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Registered number: SC635997
Glenfarg Garage Limited
Financial Statements
For The Year Ended 31 July 2023
Gillespie's
Chartered Accountants
33 Leslie Street
Blairgowrie
Perthshire
PH10 6AW
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC635997
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 57,645 67,252
Tangible Assets 4 82,912 67,787
140,557 135,039
CURRENT ASSETS
Stocks 5 2,500 2,200
Debtors 6 74,810 45,948
Cash at bank and in hand 238,823 206,773
316,133 254,921
Creditors: Amounts Falling Due Within One Year 7 (114,158 ) (92,036 )
NET CURRENT ASSETS (LIABILITIES) 201,975 162,885
TOTAL ASSETS LESS CURRENT LIABILITIES 342,532 297,924
Creditors: Amounts Falling Due After More Than One Year 8 (58,991 ) (70,086 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,745 ) (12,085 )
NET ASSETS 266,796 215,753
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 266,696 215,653
SHAREHOLDERS' FUNDS 266,796 215,753
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For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Kirsten Taylor
Director
Mr Scott Taylor
Director
29th July 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% reducing balance
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Directors 2 2
Mechanics 2 2
4 4
3. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 96,076
As at 31 July 2023 96,076
Amortisation
As at 1 August 2022 28,824
Provided during the period 9,607
As at 31 July 2023 38,431
Net Book Value
As at 31 July 2023 57,645
As at 1 August 2022 67,252
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 70,657 55,217 - 2,965 128,839
Additions 16,945 38,333 1,583 1,415 58,276
Disposals - (18,500 ) - - (18,500 )
As at 31 July 2023 87,602 75,050 1,583 4,380 168,615
Depreciation
As at 1 August 2022 40,824 18,930 - 1,298 61,052
Provided during the period 15,437 16,054 237 1,017 32,745
Disposals - (8,094 ) - - (8,094 )
As at 31 July 2023 56,261 26,890 237 2,315 85,703
Net Book Value
As at 31 July 2023 31,341 48,160 1,346 2,065 82,912
As at 1 August 2022 29,833 36,287 - 1,667 67,787
5. Stocks
2023 2022
£ £
Stock - materials and work in progress 2,500 2,200
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 39,059 20,324
Prepayments and accrued income 1,331 459
Directors' loan accounts 34,420 25,165
74,810 45,948
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 62,111 36,380
Bank loans and overdrafts 11,314 11,314
Corporation tax 34,909 34,025
Other taxes and social security 457 631
VAT 1,099 5,532
Other creditors 2,505 2,541
Accruals and deferred income 1,763 1,613
114,158 92,036
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Loans (Long term liabilities - creditors > 1 year) 58,991 70,086
58,991 70,086
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2022 Amounts advanced Amounts repaid Amounts written off As at 31 July 2023
£ £ £ £ £
Mrs Kirsten Taylor - 55,000 55,000 - -
Mr Scott Taylor 25,164 45,255 35,999 - 34,420
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2023 2022
£ £
Mrs Kirsten Taylor 55,000 6,000
Mr Scott Taylor 36,000 39,000
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11. Ultimate Controlling Party
The company's ultimate controlling parties are Mr Scott Taylor and Mrs Kirsten Taylor by virtue of their joint ownership of 100% of the issued share capital in the company.
12. General Information
Glenfarg Garage Limited is a private company, limited by shares, incorporated in Scotland, registered number SC635997 . The registered office is 33 Leslie Street , Blairgowrie , Perthshire , PH10 6AW.
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