Silverfin false 31/01/2023 01/02/2022 31/01/2023 David Ruxton 27/11/2002 Robert John Ruxton 27/11/2002 20 October 2023 The principal activity of the Company during the financial year were that of maintenance and repair of motor vehicles and the sale of motor vehicle parts. SC240213 2023-01-31 SC240213 bus:Director1 2023-01-31 SC240213 bus:Director2 2023-01-31 SC240213 2022-01-31 SC240213 core:CurrentFinancialInstruments 2023-01-31 SC240213 core:CurrentFinancialInstruments 2022-01-31 SC240213 core:ShareCapital 2023-01-31 SC240213 core:ShareCapital 2022-01-31 SC240213 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC240213 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC240213 core:LandBuildings 2022-01-31 SC240213 core:OtherPropertyPlantEquipment 2022-01-31 SC240213 core:LandBuildings 2023-01-31 SC240213 core:OtherPropertyPlantEquipment 2023-01-31 SC240213 bus:OrdinaryShareClass1 2023-01-31 SC240213 2022-02-01 2023-01-31 SC240213 bus:FullAccounts 2022-02-01 2023-01-31 SC240213 bus:SmallEntities 2022-02-01 2023-01-31 SC240213 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC240213 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC240213 bus:Director1 2022-02-01 2023-01-31 SC240213 bus:Director2 2022-02-01 2023-01-31 SC240213 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 SC240213 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 SC240213 2021-02-01 2022-01-31 SC240213 core:LandBuildings 2022-02-01 2023-01-31 SC240213 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC240213 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC240213 (Scotland)

RUXTON'S GARAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

RUXTON'S GARAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023

Contents

RUXTON'S GARAGE LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2023
RUXTON'S GARAGE LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 39,855 42,073
39,855 42,073
Current assets
Stocks 7,023 6,133
Debtors 4 79,138 109,743
Cash at bank and in hand 132,097 137,744
218,258 253,620
Creditors: amounts falling due within one year 5 ( 73,331) ( 74,564)
Net current assets 144,927 179,056
Total assets less current liabilities 184,782 221,129
Provision for liabilities ( 283) ( 955)
Net assets 184,499 220,174
Capital and reserves
Called-up share capital 6 10,000 10,000
Profit and loss account 174,499 210,174
Total shareholders' funds 184,499 220,174

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

Directors' responsibilities:

The financial statements of Ruxton's Garage Limited (registered number: SC240213) were approved and authorised for issue by the Director on 20 October 2023. They were signed on its behalf by:

David Ruxton
Director
RUXTON'S GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
RUXTON'S GARAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ruxton's Garage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 1-3 North Street, Fraserburgh, AB43 9DJ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover represents amounts receivable for maintenance and repairs of motors and the sale of motor parts net of VAT and trade discounts.

Employee benefits

Short term benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether ther is an indication that those assets have suffered an impairment loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at cost less impairment.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially and subsequently recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants

Government grants are recognised based on the accrual model. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2022 60,980 117,946 178,926
At 31 January 2023 60,980 117,946 178,926
Accumulated depreciation
At 01 February 2022 22,838 114,015 136,853
Charge for the financial year 1,220 998 2,218
At 31 January 2023 24,058 115,013 139,071
Net book value
At 31 January 2023 36,922 2,933 39,855
At 31 January 2022 38,142 3,931 42,073

4. Debtors

2023 2022
£ £
Trade debtors 68,224 79,517
Corporation tax 323 0
Other debtors 10,591 30,226
79,138 109,743

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 24,980 30,394
Taxation and social security 18,223 26,737
Other creditors 30,128 17,433
73,331 74,564

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

7. Related party transactions

Transactions with the entity's directors

During the year the directors operated a current account with the company. At 31 January 2023 the balance due to the directors by the company amounted to £21,686 (2022 - £10,456). The loan is interest free and has no set repayment terms.

Credit transactions with directors

£7,504 (2022 - £16,829) is included in debtors in respect of a loan that has been provided to one of the directors. The loan is interest free and has no set repayment terms.