EASTMENTS GARAGE LTD.


Director	Mr P R Eastment


Registered Address	Eastments Garage Newark Road
	Torksey Lock
	Lincoln
	LN1 2EJ


Registered Number	09500213 (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.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Revenue from sale of goods
	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.

Revenue from sale of goods

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
	Contributions to defined contribution plans are expensed in the period to which they relate.

	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
	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. Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Goodwill - 3 years straight line

Intangible assets

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.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Goodwill - 3 years straight line

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	20	-
Fixtures and fittings	20	-
Vehicles	25	-
Office Equipment	-	3

	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 balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	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).

	Trade and other debtors
	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.

Trade and other debtors

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.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other creditors
	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.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	9		9

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 April 24	15,000	15,000
At 31 March 25	15,000	15,000
Amortisation and impairment
At 01 April 24	15,000	15,000
At 31 March 25	15,000	15,000
Net book value
At 31 March 25	-	-
At 31 March 24	-	-

4.	Tangible fixed assets

	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 April 24	24,634	9,249	1,426	35,309
Additions	-	4,000	-	4,000
Disposals	(18,189)	(13,249)	-	(31,438)
At 31 March 25	6,445	-	1,426	7,871
Depreciation and impairment
At 01 April 24	20,456	8,085	696	29,237
Charge for year	861	738	209	1,808
On disposals	(16,030)	(8,822)	-	(24,852)
At 31 March 25	5,287	1	905	6,193
Net book value
At 31 March 25	1,158	(1)	521	1,678
At 31 March 24	4,178	1,164	730	6,072

5.	Stocks

	2025	2024
	£	£
Work in progress	-	20,000
Other stocks	-	95,000
Total	-	115,000

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	2,184	24,217
Other debtors	78,094	99,660
Prepayments and accrued income	-	6,752
Total	80,278	130,629

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	16,501	22,394
Bank borrowings and overdrafts	54,495	53,162
Taxation and social security	238,062	215,480
Other creditors	2,605	2,958
Accrued liabilities and deferred income	3,768	4,122
Total	315,431	298,116

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	8,039	16,015
Total	8,039	16,015


	Bank borrowings Bank Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 5 June 2026. The carrying amount at year end is £17,832 (2024 - £25,808).

9.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
Mr P R Eastment	74,385	25,941	52,455	47,871
Loan with interest charged
	74,385	25,941	52,455	47,871


	In the previous year advances to directors were £13,681 and repayments of £55,855. Interest charged is at HMRC official rate

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		1,678		6,072
			1,678		6,072
Current assets
Stocks	5	-		115,000
Debtors	6	80,278		130,629
Cash at bank and on hand		2,437		2,437
		82,715		248,066
Creditors amounts falling due within one year	7	(315,431)		(298,116)
Net current assets (liabilities)			(232,716)		(50,050)
Total assets less current liabilities			(231,038)		(43,978)
Creditors amounts falling due after one year	8		(8,039)		(16,015)
Net assets			(239,077)		(59,993)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(239,177)		(60,093)
Shareholders' funds			(239,077)		(59,993)