2023-11-012025-03-312025-03-31false01278322GOTTS GARAGE (BARNOLDSWICK) 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GOTTS GARAGE (BARNOLDSWICK) LIMITED

Registered Number
01278322
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2025

GOTTS GARAGE (BARNOLDSWICK) LIMITED
Company Information
for the period from 1 November 2023 to 31 March 2025

Director

MARSDEN, Julie Ann Mackintosh

Registered Address

Gotts Garage Gisburn Road
Barnoldswick
Colne
BB18 5NQ

Registered Number

01278322 (England and Wales)
GOTTS GARAGE (BARNOLDSWICK) LIMITED
Statement of Financial Position
31 March 2025

Notes

31 Mar 2025

31 Oct 2023

£

£

£

£

Fixed assets
Tangible assets3296,000511,941
296,000511,941
Current assets
Debtors427842,405
Cash at bank and on hand577,41488,537
577,692130,942
Creditors amounts falling due within one year5(132,012)(46,901)
Net current assets (liabilities)445,68084,041
Total assets less current liabilities741,680595,982
Creditors amounts falling due after one year6-(11,187)
Provisions for liabilities7(74,000)(127,000)
Net assets667,680457,795
Capital and reserves
Called up share capital8,3018,301
Revaluation reserve219,737-
Profit and loss account439,642449,494
Shareholders' funds667,680457,795
The financial statements were approved and authorised for issue by the Director on 2 June 2025, and are signed on its behalf by:
MARSDEN, Julie Ann Mackintosh
Director
Registered Company No. 01278322
GOTTS GARAGE (BARNOLDSWICK) LIMITED
Notes to the Financial Statements
for the period ended 31 March 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 rendering of services. 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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-25
Plant and machinery15-
Vehicles13-
Finance leases and hire purchase contracts
Operating leases: the Company as a lessor Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished. Leased assets: the Company as a lessee Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Financial leases are those where substantially all the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20252023
Average number of employees during the year410
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 November 2348,58322,2111,082,5831,153,377
Revaluations251,417--251,417
Disposals-(22,211)(1,082,583)(1,104,794)
At 31 March 25300,000--300,000
Depreciation and impairment
At 01 November 2345,87021,994573,572641,436
Charge for year4,3492431,81336,186
Revaluation surplus(46,219)--(46,219)
On disposals-(22,018)(605,385)(627,403)
At 31 March 254,000--4,000
Net book value
At 31 March 25296,000--296,000
At 31 October 232,713217509,011511,941
The land and buildings were valued at £300,000 on a fair value basis during the period ended 31 March 2025. It is the opinion of the director that this valuation has not materiality altered at the period end date. Had the land and buildings been measured at historical cost, the amounts would have been as follows: Cost £48,583 (2023 - £48,583) Accumulated depreciation £46,319 (2023 - £45,870) Carrying value £2,264 (2023 - £2,713).
4.Debtors: amounts due within one year

2025

2023

££
Trade debtors / trade receivables-40,445
Prepayments and accrued income2781,960
Total27842,405
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.
5.Creditors: amounts due within one year

2025

2023

££
Bank borrowings and overdrafts-5,063
Taxation and social security127,17234,524
Other creditors1,4232,272
Accrued liabilities and deferred income3,4175,042
Total132,01246,901
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.
6.Creditors: amounts due after one year

2025

2023

££
Bank borrowings and overdrafts-11,187
Total-11,187
7.Provisions for liabilities

2025

2023

££
Net deferred tax liability (asset)74,000127,000
Total74,000127,000
8.Related party transactions
Included in other creditors, amounts falling due within one year, is a loan of £1,423 (2023 - £2,272) due to J A M Marsden. This amount is interest free and repayable on demand.