Registered number
00678652
Selby's Garage (Woodhouse) Limited
Filleted Accounts
31 August 2024
Selby's Garage (Woodhouse) Limited
Registered number: 00678652
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 184,654 227,088
Current assets
Stocks 22,696 21,827
Debtors 4 182,623 217,164
Cash at bank and in hand 48,279 8,283
253,598 247,274
Creditors: amounts falling due within one year 5 (326,452) (322,018)
Net current liabilities (72,854) (74,744)
Total assets less current liabilities 111,800 152,344
Creditors: amounts falling due after more than one year 6 (33,479) (24,148)
Provisions for liabilities (40,040) (50,648)
Net assets 38,281 77,548
Capital and reserves
Called up share capital 401 401
Profit and loss account 37,880 77,147
Shareholders' funds 38,281 77,548
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 F Selby
Director
Approved by the board on 29 May 2025
Selby's Garage (Woodhouse) Limited
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:
Short leasehold not depreciated
Plant, equipment & fittings 25% reducing balance
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 14 16
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 24,497 92,857 737,141 854,495
Additions - - 56,000 56,000
Disposals - - (106,000) (106,000)
At 31 August 2024 24,497 92,857 687,141 804,495
Depreciation
At 1 September 2023 - 84,121 543,286 627,407
Charge for the year - 2,184 51,202 53,386
On disposals - - (60,952) (60,952)
At 31 August 2024 - 86,305 533,536 619,841
Net book value
At 31 August 2024 24,497 6,552 153,605 184,654
At 31 August 2023 24,497 8,736 193,855 227,088
4 Debtors 2024 2023
£ £
Trade debtors 160,037 189,540
Other debtors 22,586 27,624
182,623 217,164
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan and overdraft 10,450 10,176
Obligations under finance lease and hire purchase contracts 25,767 48,919
Trade creditors 124,023 95,722
Taxation and social security costs 76,004 85,108
Other creditors 90,208 82,093
326,452 322,018
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan 7,050 18,157
Obligations under finance lease and hire purchase contracts 26,429 5,991
33,479 24,148
7 Related party transactions
During the year there were various trading transactions that were made and received by the company on behalf of Selby's (Properties) Limited, a company registered in the UK and a related party by virtue of common control. The balance outstanding at the year end in respect of these transactions was £48,358 (2023 - £43,246) and has been included within other creditors due within one year.
8 Controlling party
The ultimate control of the company lies with the directors of the company by virtue of their shareholdings in the company.
9 Other information
Selby's Garage (Woodhouse) Limited is a private company limited by shares and incorporated in England. Its registered office is:
77 Main Street
Woodhouse Eaves
Leicestershire
LE12 8RY
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