| REGISTERED NUMBER: |
| Swinstead Road Garage Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| REGISTERED NUMBER: |
| Swinstead Road Garage Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| Swinstead Road Garage Limited (Registered number: 01552049) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| Company information | 1 |
| Chartered accountants' report | 2 |
| Statement of financial position | 3 |
| Notes to the financial statements | 5 |
| Swinstead Road Garage Limited |
| Company Information |
| for the Year Ended 31 March 2025 |
| Directors: |
| Registered office: |
| Business address: |
| Registered number: |
| Accountants: |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Swinstead Road Garage Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Swinstead Road Garage Limited for the year ended 31 March 2025 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Swinstead Road Garage Limited, as a body, in accordance with the terms of our engagement letter dated 6 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Swinstead Road Garage Limited and state those matters that we have agreed to state to the Board of Directors of Swinstead Road Garage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swinstead Road Garage Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Swinstead Road Garage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Swinstead Road Garage Limited. You consider that Swinstead Road Garage Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Swinstead Road Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| Swinstead Road Garage Limited (Registered number: 01552049) |
| Statement of Financial Position |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 5 |
| Investment property | 6 |
| Current assets |
| Stocks |
| Debtors | 7 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities |
| Net assets |
| Capital and reserves |
| Called up share capital | 9 |
| Capital redemption reserve |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their 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. |
| Swinstead Road Garage Limited (Registered number: 01552049) |
| Statement of Financial Position - continued |
| 31 March 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Swinstead Road Garage Limited (Registered number: 01552049) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | Statutory information |
| Swinstead Road Garage Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 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 preparing the financial statements |
| The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment property measured at fair value through profit or loss. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Investment property |
| Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
| Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Swinstead Road Garage Limited (Registered number: 01552049) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 3. | Accounting policies - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Defined contribution plans |
| Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
| When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
| 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. |
| 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 |
| 4. | Employees and directors |
| The average number of employees during the year was |
| Swinstead Road Garage Limited (Registered number: 01552049) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 5. | Tangible fixed assets |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2025 |
| Depreciation |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2025 |
| Net book value |
| At 31 March 2025 |
| At 31 March 2024 |
| Included within the net book value of freehold property is land at cost of £125,408 (2023: £125,408) on which no depreciation is being charged. |
| 6. | Investment property |
| Total |
| £ |
| Fair value |
| At 1 April 2024 |
| and 31 March 2025 |
| Net book value |
| At 31 March 2025 |
| At 31 March 2024 |
| Fair value at 31 March 2024 of £486,355 is represented by: |
| £ |
| Cost | 406,008 |
| Revaluations prior to 2023 | 86,347 |
| Revaluation in 2024 | (6,000 | ) |
| 7. | Debtors: amounts falling due within one year |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Directors' current accounts | 7,734 | 3,892 |
| Prepayments |
| Swinstead Road Garage Limited (Registered number: 01552049) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 8. | Creditors: amounts falling due within one year |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors | 294 | 285 |
| VAT | 3,607 | 13,000 |
| Hire purchase liability |
| Accruals and deferred income |
| Liabilities in respect of hire purchase agreements are secured against the assets to which they relate. |
| 9. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary shares | 1 | 5,000 | 5,000 |
| Ordinary A shares | 1 | 67 | 67 |
| 5,067 | 5,067 |
| 10. | Directors' advances, credits and guarantees |
| The directors' loan accounts were overdrawn at the year end by £7,734 (2024 £3,892 in credit). The maximum overdrawn balances were £7,734. Interest is applied to overdrawn loan accounts at 2.25%. |