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REGISTERED NUMBER: 12848537 (England and Wales)











ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

SPEEDY GARAGE DOORS LTD

SPEEDY GARAGE DOORS LTD (REGISTERED NUMBER: 12848537)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


SPEEDY GARAGE DOORS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr M A Coles
Mr N R Moss





REGISTERED OFFICE: 54 Blairhead Drive
Watford
Hertfordshire
WD19 7RA





REGISTERED NUMBER: 12848537 (England and Wales)





ACCOUNTANTS: Mountsides Limited
Chartered Accountants
2 Mountside
Stanmore
Middlesex
HA7 2DT

SPEEDY GARAGE DOORS LTD (REGISTERED NUMBER: 12848537)

ABRIDGED BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 23,988 38,442

CURRENT ASSETS
Stocks 3,781 3,461
Debtors 57,409 40,725
Cash at bank 2,542 6,523
63,732 50,709
CREDITORS
Amounts falling due within one year (108,903 ) (81,965 )
NET CURRENT LIABILITIES (45,171 ) (31,256 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(21,183

)

7,186

CREDITORS
Amounts falling due after more than one
year

(16,465

)

(28,334

)

PROVISIONS FOR LIABILITIES (4,558 ) (7,304 )
NET LIABILITIES (42,206 ) (28,452 )

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings (42,208 ) (28,454 )
SHAREHOLDERS' FUNDS (42,206 ) (28,452 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SPEEDY GARAGE DOORS LTD (REGISTERED NUMBER: 12848537)

ABRIDGED BALANCE SHEET - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 June 2025 and were signed on its behalf by:




Mr M A Coles - Director



Mr N R Moss - Director


SPEEDY GARAGE DOORS LTD (REGISTERED NUMBER: 12848537)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Speedy Garage Doors Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents the invoiced sales of services, excluding value added tax.

Turnover has also been recognised in respect of on-going services, with the value of work completed but unbilled at the balance sheet date being taken to turnover and the associated costs, where not invoiced at the date, being accrued for.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

SPEEDY GARAGE DOORS LTD (REGISTERED NUMBER: 12848537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


3. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GOING CONCERN
The directors have reviewed the company's financial position and future borrowing requirements and they believe that the preparation of the accounts on a going concern basis is appropriate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023
and 31 August 2024 57,813
DEPRECIATION
At 1 September 2023 19,371
Charge for year 14,454
At 31 August 2024 33,825
NET BOOK VALUE
At 31 August 2024 23,988
At 31 August 2023 38,442

SPEEDY GARAGE DOORS LTD (REGISTERED NUMBER: 12848537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 September 2023
and 31 August 2024 57,813
DEPRECIATION
At 1 September 2023 19,371
Charge for year 14,454
At 31 August 2024 33,825
NET BOOK VALUE
At 31 August 2024 23,988
At 31 August 2023 38,442

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 28,334 40,203

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
Mr M A Coles
Balance outstanding at start of year 8,866 18,106
Amounts advanced 25,771 30,950
Amounts repaid (17,322 ) (40,190 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,315 8,866

SPEEDY GARAGE DOORS LTD (REGISTERED NUMBER: 12848537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr N R Moss
Balance outstanding at start of year 9,255 18,208
Amounts advanced 25,714 31,237
Amounts repaid (17,322 ) (40,190 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,647 9,255

Interest is chargeable on director's advances at beneficial loan arrangements official rates.