Registered number
07237748
North Country Garage Ltd
Filleted Accounts
31 August 2024
North Country Garage Ltd
Registered number: 07237748
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 998
Tangible assets 4 51,629 67,389
51,629 68,387
Current assets
Stocks 11,654 11,654
Debtors 5 75,035 70,384
Cash at bank and in hand 30,050 25,938
116,739 107,976
Creditors: amounts falling due within one year 6 (84,301) (54,289)
Net current assets 32,438 53,687
Total assets less current liabilities 84,067 122,074
Creditors: amounts falling due after more than one year 7 (33,052) (36,040)
Provisions for liabilities (8,300) (12,804)
Net assets 42,715 73,230
Capital and reserves
Called up share capital 150 100
Profit and loss account 42,565 73,130
Shareholders' funds 42,715 73,230
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.
Karen Gallagher
Director
Approved by the board on 27 May 2025
North Country Garage Ltd
Notes to the Accounts
for the year ended 31 August 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:
Motor Vehicles 25% Reducing balance
Plant and machinery 25% Reducing balance
Fixtures, fittings, tools and equipment 25% Reducing balance
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 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 9,986
At 31 August 2024 9,986
Amortisation
At 1 September 2023 8,988
Provided during the year 998
At 31 August 2024 9,986
Net book value
At 31 August 2024 -
At 31 August 2023 998
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 156,157 13,504 169,661
Additions 600 850 1,450
At 31 August 2024 156,757 14,354 171,111
Depreciation
At 1 September 2023 92,369 9,903 102,272
Charge for the year 16,097 1,113 17,210
At 31 August 2024 108,466 11,016 119,482
Net book value
At 31 August 2024 48,291 3,338 51,629
At 31 August 2023 63,788 3,601 67,389
5 Debtors 2024 2023
£ £
Trade debtors 29,657 23,913
Other debtors 45,378 46,471
75,035 70,384
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,830 3,982
Trade creditors 23,838 11,598
Taxation and social security costs 17,113 1,613
Other creditors 40,520 37,096
84,301 54,289
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 33,052 36,040
8 Related party transactions
At the period end the company owed £30,255 (2023: £32,892) to Mr & Mrs Gallagher, directors and £1,950 to Miss M Gallagher, shareholder. The Loans are interest free and repayable on demand.
9 Controlling party
The company is ultimately controlled by Mr & Mrs Gallagher, directors, who own 67% of the issued ordinary share capital.
10 Other information
North Country Garage Ltd is a private company limited by shares and incorporated in England. Its registered office is:
North Country Garage
North Country
Redruth
Cornwall
TR16 4AA
North Country Garage Ltd 07237748 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts April 2024 Karen Gallagher No description of principal activity 07237748 2022-09-01 2023-08-31 07237748 core:WithinOneYear 2023-08-31 07237748 core:AfterOneYear 2023-08-31 07237748 core:ShareCapital 2023-08-31 07237748 core:RetainedEarningsAccumulatedLosses 2023-08-31 07237748 2023-09-01 2024-08-31 07237748 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07237748 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 07237748 bus:Director40 2023-09-01 2024-08-31 07237748 1 2023-09-01 2024-08-31 07237748 2 2023-09-01 2024-08-31 07237748 core:Goodwill 2023-09-01 2024-08-31 07237748 core:PlantMachinery 2023-09-01 2024-08-31 07237748 core:Vehicles 2023-09-01 2024-08-31 07237748 countries:England 2023-09-01 2024-08-31 07237748 bus:FRS102 2023-09-01 2024-08-31 07237748 bus:FilletedAccounts 2023-09-01 2024-08-31 07237748 2024-08-31 07237748 core:WithinOneYear 2024-08-31 07237748 core:AfterOneYear 2024-08-31 07237748 core:ShareCapital 2024-08-31 07237748 core:RetainedEarningsAccumulatedLosses 2024-08-31 07237748 core:Goodwill 2024-08-31 07237748 core:PlantMachinery 2024-08-31 07237748 core:Vehicles 2024-08-31 07237748 2023-08-31 07237748 core:Goodwill 2023-08-31 07237748 core:PlantMachinery 2023-08-31 07237748 core:Vehicles 2023-08-31 iso4217:GBP xbrli:pure