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REGISTERED NUMBER: SC506006 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023

FOR

LOSSIEMOUTH GARAGE LIMITED

LOSSIEMOUTH GARAGE LIMITED (REGISTERED NUMBER: SC506006)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOSSIEMOUTH GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: Mrs L Roberts
G Roberts





SECRETARY:





REGISTERED OFFICE: 25 Baron Taylor Street
Inverness
IV1 1QG





REGISTERED NUMBER: SC506006 (Scotland)





ACCOUNTANTS: Goldwells Ltd
25 Baron Taylors Street
Inverness
Highland
IV1 1QG

LOSSIEMOUTH GARAGE LIMITED (REGISTERED NUMBER: SC506006)

BALANCE SHEET
30TH JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 48,774 55,324
48,774 55,324

CURRENT ASSETS
Stocks 1,200 1,050
Debtors 6 5,718 8,538
Cash at bank and in hand 75,461 37,633
82,379 47,221
CREDITORS
Amounts falling due within one year 7 63,307 29,280
NET CURRENT ASSETS 19,072 17,941
TOTAL ASSETS LESS CURRENT
LIABILITIES

67,846

73,265

CREDITORS
Amounts falling due after more than one
year

8

(15,177

)

(23,096

)

PROVISIONS FOR LIABILITIES (9,267 ) (10,512 )
NET ASSETS 43,402 39,657

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 43,302 39,557
43,402 39,657

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

LOSSIEMOUTH GARAGE LIMITED (REGISTERED NUMBER: SC506006)

BALANCE SHEET - continued
30TH JUNE 2023


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 29th February 2024 and were signed on its behalf by:





G Roberts - Director


LOSSIEMOUTH GARAGE LIMITED (REGISTERED NUMBER: SC506006)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023

1. STATUTORY INFORMATION

Lossiemouth 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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 etc - 33% on cost and 20% on reducing balance

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.

LOSSIEMOUTH GARAGE LIMITED (REGISTERED NUMBER: SC506006)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023

2. ACCOUNTING POLICIES - continued

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 4 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st July 2022
and 30th June 2023 32,737
AMORTISATION
At 1st July 2022
and 30th June 2023 32,737
NET BOOK VALUE
At 30th June 2023 -
At 30th June 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st July 2022 61,218
Additions 5,139
At 30th June 2023 66,357
DEPRECIATION
At 1st July 2022 5,894
Charge for year 11,689
At 30th June 2023 17,583
NET BOOK VALUE
At 30th June 2023 48,774
At 30th June 2022 55,324

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,107 7,937
Other debtors 611 601
5,718 8,538

LOSSIEMOUTH GARAGE LIMITED (REGISTERED NUMBER: SC506006)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 7,919 7,919
Trade creditors 12,215 7,689
Taxation and social security 22,137 3,247
Other creditors 21,036 10,425
63,307 29,280

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 15,177 23,096