Registration number:
The Tower Garage Limited
for the Year Ended 31 December 2024
The Tower Garage Limited
Contents
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Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Tower Garage Limited
Company Information
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Directors |
Mr Stephen Higham Mrs I S West |
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Registered office |
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Accountants |
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The Tower Garage Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Change of company name
The company changed its name from
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of motor dealers, repairers, and fuel station
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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The Tower Garage Limited
Statement of Directors' Responsibilities
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Tower Garage Limited
(Registration number: 00173025)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4,666 |
4,666 |
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Revaluation reserve |
115,270 |
115,270 |
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Other reserves |
37,640 |
37,640 |
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Retained earnings |
182,016 |
223,102 |
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Shareholders' funds |
339,592 |
380,678 |
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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
The Tower Garage Limited
(Registration number: 00173025)
Balance Sheet as at 31 December 2024
Approved and authorised by the
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The Tower Garage Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Revaluation reserve |
Other reserves |
Profit and loss account |
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At 1 January 2024 |
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Profit for the year |
- |
- |
- |
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Total comprehensive income |
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- |
- |
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Dividends |
- |
- |
- |
( |
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At 31 December 2024 |
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Total |
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At 1 January 2024 |
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Profit for the year |
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Total comprehensive income |
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Dividends |
( |
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At 31 December 2024 |
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Share capital |
Revaluation reserve |
Other reserves |
Retained earnings |
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At 1 January 2023 |
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Profit for the year |
- |
- |
- |
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Other |
- |
( |
- |
( |
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Dividends |
- |
- |
- |
( |
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At 31 December 2023 |
4,666 |
115,270 |
37,640 |
223,102 |
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Total |
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At 1 January 2023 |
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Profit for the year |
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Other |
( |
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Dividends |
( |
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At 31 December 2023 |
380,678 |
The Tower Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The company was formerly known as Tower Garage (The).
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in Pound Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The Tower Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. |
The directors do not consider there to be any critical accounting judgements that must be applied. |
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider there to be any estimates or assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also
recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
The Tower Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold building improvements |
10% straight line |
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Plant and machinery |
15% reducing balance |
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Office equipment |
33.3% straight line |
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Motor vehicles |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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 bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases (as lessors)
Assets which are leased to a third party under an operating lease are recognised as fixed assets. Such assets are classified in the financial statements according to the nature of the asset and are depreciated on the same basis of similar assets. Income from operating leases are recognised in profit and loss account on a straight line basis.
The Tower Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £186,662 (2023 - £186,665) in respect of freehold land and buildings.
Revaluation
The Tower Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
The company's freehold land and buildings was revalued on
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Stocks |
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2024 |
2023 |
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Merchandise |
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Work in progress |
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Finished goods and goods for resale |
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The Tower Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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4,666 |
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4,666 |
In 2023, the 4666 ordinary shares of £1 each have been recategorised to 2333 A shares and 2333 B shares.
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
The Tower Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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145,081 |
182,608 |
Dividends paid to directors
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2024 |
2023 |
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Interim dividends |
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69,988 |
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Summary of transactions with associates
The Tower Garage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Loans from related parties
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2024 |
Directors |
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At start of period |
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Repaid |
( |
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At end of period |
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Terms of loans from related parties
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Parent and ultimate parent undertaking |
The company's immediate parent is