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Registered number: 11007053
Broadway Garage Yaxley Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11007053
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 42,760 53,315
42,760 53,315
CURRENT ASSETS
Stocks 5 3,000 2,000
Debtors 6 148,192 105,638
Cash at bank and in hand 5,647 11,671
156,839 119,309
Creditors: Amounts Falling Due Within One Year 7 (108,570 ) (104,518 )
NET CURRENT ASSETS (LIABILITIES) 48,269 14,791
TOTAL ASSETS LESS CURRENT LIABILITIES 91,029 68,106
Creditors: Amounts Falling Due After More Than One Year 8 (83,807 ) (60,219 )
PROVISIONS FOR LIABILITIES
Deferred taxation (5,916 ) (6,686 )
NET ASSETS 1,306 1,201
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 1,206 1,101
SHAREHOLDERS' FUNDS 1,306 1,201
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D Meighan
Director
9 May 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Broadway Garage Yaxley Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11007053 . The registered office is 289 Broadway, Yaxley, Peterborough, PE7 3NR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & machinery 25% reducing balance
Motor vehicles 25% reducing balance
Computer equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. 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.
2.7. 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
2.8. Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. 
2.9. Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 
2.10.  Interest income
Interest income is recognised in the profit and loss using the effective interest method. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
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4. Tangible assets
Plant & machinery Motor vehicles Computer equipment Total
£ £ £ £
Cost
As at 1 November 2023 8,653 56,890 6,033 71,576
Additions 3,707 - 1,489 5,196
Disposals - - (2,211 ) (2,211 )
As at 31 October 2024 12,360 56,890 5,311 74,561
Depreciation
As at 1 November 2023 3,214 13,827 1,220 18,261
Provided during the period 2,147 10,766 974 13,887
Disposals - - (347 ) (347 )
As at 31 October 2024 5,361 24,593 1,847 31,801
Net Book Value
As at 31 October 2024 6,999 32,297 3,464 42,760
As at 1 November 2023 5,439 43,063 4,813 53,315
5. Stocks
2024 2023
£ £
Stock 3,000 2,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,683 7,327
Other debtors 103,279 73,801
113,962 81,128
Due after more than one year
Other debtors 34,230 24,510
148,192 105,638
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,528 3,109
Trade creditors 5,974 3,265
Bank loans and overdrafts 16,754 21,233
Other creditors 29,793 40,695
Taxation and social security 52,521 36,216
108,570 104,518
Obligations under finance lease and hire purchase contracts of £3,528 (2023: £3,109), due within one year, are secured by the company.
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,726 12,691
Bank loans 74,081 47,528
83,807 60,219
Obligations under finance lease and hire purchase contracts of £9,726 (2023: £12,691), due after more than one year, are secured by the company.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Pension Commitments
The company contributes to a defined contribution scheme for its employees. At the balance sheet date there were outstanding contributions of £92 (2023: £181 owed to the company). This amount is included within other creditors.
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mrs Charlotte Meighan 36,312 47,484 33,085 - 50,711
Mr Daniel Meighan 36,311 47,485 33,085 - 50,711
Interest of £1,777 (2023: £288) has been charged on the above loans. 
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