Company No: 03609311 (England and Wales)

Contents

• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spur Garage (Slindon) Limited for the financial year ended 31 December 2024 which comprise the Balance Sheet and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Spur Garage (Slindon) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Spur Garage (Slindon) Limited. You consider that Spur Garage (Slindon) Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Spur Garage (Slindon) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Spur Garage (Slindon) Limited, as a body, in accordance with the terms of our engagement letter dated 27 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Spur Garage (Slindon) Limited and state those matters that we have agreed to state to the Board of Directors of Spur Garage (Slindon) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spur Garage (Slindon) Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ

19 September 2025

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	374,898		374,691
Investment property	4	1,339,592		1,339,592
Investments	5	1		1
		1,714,491		1,714,284
Current assets
Stocks		476,390		577,574
Debtors
- due within one year	6	100,799		5,900
- due after more than one year	6	0		100,000
Cash at bank and in hand		1,931,436		1,514,925
		2,508,625		2,198,399
Creditors: amounts falling due within one year	7	( 173,128)		( 168,734)
Net current assets		2,335,497		2,029,665
Total assets less current liabilities		4,049,988		3,743,949
Provision for liabilities	8	( 1,067)		( 1,015)
Net assets		4,048,921		3,742,934
Capital and reserves
Called-up share capital		1		1
Profit and loss account		4,048,920		3,742,933
Total shareholder's funds		4,048,921		3,742,934

For the financial 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.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Spur Garage (Slindon) Limited (registered number: 03609311) were approved and authorised for issue by the Board of Directors on 19 September 2025. They were signed on its behalf by:

N Woodage Director

1. Accounting policies

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.

General information and basis of accounting

Spur Garage (Slindon) 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 9 Donnington Park, 85 Birdham Road, Chichester, PO20 7AJ, United Kingdom. The principal place of business is Spur of Slindon, London Road, Slindon Common, Arundel, West Sussex, BN18 0NE.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	25 % reducing balance
Fixtures and fittings	15 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	370,632		7,161		12,600		10,545		400,938
Additions	0		0		0		1,624		1,624
At 31 December 2024	370,632		7,161		12,600		12,169		402,562
Accumulated depreciation
At 01 January 2024	0		7,023		10,303		8,921		26,247
Charge for the financial year	0		34		345		1,038		1,417
At 31 December 2024	0		7,057		10,648		9,959		27,664
Net book value
At 31 December 2024	370,632		104		1,952		2,210		374,898
At 31 December 2023	370,632		138		2,297		1,624		374,691

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	1,339,592
As at 31 December 2024	1,339,592

The valuations were made by the Directors of the Company, on an open market value for existing use basis.

5. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	1
At 31 December 2024	1
Carrying value at 31 December 2024	1
Carrying value at 31 December 2023	1

6. Debtors

	2024		2023
	£		£
Debtors: amounts falling due within one year
Other debtors	100,799		5,900
Debtors: amounts falling due after more than one year
Other debtors	0		100,000

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	3,618		4,097
Corporation tax	126,457		109,089
Other taxation and social security	29,224		31,336
Other creditors	13,829		24,212
	173,128		168,734

8. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 1,015)		( 818)
Charged to the Statement of Income and Retained Earnings	( 52)		( 197)
At the end of financial year	( 1,067)		( 1,015)

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Accelerated capital allowances	( 1,067)		( 1,015)

9. Related party transactions

Other related party transactions

During the year the Company provided a member of the directors family with an interest bearing loan at 9.6% per annum. At the balance sheet date the amount owed to the company was £100,799 (2023: 100,000).