MIKE O SULLIVAN GARAGE SERVICES LTD

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 4568676

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	3		1		1
Tangible Assets	4		389,300		403,402

			389,301		403,403
CURRENT ASSETS
Stocks	5	38,145		60,320
Debtors	6	217,591		219,985
Cash at bank and in hand		322,576		284,543

		578,312		564,848
Creditors: Amounts Falling Due Within One Year	7	(71,381 )		(74,269 )

NET CURRENT ASSETS (LIABILITIES)			506,931		490,579

TOTAL ASSETS LESS CURRENT LIABILITIES			896,232		893,982

Creditors: Amounts Falling Due After More Than One Year	8		-		(14,167 )

NET ASSETS			896,232		879,815

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			896,132		879,715

SHAREHOLDERS' FUNDS			896,232		879,815

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MIKE O SULLIVAN GARAGE SERVICES LTD

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mrs Julia O'Sullivan Director	Mr Michael O'Sullivan Director
19/08/2025

The notes on pages 3 to 5 form part of these financial statements.

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.

1.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Nil
Leasehold	Nil
Plant & Machinery	20% Reducing Balance
Motor Vehicles	25% on Cost

1.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2023: 7)

3. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	55,593

As at 31 December 2024	55,593

Amortisation
As at 1 January 2024	55,592

As at 31 December 2024	55,592

Net Book Value
As at 31 December 2024	1

As at 1 January 2024	1

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MIKE O SULLIVAN GARAGE SERVICES LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£
Cost
As at 1 January 2024	325,919	247,666	67,366	640,951
Additions	-	13,009	-	13,009
Disposals	-	-	(26,413 )	(26,413 )

As at 31 December 2024	325,919	260,675	40,953	627,547

Depreciation
As at 1 January 2024	-	187,521	50,028	237,549
Provided during the period	-	12,028	9,079	21,107
Disposals	-	(20,409 )	-	(20,409 )

As at 31 December 2024	-	179,140	59,107	238,247

Net Book Value
As at 31 December 2024	325,919	81,535	(18,154 )	389,300

As at 1 January 2024	325,919	60,145	17,338	403,402

5. Stocks

	2024	2023
	£	£
Stock	38,145	60,320

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	8,574	15,600
Directors' Current Account	132,865	138,049
Other Debtors and Prepayments	28,666	30,320
Corporation tax recoverable assets	47,486	36,016

	217,591	219,985

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	21,445	6,902
Corporation tax	23,516	38,725
P A Y E	1,874	1,638
V A T	5,904	9,792
Other Creditors and Accruals	7,186	7,212
Bounce Back Loan - Current Element (Current liabilities - creditors < 1 year)	11,456	10,000

	71,381	74,269

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MIKE O SULLIVAN GARAGE SERVICES LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bounce Back Loan (Long term liabilities - creditors > 1 year)	-	14,167

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

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