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Company No: 02891852 (England and Wales)

# THE GARAGE EQUIPMENT ASSOCIATION LIMITED

### (A COMPANY LIMITED BY GUARANTEE)

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH THE REGISTRAR

THE GARAGE EQUIPMENT ASSOCIATION LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025

Contents

THE GARAGE EQUIPMENT ASSOCIATION LIMITED

## COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025
THE GARAGE EQUIPMENT ASSOCIATION LIMITED

## COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025

DIRECTORS | N A Ebbs (Resigned 10 April 2025)
| S V Fox (Appointed 10 April 2025)
| A Gill
| C M G Hodder
| T J Lewis (Appointed 10 April 2025)
| R T R Tabor (Resigned 27 August 2025)
| M L Tew
| J M Upton
| J E Woods

SECRETARY | J E Woods

REGISTERED OFFICE | 2/3 Church Walk
| Daventry
| Northamptonshire
| NN11 4BL
| United Kingdom

COMPANY NUMBER | 02891852 (England and Wales)

THE GARAGE EQUIPMENT ASSOCIATION LIMITED

## BALANCE SHEET

AS AT 31 DECEMBER 2025
THE GARAGE EQUIPMENT ASSOCIATION LIMITED

## BALANCE SHEET (continued)

AS AT 31 DECEMBER 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 4 | 939 |  | 1,564
Tangible assets | 5 | 90,292 |  | 93,538
|  | 91,231 |  | 95,102
Current assets |  |  |  |
Debtors | 6 | 22,258 |  | 19,647
Cash at bank and in hand |  | 497,847 |  | 494,857
|  | 520,105 |  | 514,504
Creditors: amounts falling due within one year | 7 | ( 11,474) |  | ( 12,604)
Net current assets |  | 508,631 |  | 501,900
Total assets less current liabilities |  | 599,862 |  | 597,002
Net assets |  | 599,862 |  | 597,002
Reserves |  |  |  |
Profit and loss account |  | 599,862 |  | 597,002
Total reserves |  | 599,862 |  | 597,002

For the financial year ending 31 December 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 financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Garage Equipment Association Limited (registered number: 02891852) were approved and authorised for issue by the Board of Directors on 08 April 2026. They were signed on its behalf by:

Julian Everitt Woods Director |

THE GARAGE EQUIPMENT ASSOCIATION LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025
THE GARAGE EQUIPMENT ASSOCIATION LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

The Garage Equipment Association Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2/3 Church Walk, Daventry, Northamptonshire, NN11 4BL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Taxation

Current tax
Taxation for the year comprises current tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets | 5 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 50 years straight line
Vehicles | 4 years straight line
Office equipment | 20 % reducing balance
Computer equipment | 3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies above.

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 4. Intangible assets

| Other intangible assets |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2025 | 3,910 |  | 3,910
Additions | 170 |  | 170
At 31 December 2025 | 4,080 |  | 4,080
Accumulated amortisation |  |  |
At 01 January 2025 | 2,346 |  | 2,346
Charge for the financial year | 795 |  | 795
At 31 December 2025 | 3,141 |  | 3,141
Net book value |  |  |
At 31 December 2025 | 939 |  | 939
At 31 December 2024 | 1,564 |  | 1,564

#### 5. Tangible assets

| Land and buildings |  | Vehicles |  | Office equipment |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 January 2025 | 134,873 |  | 8,106 |  | 18,188 |  | 22,391 |  | 183,558
At 31 December 2025 | 134,873 |  | 8,106 |  | 18,188 |  | 22,391 |  | 183,558
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 January 2025 | 43,584 |  | 8,106 |  | 16,062 |  | 22,268 |  | 90,020
Charge for the financial year | 2,698 |  | 0 |  | 425 |  | 123 |  | 3,246
At 31 December 2025 | 46,282 |  | 8,106 |  | 16,487 |  | 22,391 |  | 93,266
Net book value |  |  |  |  |  |  |  |  |
At 31 December 2025 | 88,591 |  | 0 |  | 1,701 |  | 0 |  | 90,292
At 31 December 2024 | 91,289 |  | 0 |  | 2,126 |  | 123 |  | 93,538

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 3,601 |  | 5,215
Prepayments | 16,004 |  | 12,199
VAT recoverable | 2,653 |  | 2,233
| 22,258 |  | 19,647

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 4,836 |  | 1,014
Accruals | 3,529 |  | 4,846
Corporation tax | 3,025 |  | 2,442
Other taxation and social security | 0 |  | 4,204
Other creditors | 84 |  | 98
| 11,474 |  | 12,604

#### 8. Liability of members

The Garage Equipment Association Limited, being a company Limited by Guarantee and not having a share capital, has the following clause included in its Memorandum and Article of Association
That every member of the company undertakes to contribute to the assets of the company in the event
of the same being wound-up during the time he is a member, or within one year afterwards, for paying off the debts and liabilities of the company contracted before the time at which he ceased to be a member and the costs, charges and expenses of winding-up the same and for the adjustment of the rights of the contributories amongst themselves such amount as may be required not to exceed £1.
The directors estimate that at 31 December 2025, the guarantees totalled £145 (2024: £140).