REGISTERED NUMBER: 00525874 (England and Wales)

Perkins Garages Limited

Financial Statements

for the Year Ended 31 December 2025

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

S H Terry

J I Terry

I H Terry

A G Paine

P C Terry

Secretary:

G F Ellis

Registered office:

Rigg Approach

Lea Bridge Road

Leyton

London

E10 7QN

Registered number:

00525874 (England and Wales)

Auditors:

Clay Ratnage Strevens & Hills

Chartered Accountants and

Statutory Auditor

Construction House, Runwell Road

Wickford

Essex

SS11 7HQ

Fixed assets

Tangible assets

4

341,774

388,538

Investments

5

1

1

341,775

388,539

Current assets

Stock

6

2,047,222

2,125,968

Debtors

7

134,537

143,777

Cash at bank and in hand

65,022

41,495

2,246,781

2,311,240

Creditors

Amounts falling due within one year

8

1,220,182

1,132,239

Net current assets

1,026,599

1,179,001

Total assets less current liabilities

1,368,374

1,567,540

Creditors

Amounts falling due after more than one year

9

(529,719

)

(732,475

)

Provisions for liabilities

10

(5,562

)

(4,826

)

Net assets

833,093

830,239

Capital and reserves

Called up share capital

50,000

50,000

Retained earnings

783,093

780,239

833,093

830,239

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 by the Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

S H Terry - Director

1.	Statutory information

Perkins Garages 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.

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.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the company has transferred the significant risks and rewards of ownership to the buyer;

-

the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, either using the straight-line method or on a reducing balance basis.

Depreciation is provided at the following rates:

Improvements to property

- over the period of the lease

Plant and machinery

- 20% reducing balance

Fixtures and fittings

- 20% reducing balance

Computer equipment

- 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stock is assessed for impairment. If stock is 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.

Financial instruments

The company has elected to apply Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and subsequently carried at amortised cost using the effective interest method, less any impairment provision. Where an arrangement constitutes a financing transaction, whereby payment is deferred beyond normal business terms, it is measured at the present value of future receipts discounted at a market rate of interest. Discounting is omitted where the effect is immaterial.

Impairment of financial assets

Financial assets are assessed for impairment at each reporting date. An impairment loss arises where events subsequent to initial recognition indicate that estimated future cash flows have been adversely affected, and is measured as the difference between the carrying amount and the present value of future cash flows at the original effective interest rate. Where the indicators of impairment subsequently reverse, the impairment loss may be reversed up to the original carrying amount, and is recognised in profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of their contractual arrangements. An equity instrument is any contract that evidences a residual interest in the assets of the company after deduction of all its liabilities.

Basic financial liabilities, including trade and other payables and bank and other loans, are initially measured at transaction price after transaction costs, or where a financing transaction exists, at the present value of future payments discounted at a market rate of interest. Discounting is omitted where the effect is immaterial. All debt instruments, including trade payables, are subsequently carried at amortised cost using the effective interest method.

Trade payables are classified as current liabilities where payment is due within one year, and as non-current liabilities otherwise.

Derecognition of financial instruments

Financial assets are derecognised when contractual rights to future cash flows expire, are settled, or when the asset and substantially all risks and rewards of ownership are transferred to another party. Where significant risks and rewards are retained, the relevant portion continues to be recognised. Financial liabilities are derecognised when the related contractual obligations are discharged, cancelled or expire.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs

Finance costs are charged to profit or loss 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.

Pensions

Defined contribution pension plan

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 profit or loss 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.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

3.	Employees and directors

The average number of employees during the year was 25 (2024 - 26 ) .

4.	Tangible fixed assets

Improvements

to

Furniture,

property

equipment

and

and

portable

Plant and

computer

Computer

buildings

machinery

equipment

equipment

Totals

£

£

£

£

£

Cost

At 1 January 2025

709,724

398,481

29,075

146,580

1,283,860

Additions

-

13,430

1,950

-

15,380

Disposals

-

(5,345

)

(98,588

)

-

(103,933

)

At 31 December 2025

709,724

406,566

(67,563

)

146,580

1,195,307

Depreciation

At 1 January 2025

383,688

348,131

28,208

135,295

895,322

Charge for year

47,114

10,807

3,207

-

61,128

Eliminated on disposal

-

(4,694

)

(98,223

)

-

(102,917

)

At 31 December 2025

430,802

354,244

(66,808

)

135,295

853,533

Net book value

At 31 December 2025

278,922

52,322

(755

)

11,285

341,774

At 31 December 2024

326,036

50,350

867

11,285

388,538

5.	Fixed asset investments

Other

investments

£

Cost

At 1 January 2025

and 31 December 2025

1

Net book value

At 31 December 2025

1

At 31 December 2024

1

Subsidiary undertaking

The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

I Want To Buy A Car Limited

Construction House, Runwell Road, Wickford, Essex, SS11 7HQ

Ordinary

100%

6.

Stock

2025

2024

£

£

Goods for resale

2,047,222

2,125,968

7.

Debtors

2025

2024

£

£

Trade debtors

19,880

51,622

Amounts owed by group undertakings

50,828

50,000

Other debtors

63,829

42,155

134,537

143,777

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

1,074,593

911,385

Trade creditors

85,365

115,182

Amounts owed to group undertakings

1

1

Taxation and social security

34,700

57,839

Other creditors

25,523

47,832

1,220,182

1,132,239

9.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Amounts owed to group undertakings

382,719

585,475

Other creditors

147,000

147,000

529,719

732,475

10.	Provisions for liabilities

2025

2024

£

£

Deferred tax

5,562

4,826

Deferred

tax

£

Balance at 1 January 2025

4,826

Charged during the year

736

Balance at 31 December 2025

5,562

11.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Laura Main (Senior Statutory Auditor)

for and on behalf of Clay Ratnage Strevens & Hills

12.	Related party transactions

The directors have elected to take advantage of the exemption as set out in paragraph 33.1A of FRS 102, and have therefore not disclosed transactions with wholly owned members of the group.

13.	Ultimate parent undertaking and controlling party

The ultimate parent undertaking is Crownfield Holdings Limited, a company incorporated in England and Wales. Its registered office is Thurston Building, Hallsford Bridge Industrial Estate, Ongar, Essex, CM5 9RB.

The ultimate controlling parties are I H Terry and J I Terry who are directors of the company.

14.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

The total contributions paid in the year amounted to £24,635 (2024 - £27,627). Contributions totalling £3,734 (2024 - £4,711) were payable to the fund at the balance sheet date and are included in creditors.