Wills Garage Folkestone Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Wills Garage Folkestone Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09395261 . The registered office is 1-2 Rhodium Point Spindle Close, Hawkinge, Folkestone, Kent, CT18 7TQ.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. Statement of Compliance

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

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

3.2. Going Concern Disclosure

The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

3.3. Significant judgements and estimations

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

3.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

3.5. Intangible Fixed Assets and Amortisation - Goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill - straight line over 5 years

3.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance

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Wills Garage Folkestone Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

3.7. Stocks and Work in Progress

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.

3.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3.9. Interest Payable

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3.11. Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

3.12. Government Grant

Grants are accounted for under the accruals model permitted by FRS102. Grants relating to expenditure on tangible assets are credited to the profit and loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

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Wills Garage Folkestone Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

3.13. Debtors and creditors receivable / payable within one year

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 profit and loss account in administrative expenses.

4. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2025: 7)

5. Intangible Assets

	Goodwill
	£
Cost
As at 1 February 2025	175,000

As at 31 January 2026	175,000

Amortisation
As at 1 February 2025	175,000

As at 31 January 2026	175,000

Net Book Value
As at 31 January 2026	-

As at 1 February 2025	-

6. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 February 2025	37,452	9,283	1,420	48,155
Additions	5,745	-	434	6,179

As at 31 January 2026	43,197	9,283	1,854	54,334

Depreciation
As at 1 February 2025	28,341	1,640	632	30,613
Provided during the period	2,228	1,911	305	4,444

As at 31 January 2026	30,569	3,551	937	35,057

Net Book Value
As at 31 January 2026	12,628	5,732	917	19,277

As at 1 February 2025	9,111	7,643	788	17,542

7. Stocks

	2026	2025
	£	£
Stock	10,106	4,234
Work in progress	1,047	1,608

	11,153	5,842

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Wills Garage Folkestone Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

8. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	2,460	1,704
Other debtors	5,903	4,252

	8,363	5,956

9. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	18,136	13,985
Other creditors	4,410	12,235
Taxation and social security	16,537	16,757

	39,083	42,977

10. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	1,300	1,300

11. Financial Instruments

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,600 (2025 - £15,600), relating to future minimum lease payments due under non-cancellable operating leases.

Amounts disclosed in the balance sheet

Included in the balance sheet are unpaid pensions of £460 (2025 - £960).

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	6		19,277		17,542

			19,277		17,542
CURRENT ASSETS
Stocks	7	11,153		5,842
Debtors	8	8,363		5,956
Cash at bank and in hand		52,068		89,920

		71,584		101,718
Creditors: Amounts Falling Due Within One Year	9	(39,083 )		(42,977 )

NET CURRENT ASSETS (LIABILITIES)			32,501		58,741

TOTAL ASSETS LESS CURRENT LIABILITIES			51,778		76,283

PROVISIONS FOR LIABILITIES
Deferred Taxation			(4,863 )		(3,460 )

NET ASSETS			46,915		72,823

CAPITAL AND RESERVES
Called up share capital	10		1,300		1,300
Profit and Loss Account			45,615		71,523

SHAREHOLDERS' FUNDS			46,915		72,823