Company Registration number:
Robert Little Garages Limited
Financial Statements
for the
Year Ended 30 June 2025
Robert Little Garages Limited
Contents
Pages
|
Balance sheet |
|
|
Notes to the financial statements |
Robert Little Garages Limited
Balance Sheet as at 30 June 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
Other financial assets |
50,786 |
50,786 |
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Retained earnings |
|
|
|
|
Shareholders' funds |
|
|
Robert Little Garages Limited
Balance Sheet as at 30 June 2025 (continued)
For the financial year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
|
• |
|
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Company registration number: 05442373
Approved and authorised by the
|
......................................... |
Robert Little Garages Limited
Notes to the financial statements for the Year Ended 30 June 2025
|
GENERAL INFORMATION |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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 sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
Robert Little Garages Limited
Notes to the financial statements for the Year Ended 30 June 2025 (continued)
|
2 |
ACCOUNTING POLICIES (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
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.
Taxation
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 corporation 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.
Robert Little Garages Limited
Notes to the financial statements for the Year Ended 30 June 2025 (continued)
|
2 |
ACCOUNTING POLICIES (continued) |
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:
|
Asset class |
Depreciation method and rate |
|
Property improvements |
2% reducing balance |
|
Fixtures and fittings |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
Office equipment |
33% straight line |
|
Plant and machinery |
20% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Robert Little Garages Limited
Notes to the financial statements for the Year Ended 30 June 2025 (continued)
|
2 |
ACCOUNTING POLICIES (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Robert Little Garages Limited
Notes to the financial statements for the Year Ended 30 June 2025 (continued)
|
2 |
ACCOUNTING POLICIES (continued) |
Financial instruments
Classification
Recognition and measurement
Impairment
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
|
STAFF NUMBERS |
The average number of persons employed by the company (including the director) during the year, was
|
INTANGIBLE ASSETS |
|
Goodwill |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 July 2024 |
|
|
|
|
At 30 June 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 July 2024 |
|
|
|
|
Amortisation charge |
- |
|
|
|
At 30 June 2025 |
|
|
|
|
Carrying amount |
|||
|
At 30 June 2025 |
- |
|
|
|
At 30 June 2024 |
- |
|
|
Robert Little Garages Limited
Notes to the financial statements for the Year Ended 30 June 2025 (continued)
|
TANGIBLE ASSETS |
|
Property improvements |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||||
|
At 1 July 2024 |
|
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
( |
|
At 30 June 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 July 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
( |
|
At 30 June 2025 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 30 June 2025 |
|
|
|
|
|
|
|
At 30 June 2024 |
|
|
|
|
|
|
Robert Little Garages Limited
Notes to the financial statements for the Year Ended 30 June 2025 (continued)
|
OTHER FINANCIAL ASSETS (current and non-current) |
|
Financial assets at cost less impairment |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 July 2024 |
50,786 |
50,786 |
|
At 30 June 2025 |
50,786 |
50,786 |
|
Carrying amount |
||
|
At 30 June 2025 |
|
50,786 |
|
STOCKS |
|
2025 |
2024 |
|
|
Stocks |
|
|
|
DEBTORS |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Prepayments |
|
- |
|
Other debtors |
|
|
|
|
|
Robert Little Garages Limited
Notes to the financial statements for the Year Ended 30 June 2025 (continued)
|
CREDITORS |
Creditors: amounts falling due within one year
|
2025 |
2024 |
||
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
- |
|
|
|
|
Secured creditors falling due within one year include £36,443 (2024 - £98,400) of bank loans and overdrafts, and £66,757 (2024 - £28,844) of hire purchase agreements which are secured on the tangible fixed assets of the company.
Creditors: amounts falling due after more than one year
|
2025 |
2024 |
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Secured creditors falling due after more than one year include £64,048 (2024 - £29,400) of bank loans and overdrafts and £187,489 (2024 - £128,763) of hire purchase agreements which are secured on the tangible fixed assets of the company.
Robert Little Garages Limited
Notes to the financial statements for the Year Ended 30 June 2025 (continued)
|
RELATED PARTY TRANSACTIONS |
|
Transactions with the director |
|
2025 |
At 1 July 2024 |
Advances to director |
Repayments by director |
At 30 June 2025 |
|
Mr R G Little |
||||
|
Director's loan account |
|
|
( |
|
|
2024 |
At 1 July 2023 |
Advances to director |
Repayments by director |
At 30 June 2024 |
|
Mr R G Little |
||||
|
Director's loan account |
|
|
( |
|