Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Current assets | ||||
| Stocks | 3 |
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| Debtors | 4 |
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| Investments | 5 |
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| Cash at bank and in hand |
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| 883,839 | 877,620 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 880,888 | 875,073 | ||
| Total assets less current liabilities | 880,888 | 875,073 | ||
| Provision for liabilities |
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Share premium account |
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| Other reserves | (
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Maynes Garage Limited (registered number:
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G R Bennett
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Maynes Garage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 27 Clinton Road, Redruth, TR15 2LW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
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 brining the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amounts reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit and loss. Dividends on equity securities, where applicable is recognised in income using the effective interest method.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Stocks |
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| £ | £ | ||
| Amounts owed by Group undertakings |
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| Deferred tax asset |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Listed investments – at fair value |
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The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date.
The historic costs of the listed investments is £265,053 (2023 - £265,053).
| 2024 | 2023 | ||
| £ | £ | ||
| Other taxation and social security |
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| Other creditors |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 1,000 | 1,000 |
Other related party transactions
| 2024 | 2023 | ||
| £ | £ | ||
| Mike Bennett Limited - loan account | 16,671 | 16,671 |
Mike Bennett Limited
Parent company
Dividends declared in the year payable to Mike Bennett Limited total £60,000 (2023 - £nil). At the balance sheet date the amount due from Mike Bennett Limited was £16,671 (2023 - £16,671).
Parent Company:
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