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Registration number: 5488586

Greenard's Garage Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 October 2024

 

Greenard's Garage Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Greenard's Garage Limited

(Registration number: 5488586)
Statement of Financial Position
31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

67,230

68,864

 

67,231

68,865

Current assets

 

Stocks

6

17,690

18,398

Debtors

7

1,251

1,492

Cash at bank and in hand

 

12,023

3,580

 

30,964

23,470

Creditors: Amounts falling due within one year

8

(32,090)

(26,361)

Net current liabilities

 

(1,126)

(2,891)

Total assets less current liabilities

 

66,105

65,974

Creditors: Amounts falling due after more than one year

8

(32,220)

(36,815)

Provisions for liabilities

(262)

(262)

Net assets

 

33,623

28,897

Capital and reserves

 

Called up share capital

2

2

Retained earnings

33,621

28,895

Shareholders' funds

 

33,623

28,897

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Greenard's Garage Limited

(Registration number: 5488586)
Statement of Financial Position
31 October 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 July 2025 and signed on its behalf by:
 

.........................................
D C Greenard
Company secretary and director

 

Greenard's Garage Limited

Notes to the Unaudited Financial Statements
for the year ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL
United Kingdom

The principal place of business is:
Oak House
Keeling Street
North Somercotes
Lincolnshire
LN11 7PL

These financial statements were authorised for issue by the Board on 15 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Greenard's Garage Limited

Notes to the Unaudited Financial Statements
for the year ended 31 October 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

over 50 years

Plant and machinery

over 4 years

Fixtures and fittings

15% straight line

Motor vehicles

over 4 years

Office equipment

over 5 years

Computer equipment

over 2 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Greenard's Garage Limited

Notes to the Unaudited Financial Statements
for the year ended 31 October 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 6 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Greenard's Garage Limited

Notes to the Unaudited Financial Statements
for the year ended 31 October 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

Greenard's Garage Limited

Notes to the Unaudited Financial Statements
for the year ended 31 October 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

111,500

111,500

At 31 October 2024

111,500

111,500

Amortisation

At 1 November 2023

111,499

111,499

At 31 October 2024

111,499

111,499

Carrying amount

At 31 October 2024

1

1

At 31 October 2023

1

1

 

Greenard's Garage Limited

Notes to the Unaudited Financial Statements
for the year ended 31 October 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

80,801

4,957

3,067

35,312

124,137

Additions

-

531

-

-

531

At 31 October 2024

80,801

5,488

3,067

35,312

124,668

Depreciation

At 1 November 2023

13,318

4,266

3,066

34,622

55,272

Charge for the year

980

512

-

674

2,166

At 31 October 2024

14,298

4,778

3,066

35,296

57,438

Carrying amount

At 31 October 2024

66,503

710

1

16

67,230

At 31 October 2023

67,483

691

1

689

68,864

Included within the net book value of land and buildings above is £66,503 (2023 - £67,483) in respect of freehold land and buildings.
 

 

Greenard's Garage Limited

Notes to the Unaudited Financial Statements
for the year ended 31 October 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

17,640

18,348

Other inventories

50

50

17,690

18,398

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,251

1,492

 

1,251

1,492

 

Greenard's Garage Limited

Notes to the Unaudited Financial Statements
for the year ended 31 October 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,454

1,727

Trade creditors

 

6,571

10,092

Taxation and social security

 

9,988

8,361

Accruals and deferred income

 

1,343

1,293

Other creditors

 

3,734

4,888

 

32,090

26,361

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

32,220

36,815

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

32,220

36,815

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,002

-

Other borrowings

5,452

1,727

10,454

1,727