Jewells Garage Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

Jewells Garage Limited

(Registration number: 05425621)
Statement of Financial Position as at 30 April 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	57,238	42,968
Current assets
Stocks		5,400	5,400
Debtors	6	106,069	68,749
Cash at bank and in hand		230,326	202,139
		341,795	276,288
Creditors: Amounts falling due within one year	7	(283,330)	(235,491)
Net current assets		58,465	40,797
Total assets less current liabilities		115,703	83,765
Provisions for liabilities		(565)	(10,580)
Net assets		115,138	73,185
Capital and reserves
Called up share capital		4	4
Profit and loss account		115,134	73,181
Shareholders' funds		115,138	73,185

For the financial year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 November 2025 and signed on its behalf by:
 

Mr A W Snell Company secretary and director

Jewells Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Half Moon
Newton St Cyres
Exeter
Devon
EX5 5AE

Principal activity

The principal activity of the company is motor vehicle repairs, servicing, and sales

2	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.

Jewells Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

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 income 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 statement of financial position 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.

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
Leasehold properties	Straight line over the life of the lease
Plant and machinery	10% straight line

Jewells Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

Motor vehicles	25% straight line
Office equipment	25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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
Goodwiil	10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Jewells Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2024 - 10).

Jewells Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2024	60,000	60,000
At 30 April 2025	60,000	60,000
Amortisation
At 1 May 2024	60,000	60,000
At 30 April 2025	60,000	60,000
Carrying amount
At 30 April 2025	-	-

5	Tangible assets

	Short leasehold land and buildings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2024	85,823	81,647	9,631	80,915	258,016
Additions	-	11,495	-	13,357	24,852
At 30 April 2025	85,823	93,142	9,631	94,272	282,868
Depreciation
At 1 May 2024	85,173	67,571	9,389	52,915	215,048
Charge for the year	650	107	154	9,671	10,582
At 30 April 2025	85,823	67,678	9,543	62,586	225,630
Carrying amount
At 30 April 2025	-	25,464	88	31,686	57,238
At 30 April 2024	650	14,076	242	28,000	42,968

Included within the net book value of land and buildings above is £ (2024 - £650) in respect of short leasehold land and buildings.
 

Jewells Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

6

Debtors

	Note	2025 £	2024 £
Trade debtors		83,948	60,181
Amounts owed by related parties	9	-	3,257
Other debtors		16,715	-
Prepayments		5,406	5,311
		106,069	68,749

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	153,885	25,000
Taxation and social security	60,938	67,016
Accruals and deferred income	3,890	4,330
Other creditors	64,617	139,145
	283,330	235,491

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9	Related party transactions

Transactions with directors

Jewells Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

9	Related party transactions (continued)

2025	At 1 May 2024 £	Advances to director £	Repayments by director £	At 30 April 2025 £
Director	(23,314)	51,992	(20,000)	8,678
Director	(38,316)	53,933	(20,000)	(4,383)
Director	(37,857)	6,849	(20,000)	(51,008)
Director	(34,403)	62,440	(20,000)	8,037
	(133,890)	175,213	(80,000)	(38,677)

2024	At 1 May 2023 £	Advances to director £	Repayments by director £	At 30 April 2024 £
Director	(14,218)	28,904	(38,000)	(23,314)
Director	(36,030)	35,714	(38,000)	(38,316)
Director	(3,936)	4,079	(38,000)	(37,857)
Director	(39,310)	42,907	(38,000)	(34,403)
	(93,494)	111,604	(152,000)	(133,890)