Registered number
01070967
Inverness Garage Limited
Filleted Accounts
31 October 2024
Inverness Garage Limited
Registered number: 01070967
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - 1,368
Current assets
Stocks - 4,275
Debtors 4 1,186 8,695
Cash at bank and in hand 188,861 232,388
190,047 245,358
Creditors: amounts falling due within one year 5 (2,469) (60,359)
Net current assets 187,578 184,999
Net assets 187,578 186,367
Capital and reserves
Called up share capital 102 102
Share premium 174,998 174,998
Profit and loss account 12,478 11,267
Shareholders' funds 187,578 186,367
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Keith Cockerton
Director
Approved by the board on 24 July 2025
Inverness Garage Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 26,508 7,500 34,008
At 31 October 2024 26,508 7,500 34,008
Depreciation
At 1 November 2023 25,891 6,749 32,640
On disposals 617 751 1,368
At 31 October 2024 26,508 7,500 34,008
Net book value
At 31 October 2024 - - -
At 31 October 2023 617 751 1,368
4 Debtors 2024 2023
£ £
Trade debtors - 8,695
Other debtors 1,186 -
1,186 8,695
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 15,667
Taxation and social security costs 2,469 19,437
Other creditors - 25,255
2,469 60,359
6 Other information
Inverness Garage Limited is a private company limited by shares and incorporated in England. Its registered office is:
57a Broadway
Leigh on Sea
Essex
SS9 1PE
Inverness Garage Limited 01070967 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts July 2024 Keith Cockerton No description of principal activity 01070967 2022-11-01 2023-10-31 01070967 core:WithinOneYear 2023-10-31 01070967 core:ShareCapital 2023-10-31 01070967 core:SharePremium 2023-10-31 01070967 core:RetainedEarningsAccumulatedLosses 2023-10-31 01070967 2023-11-01 2024-10-31 01070967 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 01070967 bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 01070967 bus:Director40 2023-11-01 2024-10-31 01070967 1 2023-11-01 2024-10-31 01070967 2 2023-11-01 2024-10-31 01070967 core:PlantMachinery 2023-11-01 2024-10-31 01070967 core:Vehicles 2023-11-01 2024-10-31 01070967 countries:England 2023-11-01 2024-10-31 01070967 bus:FRS102 2023-11-01 2024-10-31 01070967 bus:FilletedAccounts 2023-11-01 2024-10-31 01070967 2024-10-31 01070967 core:WithinOneYear 2024-10-31 01070967 core:ShareCapital 2024-10-31 01070967 core:SharePremium 2024-10-31 01070967 core:RetainedEarningsAccumulatedLosses 2024-10-31 01070967 core:PlantMachinery 2024-10-31 01070967 core:Vehicles 2024-10-31 01070967 2023-10-31 01070967 core:PlantMachinery 2023-10-31 01070967 core:Vehicles 2023-10-31 iso4217:GBP xbrli:pure