REGISTERED NUMBER: 00635643 (England and Wales)

FRED REES GARAGES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B J Rees

R W Rees

REGISTERED OFFICE:

Victoria Garage

Perrotts Road

Haverfordwest

Pembrokeshire

SA61 2HD

REGISTERED NUMBER:

00635643 (England and Wales)

ACCOUNTANTS:

MHA (trading name of MHA Advisory Ltd)

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Tangible assets

4

1,329,055

1,347,318

CURRENT ASSETS

Stocks

5

1,506,002

1,277,107

Debtors

6

344,581

283,017

Cash at bank

12,263

5,796

1,862,846

1,565,920

CREDITORS

Amounts falling due within one year

7

(1,572,231

)

(1,227,032

)

NET CURRENT ASSETS

290,615

338,888

TOTAL ASSETS LESS CURRENT LIABILITIES

1,619,670

1,686,206

CREDITORS

Amounts falling due after more than one year

8

(5,000

)

(15,000

)

PROVISIONS FOR LIABILITIES

(119,898

)

(118,710

)

NET ASSETS

1,494,772

1,552,496

CAPITAL AND RESERVES

Called up share capital

10

42,041

42,041

Revaluation reserve

1,026,295

1,026,295

Capital redemption reserve

94,500

94,500

Retained earnings

331,936

389,660

1,494,772

1,552,496

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

R W Rees - Director

1.	STATUTORY INFORMATION

Fred Rees Garages Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There have been no material departures from Financial Reporting Standard 102 1A.

Turnover

Turnover represents sales of vehicles and repair work undertaken during the year, excluding Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and property

-

straight line over 35 years

Improvements to property

-

straight line over 5 or 10 years

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Consignment stock is included as an asset in the balance sheet with the amount due in respect of such stock being included in other creditors as a consignment stocking loan.

Current tax

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Non-derivative financial instruments

Basic financial instruments are recognised at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Land and

to

Plant and

and

building

property

machinery

Fittings

Totals

£

£

£

£

£

COST

At 1 January 2024

1,349,999

214,362

166,259

94,809

1,825,429

Additions

-

15,450

2,977

-

18,427

At 31 December 2024

1,349,999

229,812

169,236

94,809

1,843,856

DEPRECIATION

At 1 January 2024

68,786

181,738

144,726

82,861

478,111

Charge for year

7,643

20,539

5,519

2,989

36,690

At 31 December 2024

76,429

202,277

150,245

85,850

514,801

NET BOOK VALUE

At 31 December 2024

1,273,570

27,535

18,991

8,959

1,329,055

At 31 December 2023

1,281,213

32,624

21,533

11,948

1,347,318

The freehold property included above has been recognised using a previous fair value valuation as a deemed cost on transition to FRS 102. The historic cost equivalent of the property is £214,705 (2023: £214,705).

5.

STOCKS

2024

2023

£

£

Parts stock

40,015

39,038

Vehicle stock

378,537

490,598

Consignment stock

1,087,450

747,471

1,506,002

1,277,107

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

141,015

86,106

Other debtors

18,214

21,693

Directors' current accounts

185,352

175,218

344,581

283,017

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

303,445

267,208

Trade creditors

31,581

41,307

Consignment stocking loan

1,087,450

747,472

Corporation tax

44,711

65,515

Social security and other taxes

-

3,058

VAT

1,975

27,459

Other creditors

37,183

9,742

Accruals and deferred income

65,886

65,271

1,572,231

1,227,032

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

5,000

15,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

293,445

257,208

Consignment stocking loan

1,087,450

747,472

1,380,895

1,004,680

The company's borrowings, including the consignment loans are secured by a fixed charge over the freehold land and property owned by the company.

10.	CALLED UP SHARE CAPITAL

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

R W Rees and B J Rees

Balance outstanding at start of year

175,218

126,801

Amounts advanced

186,134

193,559

Amounts repaid

(176,000

)

(145,142

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

185,352

175,218

Interest has been charged on any overdrawn balances during the year at a commercial rate. The overdrawn balance is repayable within nine months of the year end.