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REGISTERED NUMBER: 05729447 (England and Wales)















SEACROFT GARAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025






SEACROFT GARAGE LIMITED (REGISTERED NUMBER: 05729447)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6

Accountants' Report 7

SEACROFT GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025







DIRECTORS: J E Handley
H C Handley



SECRETARY: Mrs F A Handley



REGISTERED OFFICE: Seacroft Garage
Seacroft Road
Mablethorpe
Lincolnshire
LN12 2DT



REGISTERED NUMBER: 05729447 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS



BANKERS: Barclays Bank PLC
65 Lumley Road
Skegness
Lincolnshire
PE25 3LU

SEACROFT GARAGE LIMITED (REGISTERED NUMBER: 05729447)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 489,576 489,947

CURRENT ASSETS
Stocks 861,899 1,012,965
Debtors 5 27,029 29,457
Cash at bank 407,628 202,844
1,296,556 1,245,266
CREDITORS
Amounts falling due within one year 6 452,552 414,165
NET CURRENT ASSETS 844,004 831,101
TOTAL ASSETS LESS CURRENT LIABILITIES 1,333,580 1,321,048

CREDITORS
Amounts falling due after more than one year 7 (27,294 ) (30,049 )

PROVISIONS FOR LIABILITIES (13,344 ) (33,737 )
NET ASSETS 1,292,942 1,257,262

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,292,842 1,257,162
SHAREHOLDERS' FUNDS 1,292,942 1,257,262

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13 May 2025 and were signed on its behalf by:




H C Handley - Director


SEACROFT GARAGE LIMITED (REGISTERED NUMBER: 05729447)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1. STATUTORY INFORMATION

Seacroft Garage Limited 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts.

Vehicle sales and parts sales are recognised upon delivery to the customer, or upon collection by the customer. Servicing and workshop sales are recognised in the period in which the services are rendered. Forecourt sales are recognised at the point of sale.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery- 20% on cost, 15% on reducing balance and 10% on cost
Fixtures and fittings- 25% on cost
Motor vehicles- 25% on reducing balance

Long leasehold improvements are depreciated to write down the cost less estimated residual value over the remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged as it is not material.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


SEACROFT GARAGE LIMITED (REGISTERED NUMBER: 05729447)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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 the profit and loss account so as to produce a constant periodic rate of charge on the net obligations outstanding in each period.

Pension costs and other post-retirement benefits
The company operates a money purchase (defined contribution) pension scheme. Contributions payable to this scheme are charged to the profit and loss account in the period to which they relate. These contributions are invested separately from the company's assets.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2024 - 20 ) .

4. TANGIBLE FIXED ASSETS
Long
Freehold leasehold Plant and
property improvements machinery
£    £    £   
COST
At 1 April 2024 210,328 225,875 129,543
Additions - - 7,042
Disposals - - -
At 31 March 2025 210,328 225,875 136,585
DEPRECIATION
At 1 April 2024 - - 84,379
Charge for year - - 14,926
Eliminated on disposal - - -
At 31 March 2025 - - 99,305
NET BOOK VALUE
At 31 March 2025 210,328 225,875 37,280
At 31 March 2024 210,328 225,875 45,164

SEACROFT GARAGE LIMITED (REGISTERED NUMBER: 05729447)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2024 89,493 25,100 680,339
Additions 12,774 - 19,816
Disposals - (6,500 ) (6,500 )
At 31 March 2025 102,267 18,600 693,655
DEPRECIATION
At 1 April 2024 84,415 21,598 190,392
Charge for year 4,311 851 20,088
Eliminated on disposal - (6,401 ) (6,401 )
At 31 March 2025 88,726 16,048 204,079
NET BOOK VALUE
At 31 March 2025 13,541 2,552 489,576
At 31 March 2024 5,078 3,502 489,947


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 2,263 5,341
Directors' current accounts - 3,142
Prepayments 24,766 20,974
27,029 29,457

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 93,937 61,221
Taxation 46,992 56,188
Other taxes and social security 13,598 13,165
Pension creditor 1,845 1,955
VAT 60,017 41,559
Other creditors 214,434 214,434
Directors' current accounts 80 45
Accrued expenses 21,649 25,598
452,552 414,165

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Other creditors 27,294 30,049

SEACROFT GARAGE LIMITED (REGISTERED NUMBER: 05729447)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
100 Ordinary £1 100 100

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 2024
£    £   
J E Handley
Balance outstanding at start of year (45 ) (45 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (45 ) (45 )

H C Handley
Balance outstanding at start of year 3,134 2,778
Amounts advanced 24,795 42,785
Amounts repaid (27,964 ) (42,429 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (35 ) 3,134

C A Harris
Balance outstanding at start of year 6 123
Amounts advanced - 724
Amounts repaid (6 ) (841 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 6

The directors' loan accounts are unsecured, interest free and repayable on demand.

10. RELATED PARTY DISCLOSURES

Related party transactions with amounts owing at the year end are as below.

2025 2024
Name Relationship Transaction £    £   

Seacroft Properties Ltd

Ultimate parent company
Loan account inc in other creditors within one year
214,434

214,434



Related party transactions occurred in the year are as below:

Name Relationship Transaction
Seacroft Properties Ltd Ultimate parent company Received dividends of £125,100 (2024: £127,566)



There is a cross guarantee in place between the company and Seacroft Properties Limited.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SEACROFT 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 Seacroft Garage Limited for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Seacroft 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 Seacroft Garage Limited and state those matters that we have agreed to state to the Board of Directors of Seacroft Garage Limited, as a body, in this report. 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 Seacroft 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 Seacroft Garage Limited. You consider that Seacroft 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 Seacroft 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.






Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS


13 May 2025