Garage Door & Automation Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03410402 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Garage Door & Automation Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M C Clarkson

Mr M A Frost

Mr T M Hole

REGISTERED OFFICE:

27 Stonehouse Street

Plymouth

Devon

PL1 3PE

REGISTERED NUMBER:

03410402 (England and Wales)

ACCOUNTANTS:

Dunkley's

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

United Kingdom

BS32 4JY

FIXED ASSETS

Intangible assets

4

24,583

-

Tangible assets

5

253,234

180,904

277,817

180,904

CURRENT ASSETS

Stocks

6

400,018

357,468

Debtors

7

639,582

458,901

Cash at bank and in hand

45,688

202,198

1,085,288

1,018,567

CREDITORS

Amounts falling due within one year

8

1,107,656

879,578

NET CURRENT (LIABILITIES)/ASSETS

(22,368

)

138,989

TOTAL ASSETS LESS CURRENT LIABILITIES

255,449

319,893

CREDITORS

Amounts falling due after more than one year

9

(4,812

)

(15,082

)

PROVISIONS FOR LIABILITIES

(39,412

)

(24,718

)

NET ASSETS

211,225

280,093

CAPITAL AND RESERVES

Called up share capital

11

8,220

Share premium

12

20,000

Revaluation reserve

12

2,000

Fair value reserve

12

86,310

52,233

Retained earnings

12

94,695

197,640

SHAREHOLDERS' FUNDS

211,225

280,093

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 August 2025 and were signed on its behalf by:

Mr T M Hole - Director

1.	STATUTORY INFORMATION

Garage Door & Automation Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Freehold Land and Buildings are carried at their market value at the date of revaluation less any subsequent accumulated depreciation and accumulated impairment with changes in market value is recognised in the revaluation reserve.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold buildings - Straight line over 50 years

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 Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2023 - 41 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

25,000

At 31 December 2024

25,000

AMORTISATION

Amortisation for year

417

At 31 December 2024

417

NET BOOK VALUE

At 31 December 2024

24,583

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

property

fittings

£

COST OR VALUATION

At 1 January 2024

162,303

20,937

16,696

Additions

-

Disposals

-

Revaluations

37,697

-

At 31 December 2024

200,000

20,937

16,696

DEPRECIATION

At 1 January 2024

21,534

10,029

16,409

Charge for year

2,846

241

287

Eliminated on disposal

-

Revaluation adjustments

(24,380

)

-

At 31 December 2024

-

10,270

16,696

NET BOOK VALUE

At 31 December 2024

200,000

10,667

-

At 31 December 2023

140,769

10,908

287

Motor

Computer

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 January 2024

50,323

43,088

293,347

Additions

33,473

6,220

39,693

Disposals

-

(1,496

)

(1,496

)

Revaluations

-

37,697

At 31 December 2024

83,796

47,812

369,241

DEPRECIATION

At 1 January 2024

33,500

30,971

112,443

Charge for year

17,878

7,642

28,894

Eliminated on disposal

-

(950

)

(950

)

Revaluation adjustments

-

(24,380

)

At 31 December 2024

51,378

37,663

116,007

NET BOOK VALUE

At 31 December 2024

32,418

10,149

253,234

At 31 December 2023

16,823

12,117

180,904

Cost or valuation at 31 December 2024 is represented by:

Improvements

Fixtures

Freehold

to

and

property

fittings

£

Valuation in 2018

77,383

-

Valuation in 2024

37,697

-

Cost

84,920

20,937

16,696

200,000

20,937

16,696

Motor

Computer

vehicles

equipment

Totals

£

Valuation in 2018

-

77,383

Valuation in 2024

-

37,697

Cost

83,796

47,812

254,161

83,796

47,812

369,241

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

£

Cost

84,920

82,826

Aggregate depreciation

24,379

21,534

Value of land in freehold land and buildings

20,000

Freehold land and buildings were valued on an open market basis on 31 December 2024 by the directors .

6.

STOCKS

31.12.24

31.12.23

£

Stocks

400,018

357,468

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

438,466

259,252

Other debtors

129,650

113,286

Directors' current accounts

275

12,699

Prepayments

71,191

73,664

639,582

458,901

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

10,000

9,868

Trade creditors

313,569

305,965

Amounts owed to group undertakings

86,369

17,244

Tax

178,646

218,056

Social security and other taxes

48,621

46,962

VAT

95,156

86,828

Other creditors

363,824

183,705

Directors' current accounts

4

983

Accrued expenses

11,467

9,967

1,107,656

879,578

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

Bank loans - 1-2 years

4,812

15,082

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

Within one year

27,294

164,560

Between one and five years

-

122,278

In more than five years

-

57,548

27,294

344,386

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

7,500

ORDINARY

£1

7,500

2

ORDINARY A 60

£60

120

2

ORDINARY B 60

£60

120

2

ORDINARY C 60

£60

120

2

ORDINARY D 60

£60

120

2

ORDINARY E 60

£60

120

2

ORDINARY F 60

£60

120

8,220

12.

RESERVES

Fair

Retained

Share

Revaluation

value

earnings

premium

reserve

Totals

£

At 1 January 2024

197,640

20,000

2,000

52,233

271,873

Profit for the year

564,131

Dividends

(633,000

)

(633,000

)

Assets revalued in period

(34,076

)

-

34,077

1

At 31 December 2024

94,695

20,000

2,000

86,310

203,005

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

Mr M C Clarkson

Balance outstanding at start of year

12,699

-

Amounts advanced

-

12,699

Amounts repaid

(12,424

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

275

12,699

Director's loan will be repaid within 9 months from the year end date.