Lumley's Garage Limited - Period Ending 2023-08-31

Lumley's Garage Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

Lumley's Garage Limited

Company Information

Directors

A Lumley P Lumley

Company secretary

A Lumley

Registered office

52 Park Drive Grimsby North East Lincs DN32 0EQ

Bankers

TSB Bank plc 43 Victoria Street GRIMSBY North East Lincolnshire DN31 1UU

Lumley's Garage Limited

(Registration number: 02318809)
Balance Sheet as at 31 August 2023

	Note	2023 £	2022 £
Fixed assets
Investment property	4	150,000	205,000
Investments	5	393,336	507,688
		543,336	712,688
Current assets
Trade debtors	6	3,066	11,879
Cash at bank and in hand		8,256	13,159
		11,322	25,038
Creditors: Amounts falling due within one year	7	(5,055)	(79,109)
Net current assets/(liabilities)		6,267	(54,071)
Total assets less current liabilities		549,603	658,617
Provisions for liabilities: Deferred tax		(35,807)	(35,678)
Net assets		513,796	622,939
Capital and reserves
Called up share capital		100,000	100,000
Fair value reserve - investment properties		9,275	28,043
Fair value reserve - listed investments		131,090	199,801
Retained earnings		273,431	295,095
Shareholders' funds		513,796	622,939

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 May 2024 and signed on its behalf by:
 

......................................... A Lumley Company secretary and director

......................................... P Lumley Director

Lumley's Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1	General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
52 Park Drive
Grimsby
North East Lincs
DN32 0EQ

These financial statements were authorised for issue by the Board on 17 May 2024.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover represents rent receivable during the year from the company's freehold investment properties.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous accounting periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued investments and investment properties is measured using the rates and allowances that apply to the sale of the asset.
 

Lumley's Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuer uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Listed investments are shown at their year end market value. Changes in market value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2022 - 2).

4	Investment properties

	Investment properties at fair value through the profit and loss 2023 £
At 1 September	205,000
Disposals	(55,000)
At 31 August	150,000

There has been no valuation of investment property by an independent valuer. The investment properties have been revalued by the directors during the year.

Lumley's Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5	Investments

	Listed investments at fair value through profit and loss £
Non-current financial assets
Cost or valuation
At 1 September 2022	507,688
Fair value adjustments	(5,311)
Additions	93,436
Disposals	(202,477)
At 31 August 2023	393,336
Carrying amount
At 31 August 2023	393,336
At 31 August 2022	507,688

The fair value of the investments has been determined by using the market value provided by the stockbroker at the year end.

6

Debtors

Current	2023 £	2022 £
Trade debtors	-	2,569
Other debtors	3,066	9,310
	3,066	11,879

7

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	-	405
Corporation tax	-	7,231
Director's current account	42	65,857
Accruals and deferred income	5,013	5,616
	5,055	79,109

Lumley's Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8	Related party transactions

Key management personnel
Directors

Summary of transactions with key management
At the balance sheet date, the amount due to the directors was £42 (2022 - £65,857)

No interest has been charged in respect of this balance.