Registration number: 06057461

Highfield Garage and Recovery Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Highfield Garage and Recovery Limited

Company Information

Directors

Mr J J Cox Mrs E A Cox

Registered office

Highfield Spreyton Crediton Devon EX17 5AF

Accountants

Thompson Jenner LLP Chartered Accountants 28 Alexandra Terrace Exmouth Devon EX8 1BD

Highfield Garage and Recovery Limited

(Registration number: 06057461)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	2,360,070	2,213,591
Current assets
Stocks	5	71,750	75,000
Debtors	6	359,366	322,597
Cash at bank and in hand		538,866	789,209
		969,982	1,186,806
Creditors: Amounts falling due within one year	7	(768,649)	(722,647)
Net current assets		201,333	464,159
Total assets less current liabilities		2,561,403	2,677,750
Creditors: Amounts falling due after more than one year	7	(983,684)	(1,007,330)
Provisions for liabilities		(399,117)	(363,716)
Net assets		1,178,602	1,306,704
Capital and reserves
Called up share capital		100	100
Retained earnings		1,178,502	1,306,604
Shareholders' funds		1,178,602	1,306,704

For the financial year ending 31 March 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 31 December 2025 and signed on its behalf by:
 

......................................... Mr J J Cox Director

Highfield Garage and Recovery Limited

(Registration number: 06057461)
Balance Sheet as at 31 March 2025

These financial statements have been 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 Profit and Loss Account.

Highfield Garage and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
Highfield
Spreyton
Crediton
Devon
EX17 5AF

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

Highfield Garage and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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
Breakdown vehicles	20 % straight line
Plant and machinery	20 % straight line
Office equipment	20 % straight line
Vehicles	20 % straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Highfield Garage and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Highfield Garage and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 61 (2024 - 54).

Highfield Garage and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Stocks

	2025 £	2024 £
Raw materials and consumables	-	500
Finished goods and goods for resale	1,000	1,000
Other stocks	70,750	73,500
	71,750	75,000

6

Debtors

	2025 £	2024 £
Trade debtors	211,582	243,380
Other debtors	81,079	8,779
Prepayments and accrued income	66,705	70,438
Total current trade and other debtors	359,366	322,597

7

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	400,487	361,660
Trade creditors		218,058	214,609
Taxation and social security		112,178	116,242
Other creditors		11,057	6,036
Accrued expenses		26,869	24,100
		768,649	722,647

Highfield Garage and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	983,684	1,007,330

8	Loans and borrowings

	2025 £	2024 £
Current loans and borrowings
Bank borrowings	22,099	21,126
Hire purchase contracts	378,388	340,534
	400,487	361,660

	2025 £	2024 £
Non-current loans and borrowings
Bank borrowings	138,587	161,564
Hire purchase contracts	845,097	845,766
	983,684	1,007,330

Secured loans and borrowings

The finance lease liabilities are secured on the assets concerned. The bank borrowing is secured on the freehold land owned by the company.

9	Related party transactions

Transactions with directors

2025	At 1 April 2024 £	Advances to director £	Repayments by director £	At 31 March 2025 £
Interest free loan	3,990	22,272	(7,735)	18,527
Interest free loan	3,990	22,272	(7,735)	18,527

2024	At 1 April 2023 £	Advances to director £	Repayments by director £	At 31 March 2024 £
Interest free loan	3,164	13,416	(12,590)	3,990
Interest free loan	3,164	13,416	(12,590)	3,990