Mountain Goat Garage Limited


Directors	BROUGHTON, Ian Stephen
	CLAYTON, Anne Elizabeth
	TYSON, Robin Dixon


Registered Address	Mountain Goat Garage Ltd
	Chestnut Road
	Windermere
	LA23 2AL


Registered Number	09925791 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The directors believe they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.
 Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets’; residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets’; residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Plant and machinery	10
	Fixtures and fittings	10
	Vehicles	5
	Office Equipment	4

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

	Financial instruments
	The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Government grants or assistance
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants or assistance

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	10		8

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 April 24	50,000	50,000
At 31 March 25	50,000	50,000
Amortisation and impairment
At 01 April 24	40,000	40,000
Charge for year	5,000	5,000
At 31 March 25	45,000	45,000
Net book value
At 31 March 25	5,000	5,000
At 31 March 24	10,000	10,000

4.	Useful life of intangible assets
	Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of Goodwill has been set at 10 years and the asset will be amortised on a straight line basis over that period.

5.	Tangible fixed assets

	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 April 24	28,808	11,292	16,311	3,098	59,509
Additions	-	-	1,234	-	1,234
At 31 March 25	28,808	11,292	17,545	3,098	60,743
Depreciation and impairment
At 01 April 24	22,708	4,662	4,415	3,098	34,883
Charge for year	3,000	2,210	1,790	-	7,000
At 31 March 25	25,708	6,872	6,205	3,098	41,883
Net book value
At 31 March 25	3,100	4,420	11,340	-	18,860
At 31 March 24	6,100	6,630	11,896	-	24,626

6.	Stocks

	2025	2024
	£	£
Raw materials and consumables	11,444	9,500
Total	11,444	9,500

7.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	46,280	65,762
Other debtors	14,500	9,700
Prepayments and accrued income	4,297	4,132
Total	65,077	79,594


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

8.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	34,238	53,872
Bank borrowings and overdrafts	11,250	11,250
Amounts owed to related parties	115,064	78,855
Taxation and social security	24,271	20,305
Finance lease and HP contracts	-	3,262
Other creditors	6,637	6,629
Accrued liabilities and deferred income	2,780	2,706
Total	194,240	176,879


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The bank loan was raised under the CBILS scheme and is unsecured.

9.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	2,665	13,797
Other creditors	834	5,834
Total	3,499	19,631

10.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	-		3,262

11.	Provisions for liabilities
	In the current year, the deferred tax asset is net of the corporation tax losses and accelerated capital allowances. In the prior year, the deferred tax provision to relates accelerated capital allowances only.

12.	Parent-subsidiary relationships
	As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone. The immediate and ultimate parent undertaking is Mountain Goat Limited, a company registered in England and Wales, company number 02862284.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		5,000		10,000
Tangible assets	5		18,860		24,626
			23,860		34,626
Current assets
Stocks	6	11,444		9,500
Debtors	7	65,077		79,594
Cash at bank and on hand		16,923		19,002
		93,444		108,096
Creditors amounts falling due within one year	8	(194,240)		(176,879)
Net current assets (liabilities)			(100,796)		(68,783)
Total assets less current liabilities			(76,936)		(34,157)
Creditors amounts falling due after one year	9		(3,499)		(19,631)
Net assets			(80,435)		(53,788)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(80,535)		(53,888)
Shareholders' funds			(80,435)		(53,788)