| Falmouth Garages Limited |
|
| Balance Sheet |
|
| As at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,382,504 |
|
|
994,036 |
| Investments |
4 |
|
|
50,500 |
|
|
50,500 |
|
|
|
|
1,433,004 |
|
|
1,044,536 |
|
| Current assets |
| Stocks |
|
|
43,271 |
|
|
113,830 |
| Debtors |
5 |
|
389,872 |
|
|
26,939 |
| Cash at bank and in hand |
|
|
815,248 |
|
|
1,190,691 |
| |
|
|
1,248,391 |
|
|
1,331,460 |
|
| Creditors: amounts falling due within one year |
7 |
|
(489,598) |
|
|
(143,923) |
|
| Net current assets/(liabilities) |
|
|
|
758,793 |
|
|
1,187,537 |
|
| Total assets less current liabilities |
|
|
|
2,191,797 |
|
|
2,232,073 |
|
|
| Provisions for liabilities - |
| deferred taxation |
|
|
|
(29,362) |
|
|
(29,362) |
|
|
| Net assets |
|
|
|
2,162,435 |
|
|
2,202,711 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100,000 |
|
|
100,000 |
| Profit and loss account |
|
|
|
2,062,435 |
|
|
2,102,711 |
|
| Shareholders' funds |
|
|
|
2,162,435 |
|
|
2,202,711 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
| Mr A C Kitts |
| Director |
| Approved by the board on 29 September 2025 |
|
| Falmouth Garages Limited |
|
| Notes to the Accounts |
|
| For the Year Ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
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 |
|
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
|
|
|
Tangible fixed assets and depreciation |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
|
Freehold buildings |
2% on a straight line basis |
| . |
Plant and machinery |
20% on a reducing balance basis |
| ;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;; |
Computer |
20% on a reducing balance basis |
|
Motor vehicles |
25% on a reducing balance basis |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. |
|
|
Investment properties |
|
Investment properties are revalued annually and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties. |
|
| 2 |
Employees |
2024 |
|
|
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
6 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Computer equipment |
|
Total |
| £ |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2024 |
978,572 |
|
49,770 |
|
19,497 |
|
1,513 |
|
1,049,352 |
|
Additions |
348,149 |
|
- |
|
55,214 |
|
- |
|
403,363 |
|
At 31 December 2024 |
1,326,721 |
|
49,770 |
|
74,711 |
|
1,513 |
|
1,452,715 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2024 |
- |
|
44,402 |
|
9,401 |
|
1,513 |
|
55,316 |
|
Charge for the year |
- |
|
1,339 |
|
13,556 |
|
- |
|
14,895 |
|
At 31 December 2024 |
- |
|
45,741 |
|
22,957 |
|
1,513 |
|
70,211 |
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
1,326,721 |
|
4,029 |
|
51,754 |
|
- |
|
1,382,504 |
|
At 31 December 2023 |
978,572 |
|
5,368 |
|
10,096 |
|
- |
|
994,036 |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 January 2024 |
50,500 |
|
|
At 31 December 2024 |
50,500 |
|
|
| 5 |
Debtors |
2024 |
|
|
|
2023 |
| £ |
£ |
|
|
Trade debtors |
20,807 |
|
|
|
18,439 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
11,283 |
|
|
|
- |
|
Other debtors |
357,782 |
|
|
|
8,500 |
|
|
|
|
|
|
389,872 |
|
|
|
26,939 |
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Investments held as current assets |
2024 |
|
|
|
2023 |
| £ |
£ |
|
Fair value |
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) in fair value included in the profit and loss account for the financial year |
|
Unlisted investments |
- |
|
|
|
631,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2024 |
|
|
|
2023 |
| £ |
£ |
|
|
Trade creditors |
43,685 |
|
|
|
36,510 |
|
Corporation tax |
61,823 |
|
|
|
61,823 |
|
Other creditors |
384,090 |
|
|
|
45,590 |
|
|
|
|
|
|
489,598 |
|
|
|
143,923 |
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions and Controlling entity |
|
|
The Company is controlled by the director who owns 100% of the called up share capital and the balance of the Directors loan account at 31st December 2024 was £12474 (2023 £39368) . |
|
|
| 9 |
Other information |
|
|
Falmouth Garages Limited is a private company limited by shares and incorporated in England. Its registered office is: 7 Church Street, Penryn, Cornwall, TR10 8DA |
|
Its registered number is 02999539. |