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Company Registration No. 5887151 (England and Wales)
Palermo Road Garage Limited Unaudited accounts for the year ended 30 September 2025
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Palermo Road Garage Limited for the year ended 30 September 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Palermo Road Garage Limited for the year ended 30 September 2025 as set out on pages 3 - 5 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of Palermo Road Garage Limited, as a body, in accordance with the terms of our engagement letter dated 18 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of Palermo Road Garage Limited and state those matters that we have agreed to state to the Board of Directors of Palermo Road Garage Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palermo Road Garage Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Palermo Road Garage Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Palermo Road Garage Limited. You consider that Palermo Road Garage Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Palermo Road Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Lewis Associates Chartered Certified Accountants 75 Coniston Gardens London NW9 0BA 1 April 2026
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Palermo Road Garage Limited Statement of financial position as at 30 September 2025
2025
2024
Notes
£
£
Fixed assets
Intangible assets
4
-
92,705
Tangible assets
5
1,493,483
1
1,493,483
92,706
Current assets
Inventories
2,760
2,080
Debtors
6
318
106,700
Cash at bank and in hand
119,362
71,508
122,440
180,288
Creditors: amounts falling due within one year
7
(99,084)
(131,278)
Net current assets
23,356
49,010
Total assets less current liabilities
1,516,839
141,716
Creditors: amounts falling due after more than one year
8
(1,386,009)
-
Net assets
130,830
141,716
Capital and reserves
Called up share capital
9
2
2
Share premium
-
65,281
Profit and loss account
130,828
76,433
Shareholders' funds
130,830
141,716
For the year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2026 and were signed on its behalf by
C Christodoulou Director Company Registration No. 5887151
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Palermo Road Garage Limited Notes to the Accounts for the year ended 30 September 2025
1
Statutory information
Palermo Road Garage Limited is a private company, limited by shares, registered in England and Wales, registration number 5887151. The registered office is 75 Coniston Gardens, London, NW9 0BA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: No depreciation of freehold property as market value exceeds cost.
Plant & machinery
25% straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
4
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2024
264,864
Disposals
(264,864)
At 30 September 2025
-
Amortisation
At 1 October 2024
172,159
On disposals
(172,159)
At 30 September 2025
-
Net book value
At 30 September 2025
-
At 30 September 2024
92,705
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Palermo Road Garage Limited Notes to the Accounts for the year ended 30 September 2025
5
Tangible fixed assets
Land & buildings
£
Cost or valuation
At cost
At 1 October 2024
79,864
Additions
1,493,483
Disposals
(79,864)
At 30 September 2025
1,493,483
Depreciation
At 1 October 2024
79,863
On disposals
(79,863)
At 30 September 2025
-
Net book value
At 30 September 2025
1,493,483
At 30 September 2024
1
6
Debtors
2025
2024
£
£
Amounts falling due after more than one year
Other debtors
318
106,700
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
29,700
-
Trade creditors
81,271
30,931
Taxes and social security
49,624
48,160
Other creditors
(61,511)
52,187
99,084
131,278
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
663,680
-
Loans from directors
722,329
-
1,386,009
-
9
Share capital
2025
2024
£
£
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
10
Average number of employees
During the year the average number of employees was 8 (2024: 8).
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