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COMPANY REGISTRATION NUMBER: 00611062
BOURNE ROAD GARAGE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2024
BOURNE ROAD GARAGE LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
102,512
98,743
Current assets
Stocks
1,781,163
2,458,648
Debtors
6
72,122
163,959
Cash at bank and in hand
478,272
519,144
------------
------------
2,331,557
3,141,751
Creditors: amounts falling due within one year
7
1,999,732
2,719,886
------------
------------
Net current assets
331,825
421,865
---------
---------
Total assets less current liabilities
434,337
520,608
Provisions
Taxation including deferred tax
18,764
17,891
---------
---------
Net assets
415,573
502,717
---------
---------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
413,573
500,717
---------
---------
Shareholders funds
415,573
502,717
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BOURNE ROAD GARAGE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:
Mr A Moore-Smith
Director
Company registration number: 00611062
BOURNE ROAD GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bourne Road Garage, Bourne Road, Crayford, Kent, DA1 4BU, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are re-measured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then re-measured to the present value of the expected future cash outflows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the revenue earned from the Company's principal activity; the sale and servicing of motor vehicles and the sale of motor vehicle parts. The revenue shown in the statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
Provision is made for deferred taxation using the liability method to take account of timing differences between the incidence of income and expenditure for taxation and accounting purposes except to the extent that the directors consider that a liability to taxation is likely to crystallise
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the statement of comprehensive income. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the statement of comprehensive income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
10 years straight line
Plant and machinery
-
15% and 25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% and 33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in the statement of comprehensive income for the period in which it arises
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 23 ).
5. Tangible assets
Leasehold Property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
49,333
103,036
11,800
136,555
300,724
Additions
28,797
2,993
31,790
--------
---------
--------
---------
---------
At 31 December 2024
49,333
131,833
11,800
139,548
332,514
--------
---------
--------
---------
---------
Depreciation
At 1 January 2024
41,932
45,678
2,950
111,421
201,981
Charge for the year
4,933
11,594
2,212
9,282
28,021
--------
---------
--------
---------
---------
At 31 December 2024
46,865
57,272
5,162
120,703
230,002
--------
---------
--------
---------
---------
Carrying amount
At 31 December 2024
2,468
74,561
6,638
18,845
102,512
--------
---------
--------
---------
---------
At 31 December 2023
7,401
57,358
8,850
25,134
98,743
--------
---------
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
24,461
59,462
Other debtors
47,661
104,497
--------
---------
72,122
163,959
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,348,896
2,076,231
Amounts owed to group undertakings and undertakings in which the company has a participating interest
609,188
609,188
Social security and other taxes
22,022
16,486
Other creditors
19,626
17,981
------------
------------
1,999,732
2,719,886
------------
------------
8. Controlling party
The company was controlled throughout the current and previous periods by P E Braddon by virtue of him holding the majority of the issued share capital in the ultimate parent company Bourne Road Holdings Limited.