Company registration number 00487715 (England and Wales)
MOUNT GARAGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MOUNT GARAGE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
The following pages do not form part of the statutory financial statements
MOUNT GARAGE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
386,585
390,950
Investments
5
1
1
386,586
390,951
Current assets
Debtors
7
274,450
241,566
Investments
6
805,501
755,729
Cash at bank and in hand
171,471
215,265
1,251,422
1,212,560
Creditors: amounts falling due within one year
8
(84,339)
(83,106)
Net current assets
1,167,083
1,129,454
Net assets
1,553,669
1,520,405
Capital and reserves
Called up share capital
9
899
899
Profit and loss reserves
1,552,770
1,519,506
Total equity
1,553,669
1,520,405

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2025 and are signed on its behalf by:
Mr S A Windle
Director
Company registration number 00487715 (England and Wales)
MOUNT GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Mount Garage Limited is a private company limited by shares incorporated in England and Wales. The registered office is 31 Pellon New Road, Halifax, West Yorkshire, HX2 0EJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Investment property
not depreciated
Property in use
2% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MOUNT GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

MOUNT GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9

Investment property

FRS 102 requires that properties held for investment be included at fair value. The directors do not consider that this requirement is necessary or proportionate based on the circumstances of the company. These properties are recorded at cost and are not depreciated. The directors acknowledge that this treatment is not compliance with FRS 102.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Investment property
Property in use
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
225,000
308,240
533,240
Depreciation and impairment
At 1 January 2024
-
0
142,290
142,290
Depreciation charged in the year
-
0
4,365
4,365
At 31 December 2024
-
0
146,655
146,655
Carrying amount
At 31 December 2024
225,000
161,585
386,585
At 31 December 2023
225,000
165,950
390,950

Included in the net book value of property in use is non-depreciated freehold land of £90,000 (2023: £90,000).

MOUNT GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1

The company owns the whole of the issued share capital of Mount Automotive Solutions Limited.

6
Current asset investments
2024
2023
£
£
Other investments
805,501
755,729

Investments having an original cost of £614,713 (2023: £596,836) had a market value of £805,501 (2023: £755,729) at the balance sheet date.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
274,450
241,566
8
Creditors: amounts falling due within one year
2024
2023
£
£
Preference shares
2,000
2,000
Other creditors
66,734
65,734
Accruals and deferred income
15,605
15,372
84,339
83,106
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
894
894
894
894
Ordinary class B shares of £1 each
5
5
5
5
899
899
899
899
MOUNT GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Called up share capital
(Continued)
- 6 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
5.6% Preference shares of £1 each
2,000
2,000
2,000
2,000
Preference shares classified as liabilities
2,000
2,000
10
Related party transactions

At 31 December 2024 Mount Automotive Solutions Limited, a wholly owned subsidiary, owed Mount Garage Limited £274,450 (2023: £241,566).

 

The company owns property which is occupied by Mount Automotive Solutions Limited. No rent was charged for the current or previous year.

 

The directors' current accounts included in other creditors above are unsecured, repayable on demand and currently interest-free.

11
Controlling party

The company is under the control of Mr S A Windle.

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