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COMPANY REGISTRATION NUMBER: 04111304
Dumpton Park Garage Limited
Financial Statements
31 December 2024
Dumpton Park Garage Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Dumpton Park Garage Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
138,629
166,074
Current assets
Stocks
1,248,370
1,282,660
Debtors
7
332,770
571,792
Cash at bank and in hand
27,068
35,777
------------
------------
1,608,208
1,890,229
Creditors: amounts falling due within one year
8
1,161,833
1,459,224
------------
------------
Net current assets
446,375
431,005
---------
---------
Total assets less current liabilities
585,004
597,079
Creditors: amounts falling due after more than one year
9
120,956
146,367
Provisions
Taxation including deferred tax
34,140
40,888
---------
---------
Net assets
429,908
409,824
---------
---------
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss account
379,908
359,824
---------
---------
Shareholders funds
429,908
409,824
---------
---------
These Financial Statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its Financial Statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Financial Statements .
Dumpton Park Garage Limited
Statement of Financial Position (continued)
31 December 2024
These Financial Statements were approved by the board of directors and authorised for issue on 31 July 2025 , and are signed on behalf of the board by:
Mr P Holt
Director
Company registration number: 04111304
Dumpton Park Garage Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 193 Ramsgate Road, Broadstairs, Kent, CT10 2EW.
2. Statement of compliance
These Financial Statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Financial Statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Financial Statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Leases Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Stock provision Reviews are made periodically by management on damaged, obsolete and slow-moving stock. These reviews require judgement and estimates. Possible changes in these estimates could result in revisions to the valuation of stock.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
10% straight line
Plant and Machinery
-
15% reducing balance
Fixtures and Fittings
-
20% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Demonstrator vehicles are valued at cost less an appropriate write-down to reflect use. Vehicles are included on the balance sheet when invoiced and available for delivery to the company. Vehicles on consignment are included in stock when the risks and rewards of ownership are substantially transferred to the company. The corresponding liability is recorded in creditors.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
50,000
--------
Amortisation
At 1 January 2024 and 31 December 2024
50,000
--------
Carrying amount
At 31 December 2024
--------
At 31 December 2023
--------
6. Tangible assets
Leasehold Improvement
Plant and Machinery
Fixtures and Fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
292,394
160,798
369,176
23,431
845,799
Additions
10,000
10,000
---------
---------
---------
--------
---------
At 31 December 2024
292,394
170,798
369,176
23,431
855,799
---------
---------
---------
--------
---------
Depreciation
At 1 January 2024
171,956
139,891
356,951
10,927
679,725
Charge for the year
29,239
3,886
2,445
1,875
37,445
---------
---------
---------
--------
---------
At 31 December 2024
201,195
143,777
359,396
12,802
717,170
---------
---------
---------
--------
---------
Carrying amount
At 31 December 2024
91,199
27,021
9,780
10,629
138,629
---------
---------
---------
--------
---------
At 31 December 2023
120,438
20,907
12,225
12,504
166,074
---------
---------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
84,358
179,622
Amounts owed by group undertakings and undertakings in which the company has a participating interest
87,641
342,951
Other debtors
160,771
49,219
---------
---------
332,770
571,792
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
61,649
26,534
Trade creditors
971,942
1,052,291
Corporation tax
68,369
55,720
Social security and other taxes
21,837
38,131
Other creditors
38,036
286,548
------------
------------
1,161,833
1,459,224
------------
------------
The amount of £987,423 (2023: £954,845) is secured by the company over the individual stock items to which they relate.
The amount of £24,368 (2023: £26,534) is secured by the company by way of a fixed and floating charge over the assets of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,956
36,367
Amounts owed to group undertakings and undertakings in which the company has a participating interest
110,000
110,000
---------
---------
120,956
146,367
---------
---------
The amount of £10,956 (2023: £36,367) is secured by the company by way of a fixed and floating charge over the assets of the company.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
60,000
50,000
Later than 1 year and not later than 5 years
120,000
---------
--------
180,000
50,000
---------
--------
11. Related party transactions
At the year end, the company owed £110,000 (2023: £110,000) to its parent company. The company was owed £87,641 (2023: £342,951) by its parent. The company was owed £128,962 (2023: £23,412) to companies associated by common control. The company owed £nil (2023: £32,113) to companies associated by common control.
12. Controlling party
The company's immediate and ultimate parent company at the balance sheet date is Dumpton Park Holdings Limited , a company incorporated in England and Wales. Dumpton Park Holdings Limited's registered address is 193 Ramsgate Road, Broadstairs, Kent, CT10 2EW .