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REGISTERED NUMBER: SC489520 (Scotland)











































Reiver Garage Services Limited

Unaudited Financial Statements

for the Year Ended 31st October 2023






Reiver Garage Services Limited (Registered number: SC489520)






Contents of the Financial Statements
for the year ended 31st October 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 6


Reiver Garage Services Limited

Company Information
for the year ended 31st October 2023







Director: D Robertson





Registered office: Eran
Sunnyside
Duns
Berwickshire
TD11 3QG





Registered number: SC489520 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Reiver Garage Services Limited (Registered number: SC489520)

Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 223,156 123,187

Current assets
Stocks 235,540 141,716
Debtors 5 102,986 72,708
Cash at bank - 25,557
338,526 239,981
Creditors
Amounts falling due within one year 6 256,193 166,565
Net current assets 82,333 73,416
Total assets less current liabilities 305,489 196,603

Provisions for liabilities 42,400 23,406
Net assets 263,089 173,197

Capital and reserves
Called up share capital 100 100
Retained earnings 262,989 173,097
Shareholders' funds 263,089 173,197

Reiver Garage Services Limited (Registered number: SC489520)

Balance Sheet - continued
31st October 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17th July 2024 and were signed by:





D Robertson - Director


Reiver Garage Services Limited (Registered number: SC489520)

Notes to the Financial Statements
for the year ended 31st October 2023

1. Statutory information

Reiver Garage Services 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 represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

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 - 20% on reducing balance
Tractor - 20% on reducing balance and Nil
Motor vehicles - 25% on reducing balance and Nil

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank overdraft, bank loan, accruals, directors' loans and hire purchase.

Hire purchase contracts are initially measured at the present value of future payments, discounted at a market value rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, bank loan, accruals and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.


Reiver Garage Services Limited (Registered number: SC489520)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern
The director has considered the company's financial position for a minimum of 12 months and beyond from the date of signing these financial statements and has an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing these financial statements.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. Employees and directors

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

Reiver Garage Services Limited (Registered number: SC489520)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

4. Tangible fixed assets
Plant and Motor
machinery Tractor vehicles Totals
£    £    £    £   
Cost
At 1st November 2022 39,316 30,000 96,809 166,125
Additions 41,209 - 101,480 142,689
Disposals (14,000 ) - (35,755 ) (49,755 )
At 31st October 2023 66,525 30,000 162,534 259,059
Depreciation
At 1st November 2022 13,202 - 29,736 42,938
Charge for year 8,778 - - 8,778
Eliminated on disposal (3,920 ) - (11,893 ) (15,813 )
At 31st October 2023 18,060 - 17,843 35,903
Net book value
At 31st October 2023 48,465 30,000 144,691 223,156
At 31st October 2022 26,114 30,000 67,073 123,187

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 83,263 72,708
Other debtors 19,723 -
102,986 72,708

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 50,776 36,667
Hire purchase contracts 79,780 14,912
Trade creditors 116,364 76,919
Taxation and social security 6,877 26,671
Other creditors 2,396 11,396
256,193 166,565

7. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 24,109 -
Hire purchase contracts 79,780 14,912
103,889 14,912

Hire purchase contracts are secured against the assets to which they relate.

The Bank of Scotland PLC hold a floating charge for all the property or undertakings of the company.