SUMMERTOWN GARAGE LIMITED


Directors	BROWN, Leigh Stewart
	BROWN, Lindsay


Company Secretary	BROWN, Lindsay


Registered Address	Units 14/15 Bankside Industrial Estate
	Kidlington
	OX5 1JE


Registered Number	05434078 (England and Wales)

Balance Sheet as at
31 March 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		320,993		343,977
			320,993		343,977
Current assets
Debtors		26,279		41,214
Cash at bank and on hand		291,956		206,575
		318,235		247,789
Creditors amounts falling due within one year		(167,173)		(147,019)
Net current assets (liabilities)			151,062		100,770
Total assets less current liabilities			472,055		444,747
Creditors amounts falling due after one year			(25,078)		(34,769)
Provisions for liabilities			(10,720)		(14,591)
Net assets			436,257		395,387
Capital and reserves
Called up share capital			100		100
Profit and loss account			436,157		395,287
Shareholders' funds			436,257		395,387

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 19 September 2025, and are signed on its behalf by:

BROWN, Lindsay
Director
Registered Company No. 05434078

SUMMERTOWN GARAGE LIMITED

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover policy
	Turnover represents the fair value of the consideration received or receivable for goods supplied and services provided in the ordinary course of business, excluding value added tax. Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership, usually when the goods are delivered and legal title has passed. Revenue from the provision of services, including vehicle repairs, maintenance, and MOT testing, is recognised in the period in which the services are provided, to the extent that it is probable that the economic benefits will flow to the company and the revenue can be measured reliably.

Turnover policy

Turnover represents the fair value of the consideration received or receivable for goods supplied and services provided in the ordinary course of business, excluding value added tax.

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership, usually when the goods are delivered and legal title has passed.

Revenue from the provision of services, including vehicle repairs, maintenance, and MOT testing, is recognised in the period in which the services are provided, to the extent that it is probable that the economic benefits will flow to the company and the revenue can be measured reliably.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

Defined contribution pension plan

The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Reducing balance (%)
	Land and buildings	1
	Plant and machinery	25
	Fixtures and fittings	25
	Vehicles	25
	Office Equipment	25

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	6		6

3.	Deferred tax
	Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.

4.	Tangible fixed assets

		Total
		£
	Cost or valuation
	At 01 April 24	508,697
	Additions	2,362
	At 31 March 25	511,059
	Depreciation and impairment
	At 01 April 24	164,720
	Charge for year	25,346
	At 31 March 25	190,066
	Net book value
	At 31 March 25	320,993
	At 31 March 24	343,977

5.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	32,466		40,333


	Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of fair value and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest o the remaining balance of the liability.

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of fair value and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest o the remaining balance of the liability.