| REGISTERED NUMBER: |
| Silah Garages Limited |
| Unaudited Financial Statements |
| for the Year Ended 28 July 2024 |
| REGISTERED NUMBER: |
| Silah Garages Limited |
| Unaudited Financial Statements |
| for the Year Ended 28 July 2024 |
| Silah Garages Limited (Registered number: 07719890) |
| Contents of the Financial Statements |
| for the Year Ended 28 July 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Silah Garages Limited |
| Company Information |
| for the Year Ended 28 July 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Silah Garages Limited (Registered number: 07719890) |
| Balance Sheet |
| 28 July 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| Silah Garages Limited (Registered number: 07719890) |
| Balance Sheet - continued |
| 28 July 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Silah Garages Limited (Registered number: 07719890) |
| Notes to the Financial Statements |
| for the Year Ended 28 July 2024 |
| 1. | GENERAL INFORMATION |
| The company is a private company limited by share capital, incorporated in England. |
| The address of its registered office is: |
| 31 Sackville Street |
| Manchester |
| M1 3LZ |
| 2. | 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). |
| 3. | 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. |
| 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. |
| 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. |
| TANGIBLE ASSETS |
| Tangible assets are stated in the balance sheet 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 |
| Furniture and fittings | 15% reducing balance method |
| Silah Garages Limited (Registered number: 07719890) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 July 2024 |
| 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. |
| 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 | 10% straight line basis |
| 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. |
| Silah Garages Limited (Registered number: 07719890) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 July 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. |
| SHARE CAPITAL |
| Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 29 July 2023 |
| and 28 July 2024 |
| AMORTISATION |
| At 29 July 2023 |
| and 28 July 2024 |
| NET BOOK VALUE |
| At 28 July 2024 |
| At 28 July 2023 |
| Silah Garages Limited (Registered number: 07719890) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 July 2024 |
| 6. | TANGIBLE FIXED ASSETS |
| Furniture,fittings |
| Land and | and |
| buildings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 29 July 2023 |
| and 28 July 2024 |
| DEPRECIATION |
| At 29 July 2023 |
| Charge for year |
| At 28 July 2024 |
| NET BOOK VALUE |
| At 28 July 2024 |
| At 28 July 2023 |
| Included within the net book value of land and buildings above is £29,672 (2023 - £29,672) in respect of freehold land and buildings. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Loans and Borrowing |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Loans and Borrowings |
| Silah Garages Limited (Registered number: 07719890) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 July 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 11. | GOING CONCERN |
| The Company's financial statements have been prepared on a going concern basis, assuming its ability to continue operations and meet its obligations in the foreseeable future, despite the fact that its balance sheet has reflected negative equity in both the current and previous years. Management has diligently evaluated the reasons behind the negative equity and will implement a comprehensive strategy to strengthen the Company's financial position, restore positive equity, and sustain its operations. |