Company registration number SC180907 (Scotland)
BASSAGUARD GARAGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
BASSAGUARD GARAGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BASSAGUARD GARAGE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
789,617
825,401
Investment property
5
430,000
430,000
1,219,617
1,255,401
Current assets
Stocks
17,043
14,131
Debtors
6
43,085
42,748
Cash at bank and in hand
730,829
854,330
790,957
911,209
Creditors: amounts falling due within one year
7
(77,084)
(79,900)
Net current assets
713,873
831,309
Total assets less current liabilities
1,933,490
2,086,710
Provisions for liabilities
(50,913)
(65,004)
Net assets
1,882,577
2,021,706
Capital and reserves
Called up share capital
500
500
Capital redemption reserve
500
500
Other reserves
8
239,189
239,189
Profit and loss reserves
1,642,388
1,781,517
Total equity
1,882,577
2,021,706
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BASSAGUARD GARAGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 2 August 2024
Kenneth Laing
Director
Company registration number SC180907 (Scotland)
BASSAGUARD GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Bassaguard Garage Limited is a private company limited by shares incorporated in Scotland. The registered office is 68B Largo Road, St Andrews, Fife, KY16 8NJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of value added tax.
Income represents revenue earned under a wide variety of contracts to provide goods and services. Revenue is recognised as earned when, and to what extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Income that is contingent on events outside the control of the company is recognised when the contingent event occurs.
Rental income is recognised as the rent is accrued. Rent free periods given to tenants are deferred evenly over the remaining lease term.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenant's improvements
shorter of remaining lease term and 10% per annum on reducing balance
Land and buildings long leasehold/freehold
evenly over the lease term / 5% straight line
Plant and machinery
15% per annum on reducing balance
Motor vehicles
25% per annum on reducing balance
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 the profit or loss account.
BASSAGUARD GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The gain or loss on revaluation is recognised in the fair value reserve. Deferred taxation is provided on the gain or loss at the rate expected to apply when the property is sold.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value after making a provision for obsolete and slow moving items.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Investments are measured at fair value where a current value is obtainable, and gains and losses are taken to the profit and loss account.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors are classified as debt, and are initially 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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BASSAGUARD GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.10
Employee benefits
The costs 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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
14
BASSAGUARD GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2023
791,750
376,471
1,168,221
Additions
1,170
13,489
14,659
Disposals
(12,202)
(12,202)
At 30 June 2024
792,920
377,758
1,170,678
Depreciation and impairment
At 1 July 2023
41,750
301,070
342,820
Depreciation charged in the year
36,367
13,472
49,839
Eliminated in respect of disposals
(11,598)
(11,598)
At 30 June 2024
78,117
302,944
381,061
Carrying amount
At 30 June 2024
714,803
74,814
789,617
At 30 June 2023
750,000
75,401
825,401
Land and buildings with a historical cost of £786,233 were revalued on the basis of market value at 30 June 2023 in July 2023 by Graham and Sibbald, Chartered Surveyors, an independent firm of chartered surveyors to £750,000.
5
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
430,000
Investment properties are included at fair value at 30 June 2023 with reference to comparable sales and lettings within the Fife area and existing lease agreements. The amount has been determined by valuations carried out in March 2024 by Shepherd, Chartered Surveyors and RICS Registered Valuers.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
33,030
35,206
Corporation tax recoverable
1,797
1,797
Other debtors
8,258
5,745
43,085
42,748
BASSAGUARD GARAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
33,587
34,395
Taxation and social security
27,121
31,377
Other creditors
16,376
14,128
77,084
79,900
8
Other reserves
Fair value reserve
£
Balance at 30 June 2023
239,189
Balance at 30 June 2024
239,189
The fair value reserve represents unrealised gains and is not, therefore, available for distribution.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
517,781
550,652