REGISTERED NUMBER: 05729447 (England and Wales)

SEACROFT GARAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

J E Handley

H C Handley

SECRETARY:

Mrs F A Handley

REGISTERED OFFICE:

Seacroft Garage

Seacroft Road

Mablethorpe

Lincolnshire

LN12 2DT

REGISTERED NUMBER:

05729447 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Oxley House

Lincoln Way

Louth

Lincolnshire

LN11 0LS

BANKERS:

Barclays Bank PLC

65 Lumley Road

Skegness

Lincolnshire

PE25 3LU

FIXED ASSETS

Tangible assets

4

530,411

489,576

CURRENT ASSETS

Stocks

866,998

861,899

Debtors

5

60,905

27,029

Cash at bank

288,400

407,628

1,216,303

1,296,556

CREDITORS

Amounts falling due within one year

6

366,394

452,552

NET CURRENT ASSETS

849,909

844,004

TOTAL ASSETS LESS CURRENT LIABILITIES

1,380,320

1,333,580

CREDITORS

Amounts falling due after more than one year

7

(24,805

)

(27,294

)

PROVISIONS FOR LIABILITIES

(23,551

)

(13,344

)

NET ASSETS

1,331,964

1,292,942

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

1,331,864

1,292,842

SHAREHOLDERS' FUNDS

1,331,964

1,292,942

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 20 May 2026 and were signed on its behalf by:

H C Handley - Director

1.	STATUTORY INFORMATION

Seacroft Garage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts.

Vehicle sales and parts sales are recognised upon delivery to the customer, or upon collection by the customer. Servicing and workshop sales are recognised in the period in which the services are rendered. Forecourt sales are recognised at the point of sale.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery

- 20% on cost, 15% on reducing balance and 10% on cost

Fixtures and fittings

- 25% on cost

Motor vehicles

- 25% on reducing balance

Long leasehold improvements are depreciated to write down the cost less estimated residual value over the remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged as it is not material.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments

The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligations outstanding in each period.

Pension costs and other post-retirement benefits

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2025 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Long

Freehold

leasehold

Plant and

property

improvements

machinery

£

£

£

COST

At 1 April 2025

210,328

225,875

158,833

Additions

-

-

18,136

At 31 March 2026

210,328

225,875

176,969

DEPRECIATION

At 1 April 2025

-

-

121,553

Charge for year

-

-

14,940

At 31 March 2026

-

-

136,493

NET BOOK VALUE

At 31 March 2026

210,328

225,875

40,476

At 31 March 2025

210,328

225,875

37,280

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2025

105,768

18,600

719,404

Additions

8,955

46,494

73,585

At 31 March 2026

114,723

65,094

792,989

DEPRECIATION

At 1 April 2025

92,227

16,048

229,828

Charge for year

6,518

11,292

32,750

At 31 March 2026

98,745

27,340

262,578

NET BOOK VALUE

At 31 March 2026

15,978

37,754

530,411

At 31 March 2025

13,541

2,552

489,576

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

32,513

2,263

Directors' current accounts

167

-

Prepayments

28,225

24,766

60,905

27,029

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

56,462

93,937

Taxation

39,570

46,992

Other taxes and social security

11,853

13,598

Pension creditor

1,738

1,845

VAT

18,278

60,017

Other creditors

214,434

214,434

Directors' current accounts

45

80

Accrued expenses

24,014

21,649

366,394

452,552

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Other creditors

24,805

27,294

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

100

Ordinary

£1

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2026 and 31 March 2025:

2026

2025

£

£

J E Handley

Balance outstanding at start of year

(45

)

(45

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(45

)

(45

)

H C Handley

Balance outstanding at start of year

(35

)

3,134

Amounts advanced

28,923

24,795

Amounts repaid

(28,722

)

(27,964

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

166

(35

)

The credit director's loan account is unsecured, interest free and repayable on demand.

The overdrawn director's loan account was repaid following the year end by way of a dividend. Interest has been charged at the official rate set by HM Revenue & Customs.

10.	RELATED PARTY DISCLOSURES