| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| FOR |
| CHADDESLEY GARAGE LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| FOR |
| CHADDESLEY GARAGE LIMITED |
| CHADDESLEY GARAGE LIMITED (REGISTERED NUMBER: 13743363) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Chartered Certified Accountants' Report | 2 |
| Statement of Financial Position | 3 |
| Notes to the Financial Statements | 5 |
| CHADDESLEY GARAGE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Mountfield House |
| 661 High Street |
| Kingswinford |
| West Midlands |
| DY6 8AL |
| CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| CHADDESLEY GARAGE LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chaddesley Garage Limited for the year ended 30th September 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
| This report is made solely to the Board of Directors of Chaddesley Garage Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chaddesley Garage Limited and state those matters that we have agreed to state to the Board of Directors of Chaddesley Garage Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at |
| https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. |
| To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Chaddesley Garage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chaddesley Garage Limited. You consider that Chaddesley Garage Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Chaddesley Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Mountfield House |
| 661 High Street |
| Kingswinford |
| West Midlands |
| DY6 8AL |
| CHADDESLEY GARAGE LIMITED (REGISTERED NUMBER: 13743363) |
| STATEMENT OF FINANCIAL POSITION |
| 30TH SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| CHADDESLEY GARAGE LIMITED (REGISTERED NUMBER: 13743363) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 30TH SEPTEMBER 2024 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CHADDESLEY GARAGE LIMITED (REGISTERED NUMBER: 13743363) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Chaddesley Garage Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The comparison figures cover the period 1st December 2022 to 30th September 2023. The company changed its accounting period date to fall in line with the year end of other related companies. |
| Significant judgements and estimates |
| In applying the company's accounting policies, the directors are required to make judgements in determining the carrying amounts of assets and liabilities. The directors' judgements are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, the actual results and outcomes may differ. |
| Revenue |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue from the sale of goods is recognised when the company has transferred the risks and rewards of ownership to the buyer and it is probable that the company will receive the previously agreed payment. Revenue is shown net of discounts rebates, value added tax and other sales taxes. |
| Revenue is recognised when goods are delivered or collected by the customer. |
| Goodwill |
| Positive goodwill is amortised evenly over its estimated useful life of ten years. |
| Negative goodwill, being the excess of net assets acquired in 2023 over the value of shares issued in consideration of the acquisition of the company's trade, has been written off in full to profit and loss in the period that it arises. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery | - |
| No depreciation has been charged on freehold property as the estimated remaining useful economic life of the property exceeds 50 years and a continuous policy of renewal and maintenance is undertaken. A full review of the impairment of freehold property has been completed at the end of the accounting period with no adjustments being considered necessary to the value at which the property is shown in the financial statements. Freehold land is not depreciated. |
| CHADDESLEY GARAGE LIMITED (REGISTERED NUMBER: 13743363) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is based on the cost of purchase on a first in, first out basis |
| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1st October 2023 |
| and 30th September 2024 | ( |
) |
| AMORTISATION |
| At 1st October 2023 |
| and 30th September 2024 | ( |
) |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| CHADDESLEY GARAGE LIMITED (REGISTERED NUMBER: 13743363) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1st October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30th September 2024 |
| DEPRECIATION |
| At 1st October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Chaddesley Garage Holdings Limited. |
| The ultimate controlling party is |
| The registered address of Chaddesley Garage Holdings Limited is Severn House, Sandy Lane Industrial Estate, Stourport-On-Severn DY13 9QB. |
| Copies of the individual financial statements in respect of Chaddesley Garage Holdings Limited can be obtained from the Registrar of Companies (England and Wales), Companies House, Crown Way, Cardiff CF14 3UZ. |
| CHADDESLEY GARAGE LIMITED (REGISTERED NUMBER: 13743363) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 9. | GROUP RESTRUCTURE |
| The company commenced trading on 1st April 2023 after its then holding company, Hingley & Callow Oils Limited, hived down its Chaddesley Garage trading division in exchange for the company allotting 383,713 £1 ordinary shares as consideration. |
| On 19th July 2023, Hingley & Callow Oils Limited declared a dividend in specie which was satisfied by the transfer Chaddesley Garage Limited and two other fellow subsidiary companies, to Hingley and Callow Oils Limited's holding company, Hingley & Callow Oils Holdings Limited. Chaddesley Garage Limited was then a 100% subsidiary of Hingley & Callow Oils Holdings Limited. |
| On 24 July 2023, as part of a tri-partite agreement, the investment in Chaddesley Garage Limited was transferred to Chaddesley Garage Holdings Limited in exchange for Chaddesley Garage Holdings Limited allotting 1,018,993 £1 ordinary shares as consideration, and Hingley & Callow Oils Holdings Limited cancelling 1,018,993 £1 ordinary C shares. Chaddesley Garage Limited is now a 100% subsidiary of Chaddesley Garage Holdings Limited. |
| On 30th September 2024 £454,376 (2023 £141,633) was due to Hingley & Callow Oils Limited. |