Musbury Garage Limited

Contents

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

Musbury Garage Limited

(Registration number: 06443618)
Statement of Financial Position as at 30 April 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	825,119	758,777
Current assets
Stocks	6	93,939	70,023
Debtors	7	45,480	53,055
Cash at bank and in hand		116,080	128,922
		255,499	252,000
Creditors: Amounts falling due within one year	8	(297,721)	(281,595)
Net current liabilities		(42,222)	(29,595)
Total assets less current liabilities		782,897	729,182
Creditors: Amounts falling due after more than one year	8	(28,344)	(94,749)
Provisions for liabilities		(180,986)	(189,694)
Net assets		573,567	444,739
Capital and reserves
Called up share capital		100	100
Profit and loss account		573,467	444,639
Shareholders' funds		573,567	444,739

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 15 January 2026
 

J L Rinaldi Director

Musbury 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 and Wales.

The address of its registered office is:
Musbury Garage
Musbury
Axminster
Devon
EX13 8AX

Principal activity

The principal activity of the company is the selling of fuel, vehicle repairs and the hiring of vehicles.

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.

Musbury 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
Short leasehold property	Straight line over the life of the lease

Musbury Garage Limited

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

2	Accounting policies (continued)

Plant and machinery	Between 10% and 15% reducing balance
Fixtures and fittings	Between 10% and 15% reducing balance
Motor vehicles	Between 10% and 15% reducing balance

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.

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.

Musbury Garage Limited

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

2	Accounting policies (continued)

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 statement of comprehensive income 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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Musbury Garage Limited

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

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 27 (2024 - 24).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2024	150,000	150,000
At 30 April 2025	150,000	150,000
Amortisation
At 1 May 2024	150,000	150,000
At 30 April 2025	150,000	150,000
Carrying amount
At 30 April 2025	-	-

Musbury Garage Limited

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

5	Tangible assets

	Short leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2024	17,887	125,263	128,611	869,214	1,140,975
Additions	2,335	408	437	216,264	219,444
Disposals	-	-	-	(75,246)	(75,246)
At 30 April 2025	20,222	125,671	129,048	1,010,232	1,285,173
Depreciation
At 1 May 2024	17,886	93,652	80,640	190,020	382,198
Charge for the year	234	4,777	7,234	94,717	106,962
Eliminated on disposal	-	-	-	(29,106)	(29,106)
At 30 April 2025	18,120	98,429	87,874	255,631	460,054
Carrying amount
At 30 April 2025	2,102	27,242	41,174	754,601	825,119
At 30 April 2024	1	31,611	47,971	679,194	758,777

6

Stocks

	2025 £	2024 £
Finished goods and goods for resale	93,939	70,023

7

Debtors

	2025 £	2024 £
Trade debtors	13,751	22,857
Other debtors	21,998	23,704
Prepayments	9,731	6,494
	45,480	53,055

Musbury Garage Limited

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

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings		55,878	94,639
Trade creditors		142,708	128,993
Taxation and social security		91,952	45,653
Accruals and deferred income		5,478	5,381
Other creditors		1,705	6,929
		297,721	281,595

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings		28,344	94,749

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10	Related party transactions

Transactions with the director

2025	At 1 May 2024 £	Advances to director £	Repayments by director £	At 30 April 2025 £
J L Rinaldi
	23,704	33,657	(35,364)	21,997

2024	At 1 May 2023 £	Advances to director £	Repayments by director £	At 30 April 2024 £
J L Rinaldi
	(29,924)	53,628	-	23,704