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Company No: 11092222 (England and Wales)

MILE END GARAGE LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

MILE END GARAGE LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

MILE END GARAGE LTD

COMPANY INFORMATION

For the financial year ended 31 December 2024
MILE END GARAGE LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS Mr M A E Barber
Mr P R Parker
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
BUSINESS ADDRESS 128 Ashburton Road
Newton Abbot
Devon
TQ12 1RL
United Kingdom
COMPANY NUMBER 11092222 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
MILE END GARAGE LTD

BALANCE SHEET

As at 31 December 2024
MILE END GARAGE LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 31.12.2024 31.12.2023
£ £
Fixed assets
Intangible assets 3 12,917 13,917
Tangible assets 4 11,383 20,285
24,300 34,202
Current assets
Stocks 2,000 2,000
Debtors 5 61,470 83,871
Cash at bank and in hand 132,227 150,090
195,697 235,961
Creditors: amounts falling due within one year 6 ( 31,250) ( 49,054)
Net current assets 164,447 186,907
Total assets less current liabilities 188,747 221,109
Provision for liabilities ( 2,850) ( 5,000)
Net assets 185,897 216,109
Capital and reserves
Called-up share capital 7 200 200
Profit and loss account 185,697 215,909
Total shareholders' funds 185,897 216,109

For the financial 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 financial statements of Mile End Garage Ltd (registered number: 11092222) were approved and authorised for issue by the Board of Directors on 10 July 2025. They were signed on its behalf by:

Mr M A E Barber
Director
Mr P R Parker
Director
MILE END GARAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
MILE END GARAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mile End Garage Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is 128 Ashburton Road, Newton Abbot, Devon, TQ12 1RL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

31.12.2024 31.12.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 20,000 20,000
At 31 December 2024 20,000 20,000
Accumulated amortisation
At 01 January 2024 6,083 6,083
Charge for the financial year 1,000 1,000
At 31 December 2024 7,083 7,083
Net book value
At 31 December 2024 12,917 12,917
At 31 December 2023 13,917 13,917

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 January 2024 11,798 35,466 2,529 49,793
Additions 929 1,000 488 2,417
Disposals 0 ( 12,995) 0 ( 12,995)
At 31 December 2024 12,727 23,471 3,017 39,215
Accumulated depreciation
At 01 January 2024 4,961 22,898 1,649 29,508
Charge for the financial year 1,553 1,566 891 4,010
Disposals 0 ( 5,686) 0 ( 5,686)
At 31 December 2024 6,514 18,778 2,540 27,832
Net book value
At 31 December 2024 6,213 4,693 477 11,383
At 31 December 2023 6,837 12,568 880 20,285

5. Debtors

31.12.2024 31.12.2023
£ £
Trade debtors 50 1,729
Other debtors 61,420 82,142
61,470 83,871

6. Creditors: amounts falling due within one year

31.12.2024 31.12.2023
£ £
Trade creditors 5,204 7,661
Corporation tax 15,954 32,183
Other taxation and social security 6,518 5,538
Other creditors 3,574 3,672
31,250 49,054

7. Called-up share capital

31.12.2024 31.12.2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
50 Ordinary C shares of £ 1.00 each 50 50
50 Ordinary D shares of £ 1.00 each 50 50
200 200

8. Related party transactions

Transactions with the entity's directors

31.12.2024 31.12.2023
£ £
Mr M A E Barber: 0 0
At 1 January 2024 33,205 29,893
Advances to director 50,177 53,552
Repayments by director (50,240) (50,240)
At 31 December 2024 33,142 33,205
- 0 0
Mr P R Parker: 0 0
At 1 January 2024 1,961 99,699
Advances to director 0 3,462
Repayments by director (1,200) (101,200)
At 31 December 2024 761 1,961

Interest is charged in line with the official rate of interest on any advances made to the directors.

During the 12 month period the company paid £1,200 to each director for the property from which the business operates, totalling £2,400.