REGISTERED NUMBER: 00134462 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 December 2024

for

Quay Garage Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs M A Trembath

M R Trembath

P J Trembath

REGISTERED OFFICE:

Quay Auto Centre

Higher Union Road

Kingsbridge

Devon

TQ7 1EQ

REGISTERED NUMBER:

00134462 (England and Wales)

ACCOUNTANTS:

TC Bromhead Limited

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

FIXED ASSETS

Tangible assets

4

101,257

99,398

CURRENT ASSETS

Stocks

318,376

499,077

Debtors

5

357,121

370,864

Cash at bank and in hand

95,480

4,854

770,977

874,795

CREDITORS

Amounts falling due within one year

6

242,857

354,198

NET CURRENT ASSETS

528,120

520,597

TOTAL ASSETS LESS CURRENT LIABILITIES

629,377

619,995

CAPITAL AND RESERVES

Called up share capital

4,020

4,020

Other reserves

64,550

64,550

Retained earnings

560,807

551,425

629,377

619,995

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

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

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:

M R Trembath - Director

1.	STATUTORY INFORMATION

Quay Garage Company 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and building - over the length of the lease

Plant and machinery etc. - 33% on reducing balance and 20% on reducing balance

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.

Hire purchase and leasing commitments

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

91,777

388,575

480,352

Additions

-

20,054

20,054

At 31 December 2024

91,777

408,629

500,406

DEPRECIATION

At 1 January 2024

32,475

348,479

380,954

Charge for year

5,391

12,804

18,195

At 31 December 2024

37,866

361,283

399,149

NET BOOK VALUE

At 31 December 2024

53,911

47,346

101,257

At 31 December 2023

59,302

40,096

99,398

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

49,161

58,574

Other debtors

307,960

312,290

357,121

370,864

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

-

5,333

Trade creditors

125,505

244,219

Taxation and social security

61,129

45,384

Other creditors

56,223

59,262

242,857

354,198

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

2,861

-

Between one and five years

3,577

-

6,438

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.12.24

31.12.23

£

£

P J Trembath

Balance outstanding at start of year

39,747

41,145

Amounts advanced

1,478

1,852

Amounts repaid

(2,750

)

(3,250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

38,475

39,747

M R Trembath

Balance outstanding at start of year

5,285

6,354

Amounts advanced

526

469

Amounts repaid

(1,525

)

(1,538

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,286

5,285

Mrs M A Trembath

Balance outstanding at start of year

-

-

Amounts advanced

2,420

-

Amounts repaid

(665

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,755

-

These loans are repayable on demand. Interest has been charged at the official HMRC rate.