REGISTERED NUMBER: 04997239 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

HORNE PARK GARAGE LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

998,608

906,211

998,608

906,211

CURRENT ASSETS

Stocks

30,280

37,357

Debtors

6

190,458

259,070

Cash at bank and in hand

249,170

255,738

469,908

552,165

CREDITORS

Amounts falling due within one year

7

259,317

380,006

NET CURRENT ASSETS

210,591

172,159

TOTAL ASSETS LESS CURRENT LIABILITIES

1,209,199

1,078,370

CREDITORS

Amounts falling due after more than one year

8

(239,942

)

(135,847

)

PROVISIONS FOR LIABILITIES

9

(124,328

)

(113,763

)

NET ASSETS

844,929

828,760

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

844,927

828,758

SHAREHOLDERS' FUNDS

844,929

828,760

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 27 October 2025 and were signed on its behalf by:

Mr P A Emery - Director

Mrs J Emery - Director

1.	STATUTORY INFORMATION

Horne Park Garage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04997239

Registered office:

Grenville House

9 Boutport Street

Barnstaple

Devon

EX31 1TZ

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of five years.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

at variable rates on reducing balance

Motor vehicles

-

25% on reducing balance

Equipment

-

25% on reducing balance

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 Profit and loss account, 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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 17 (2024 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

16,000

AMORTISATION

At 1 April 2024

and 31 March 2025

16,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

425,594

635,672

1,115,833

24,729

2,201,828

Additions

-

6,345

194,088

2,736

203,169

At 31 March 2025

425,594

642,017

1,309,921

27,465

2,404,997

DEPRECIATION

At 1 April 2024

-

426,804

851,436

17,377

1,295,617

Charge for year

-

42,910

67,463

399

110,772

At 31 March 2025

-

469,714

918,899

17,776

1,406,389

NET BOOK VALUE

At 31 March 2025

425,594

172,303

391,022

9,689

998,608

At 31 March 2024

425,594

208,868

264,397

7,352

906,211

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2024

347,708

Additions

190,588

At 31 March 2025

538,296

DEPRECIATION

At 1 April 2024

223,174

Charge for year

31,793

At 31 March 2025

254,967

NET BOOK VALUE

At 31 March 2025

283,329

At 31 March 2024

124,534

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

178,136

257,610

VAT

2,173

-

Prepayments and accrued income

10,149

1,460

190,458

259,070

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

94,576

101,767

Hire purchase contracts

46,490

22,121

Trade creditors

79,395

164,509

Corporation tax

12,275

40,335

Social security and other taxes

20,326

19,705

VAT

-

11,287

Directors' current accounts

1,145

195

Accrued expenses

5,110

20,087

259,317

380,006

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 2-5 years

28,253

48,253

Hire purchase contracts

211,689

87,594

239,942

135,847

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

48,740

2,772

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

124,328

113,763

Deferred

tax

£

Balance at 1 April 2024

113,763

Provided during year

10,565

Balance at 31 March 2025

124,328

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Retained

earnings

£

At 1 April 2024

828,758

Profit for the year

128,369

Dividends

(112,200

)

At 31 March 2025

844,927

12.	RELATED PARTY DISCLOSURES

The company was under the joint control of Mr and Mrs Emery throughout the current and previous year. Dividends were paid to the directors in accordance with their individual shareholdings. The total dividend payments are disclosed at note 5.

The company has paid rent during the year totalling £18,650 (2023: £18,648) for a unit owned by Mr and Mrs Emery.