Garage 59 Group Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09919285 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Garage 59 Group Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A G L West

A J Kirkaldy

S C Goodwin

REGISTERED OFFICE:

2 Pavilion Court

600 Pavilion Drive

Northampton

NN4 7SL

REGISTERED NUMBER:

09919285 (England and Wales)

ACCOUNTANTS:

Harris & Co

Chartered Accountants

2 Pavilion Court

600 Pavilion Drive

Northampton

NN4 7SL

FIXED ASSETS

Tangible assets

4

1,901,367

2,163,229

CURRENT ASSETS

Stocks

40,000

40,000

Debtors

5

688,014

657,015

Cash at bank

149,327

149,916

877,341

846,931

CREDITORS

Amounts falling due within one year

6

(4,689,284

)

(5,012,390

)

NET CURRENT LIABILITIES

(3,811,943

)

(4,165,459

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,910,576

)

(2,002,230

)

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

(1,910,677

)

(2,002,331

)

SHAREHOLDERS' FUNDS

(1,910,576

)

(2,002,230

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2023 and were signed on its behalf by:

A J Kirkaldy - Director

1.	STATUTORY INFORMATION

Garage 59 Group Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred 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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

2,674,617

Additions

357,875

Disposals

(425,740

)

At 31 December 2022

2,606,752

DEPRECIATION

At 1 January 2022

511,388

Charge for year

314,545

Eliminated on disposal

(120,548

)

At 31 December 2022

705,385

NET BOOK VALUE

At 31 December 2022

1,901,367

At 31 December 2021

2,163,229

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

52,262

77,510

Other debtors

635,752

579,505

688,014

657,015

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

528,643

121,966

Taxation and social security

29,523

23,553

Other creditors

4,131,118

4,866,871

4,689,284

5,012,390