REGISTERED NUMBER: 05912867 (England and Wales)

Financial Statements

for the Year Ended 31 January 2025

for

Youngs Garage (Tealby) Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A Sullivan

SECRETARY:

Mrs J Sullivan

REGISTERED OFFICE:

Rasen Road

Tealby

MARKET RASEN

Lincolnshire

LN8 3XH

REGISTERED NUMBER:

05912867 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Lloyds Bank

1 Legg Street

Chelmsford

Essex

CM1 1JS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

189,349

193,177

189,349

193,177

CURRENT ASSETS

Stocks

3,000

3,000

Debtors

9,636

16,121

Cash at bank and in hand

1,108

450

13,744

19,571

CREDITORS

Amounts falling due within one year

129,488

115,500

NET CURRENT LIABILITIES

(115,744

)

(95,929

)

TOTAL ASSETS LESS CURRENT LIABILITIES

73,605

97,248

CREDITORS

Amounts falling due after more than one year

90,000

90,000

NET (LIABILITIES)/ASSETS

(16,395

)

7,248

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Retained earnings

7

(21,395

)

2,248

SHAREHOLDERS' FUNDS

(16,395

)

7,248

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 January 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 October 2025 and were signed by:

Mr A Sullivan - Director

1.	STATUTORY INFORMATION

Youngs Garage (Tealby) 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

2% on cost and 1.3333% on cost to allow for land value

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is not provided on freehold buildings where the discounted estimated residual value exceeds the carrying amount at the period end. Annual reviews are carried out to determine whether there is any indication that the property has suffered an impairment loss. If such an indication exists, the recoverable amount is estimated in order to determine the extent of the impairment loss.

The recoverable amount is the higher of fair value less selling costs and value in use. Value in use is the present value of the future cash flows expected to be derived from an asset calculated by estimating the future cash inflows and outflows to be derived from continuing use of an asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2024

and 31 January 2025

5,800

AMORTISATION

At 1 February 2024

and 31 January 2025

5,800

NET BOOK VALUE

At 31 January 2025

-

At 31 January 2024

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 February 2024

293,880

Disposals

(1,000

)

At 31 January 2025

292,880

DEPRECIATION

At 1 February 2024

100,703

Charge for year

3,820

Eliminated on disposal

(992

)

At 31 January 2025

103,531

NET BOOK VALUE

At 31 January 2025

189,349

At 31 January 2024

193,177

Cost or valuation at 31 January 2025 is represented by:

Totals

£

Valuation in 2022

40,000

Cost

252,880

292,880

If freehold property had not been revalued it would have been included at the following historical cost:

31/1/25

31/1/24

£

£

Cost

187,500

187,500

Aggregate depreciation

56,250

52,500

Freehold property was valued on an open market basis on 31 January 2022 by the director .

6.	SECURED DEBTS

The following secured debts are included within creditors:

31/1/25

31/1/24

£

£

Bank overdraft

-

5,391

7.

RESERVES

Included within reserves is an amount of £40,000 (2024: £40,000) which relates to an upward

revaluation of freehold property, this amount does not represent distributable reserves.