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REGISTERED NUMBER: SC142098 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

HOWIE'S GARAGE LIMITED

HOWIE'S GARAGE LIMITED (REGISTERED NUMBER: SC142098)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HOWIE'S GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: T Y Anderson
Mrs H Anderson



REGISTERED OFFICE: 4 Stevenston Road
Kilwinning
KA13 6NJ



REGISTERED NUMBER: SC142098 (Scotland)



ACCOUNTANTS: Galbraith Pritchards
Chartered Accountants
20 Barns Street
Ayr
Ayrshire
KA7 1XA



BANKERS: Royal Bank Of Scotland
98 - 102 Main Street
Kilwinning
KA13 6EF

HOWIE'S GARAGE LIMITED (REGISTERED NUMBER: SC142098)

BALANCE SHEET
28 FEBRUARY 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37,957 46,721
Investment property 5 100,000 100,000
137,957 146,721

CURRENT ASSETS
Stocks 42,066 48,617
Debtors 6 12,513 21,980
Cash at bank and in hand 1,132,684 994,404
1,187,263 1,065,001
CREDITORS
Amounts falling due within one year 7 154,952 158,167
NET CURRENT ASSETS 1,032,311 906,834
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,170,268

1,053,555

PROVISIONS FOR LIABILITIES 14,275 12,120
NET ASSETS 1,155,993 1,041,435

CAPITAL AND RESERVES
Called up share capital 33,100 33,100
Revaluation reserve 8 57,290 57,290
Retained earnings 1,065,603 951,045
SHAREHOLDERS' FUNDS 1,155,993 1,041,435

HOWIE'S GARAGE LIMITED (REGISTERED NUMBER: SC142098)

BALANCE SHEET - continued
28 FEBRUARY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 12 October 2023 and were signed on its behalf by:





T Y Anderson - Director


HOWIE'S GARAGE LIMITED (REGISTERED NUMBER: SC142098)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Howie's Garage Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

A review of impairment is carried out at each reporting date. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.


HOWIE'S GARAGE LIMITED (REGISTERED NUMBER: SC142098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued
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. Deferred tax on investment properties held at fair value is measured using the rates and allowances that would apply to the sale of the assets.

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.

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.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2022 133,282 19,936 4,590 157,808
Disposals - (4,384 ) - (4,384 )
At 28 February 2023 133,282 15,552 4,590 153,424
DEPRECIATION
At 1 March 2022 94,115 12,937 4,035 111,087
Charge for year 5,876 1,418 83 7,377
Eliminated on disposal - (2,997 ) - (2,997 )
At 28 February 2023 99,991 11,358 4,118 115,467
NET BOOK VALUE
At 28 February 2023 33,291 4,194 472 37,957
At 28 February 2022 39,167 6,999 555 46,721

HOWIE'S GARAGE LIMITED (REGISTERED NUMBER: SC142098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 100,000
NET BOOK VALUE
At 28 February 2023 100,000
At 28 February 2022 100,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2006 37,290
Valuation in 2015 20,000
Cost 42,710
100,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors 5,064 4,132
Prepayments 7,449 17,848
12,513 21,980

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade creditors 78,307 83,239
Tax 29,433 21,998
Social security and other taxes 550 66
VAT 25,082 19,447
Other creditors 1,242 1,148
Directors' current accounts 59 25,928
Accrued expenses 20,279 6,341
154,952 158,167

Included in other creditors are outstanding pension contributions of £353

8. RESERVES
Revaluation
reserve
£   
At 1 March 2022
and 28 February 2023 57,290