REGISTERED NUMBER: 03192211 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

FARM GARAGES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

L S Anker

REGISTERED OFFICE:

Ground Floor, Baird House

Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

REGISTERED NUMBER:

03192211 (England and Wales)

ACCOUNTANTS:

TC Group

Baird House

Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

FIXED ASSETS

Tangible assets

4

275,021

266,723

CURRENT ASSETS

Stocks

5

628,699

741,361

Debtors

6

77,194

33,678

Cash at bank

276,439

106,397

982,332

881,436

CREDITORS

Amounts falling due within one year

7

168,682

193,241

NET CURRENT ASSETS

813,650

688,195

TOTAL ASSETS LESS CURRENT LIABILITIES

1,088,671

954,918

CREDITORS

Amounts falling due after more than one year

8

(6,538

)

(16,688

)

PROVISIONS FOR LIABILITIES

(3,964

)

(1,889

)

NET ASSETS

1,078,169

936,341

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

1,078,069

936,241

SHAREHOLDERS' FUNDS

1,078,169

936,341

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

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

The director acknowledges his 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 director and authorised for issue on 16 September 2025 and were signed by:

L S Anker - Director

1.	STATUTORY INFORMATION

Farm Garages Ltd 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.

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

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

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 4 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 September 2023

259,165

14,526

54,652

6,086

334,429

Additions

-

4,128

5,254

2,959

12,341

At 31 August 2024

259,165

18,654

59,906

9,045

346,770

DEPRECIATION

At 1 September 2023

-

14,490

48,027

5,189

67,706

Charge for year

-

560

2,642

841

4,043

At 31 August 2024

-

15,050

50,669

6,030

71,749

NET BOOK VALUE

At 31 August 2024

259,165

3,604

9,237

3,015

275,021

At 31 August 2023

259,165

36

6,625

897

266,723

The valuation of the property of £250,000 is as per a survery completed during 2020 year.

5.

STOCKS

2024

2023

£

£

Stocks

628,699

741,361

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

36,993

27,463

Other debtors

5,000

-

VAT

29,986

3,115

Prepayments

5,215

3,100

77,194

33,678

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 9)

10,272

10,272

Trade creditors

76,195

76,337

Corporation tax

52,793

30,587

Social security and other taxes

2,136

(2,492

)

Other creditors

15,149

19,460

Related/associated companies

3,082

3,082

Directors' current accounts

2,313

23,300

Deferred income

1,502

27,695

Accrued expenses

5,240

5,000

168,682

193,241

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 9)

6,538

16,688

9.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

10,272

10,272

Amounts falling due between one and two years:

Bank loans - 1-2 years

6,538

10,272

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

6,416

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

16,810

26,960

The bank loan is held with an interest rate of 1.9%, secured against company assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

12.	ULTIMATE CONTROLLING PARTY

The controlling party is L S Anker.