Paxton Hill Garage Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09497343 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PAXTON HILL GARAGE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Hucklesby

Mrs J E Hucklesby

SECRETARY:

Mrs J E Hucklesby

REGISTERED OFFICE:

Unit 4 Fenice Court

Phoenix Business Park

Eaton Socon

St Neots

Cambridgeshire

PE19 8EP

REGISTERED NUMBER:

09497343 (England and Wales)

ACCOUNTANTS:

Davey Grover Limited

Chartered Accountants

4 Fenice Court

Phoenix Business Park

Eaton Socon

St. Neots

Cambridgeshire

PE19 8EP

FIXED ASSETS

Intangible assets

4

30,000

45,000

Tangible assets

5

15,504

8,293

45,504

53,293

CURRENT ASSETS

Stocks

3,392

3,168

Debtors

6

13,134

10,605

Cash at bank and in hand

255,083

220,734

271,609

234,507

CREDITORS

Amounts falling due within one year

7

187,271

189,922

NET CURRENT ASSETS

84,338

44,585

TOTAL ASSETS LESS CURRENT LIABILITIES

129,842

97,878

PROVISIONS FOR LIABILITIES

2,155

330

NET ASSETS

127,687

97,548

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

127,587

97,448

SHAREHOLDERS' FUNDS

127,687

97,548

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 19 September 2023 and were signed on its behalf by:

Mr G Hucklesby - Director

Mrs J E Hucklesby - Director

1.	STATUTORY INFORMATION

Paxton Hill 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 net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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 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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

150,000

AMORTISATION

At 1 April 2022

105,000

Charge for year

15,000

At 31 March 2023

120,000

NET BOOK VALUE

At 31 March 2023

30,000

At 31 March 2022

45,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

36,912

Additions

12,428

At 31 March 2023

49,340

DEPRECIATION

At 1 April 2022

28,619

Charge for year

5,217

At 31 March 2023

33,836

NET BOOK VALUE

At 31 March 2023

15,504

At 31 March 2022

8,293

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

10,402

8,429

Other debtors

2,732

2,176

13,134

10,605

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

16,479

17,413

Taxation and social security

50,867

42,221

Other creditors

119,925

130,288

187,271

189,922

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

16,500

16,500

Between one and five years

49,500

66,000

66,000

82,500

9.	RELATED PARTY DISCLOSURES

During the year to 31 March 2023 the company paid £16,500 (2022 - £16,500) to the directors, Mr and Mrs Hucklesby, for rent.