

 

(3,940)

(3,750)

Net assets

 

427,586

434,615

Capital and reserves

 

Called up share capital

6

100

100

Revaluation reserve

368,615

368,615

Retained earnings

58,871

65,900

Shareholders' funds

 

427,586

434,615

For the financial year ending 31 October 2024 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and 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 6 May 2025
 

 

Shenley Garage Limited

(Registration number: 01641373)
Abridged Balance Sheet as at 31 October 2024

.........................................
Mr Peter Harrington
Director

 

Shenley Garage Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

1

General information

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

The address of its registered office is:
Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

The principal place of business is:
38A London Road
Shenley
Hertfordshire
WD7 9EN
England

These financial statements were authorised for issue by the director on 6 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 abridged 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 abridged 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.

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.

 

Shenley Garage Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

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.

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

Freehold buildings

£8,500 per annum

Plant and machinery

20% Reducing balance

Motor vehicles

20% 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 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.

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.

 

Shenley Garage Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

425,000

31,467

155,766

612,233

At 31 October 2024

425,000

31,467

155,766

612,233

Depreciation

At 1 November 2023

101,556

9,669

4,831

116,056

Charge for the year

7,225

71

3,266

10,562

At 31 October 2024

108,781

9,740

8,097

126,618

Carrying amount

At 31 October 2024

316,219

21,727

147,669

485,615

At 31 October 2023

323,444

21,798

150,935

496,177

Included within the net book value of land and buildings above is £316,219 (2023 - £323,444) in respect of freehold land and buildings.
 

 

Shenley Garage Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

5

Stocks

2024
£

2023
£

Other inventories

11,269

10,903

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100