Silverfin false false 31/10/2023 01/11/2022 31/10/2023 Guy Darrell Minshull 10/03/2022 Melvyn Barry Minshull 24/05/2024 03/11/2004 Lisa Anne Minshull 06/10/2020 05 August 2024 The principal activity of the Company during the financial year was that of the provision of garage services. SC274149 2023-10-31 SC274149 bus:Director1 2023-10-31 SC274149 bus:Director2 2023-10-31 SC274149 bus:Director3 2023-10-31 SC274149 2022-10-31 SC274149 core:CurrentFinancialInstruments 2023-10-31 SC274149 core:CurrentFinancialInstruments 2022-10-31 SC274149 core:Non-currentFinancialInstruments 2023-10-31 SC274149 core:Non-currentFinancialInstruments 2022-10-31 SC274149 core:ShareCapital 2023-10-31 SC274149 core:ShareCapital 2022-10-31 SC274149 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC274149 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC274149 core:OtherPropertyPlantEquipment 2022-10-31 SC274149 core:OtherPropertyPlantEquipment 2023-10-31 SC274149 bus:OrdinaryShareClass1 2023-10-31 SC274149 2022-11-01 2023-10-31 SC274149 bus:FilletedAccounts 2022-11-01 2023-10-31 SC274149 bus:SmallEntities 2022-11-01 2023-10-31 SC274149 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC274149 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC274149 bus:Director1 2022-11-01 2023-10-31 SC274149 bus:Director2 2022-11-01 2023-10-31 SC274149 bus:Director3 2022-11-01 2023-10-31 SC274149 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 SC274149 2021-11-01 2022-10-31 SC274149 core:CurrentFinancialInstruments 2022-11-01 2023-10-31 SC274149 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 SC274149 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 SC274149 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC274149 (Scotland)

GLM MOTORS LTD

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

GLM MOTORS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

GLM MOTORS LTD

BALANCE SHEET

AS AT 31 OCTOBER 2023
GLM MOTORS LTD

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 7,033 8,414
7,033 8,414
Current assets
Stocks 4 4,980 15,000
Debtors 5 100,403 54,763
Cash at bank and in hand 12,189 13,712
117,572 83,475
Creditors: amounts falling due within one year 6 ( 48,604) ( 21,536)
Net current assets 68,968 61,939
Total assets less current liabilities 76,001 70,353
Creditors: amounts falling due after more than one year 7 ( 26,567) ( 32,132)
Provision for liabilities ( 1,469) ( 1,330)
Net assets 47,965 36,891
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 47,865 36,791
Total shareholders' funds 47,965 36,891

For the financial year ending 31 October 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 GLM Motors Ltd (registered number: SC274149) were approved and authorised for issue by the Board of Directors on 05 August 2024. They were signed on its behalf by:

Lisa Anne Minshull
Director
GLM MOTORS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
GLM MOTORS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

GLM Motors Ltd (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 6 Chanonry Road South, Elgin, IV30 6NG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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.

Turnover

Employee benefits

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

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:

Plant and machinery etc. 20 - 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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 November 2022 49,993 49,993
Disposals ( 775) ( 775)
At 31 October 2023 49,218 49,218
Accumulated depreciation
At 01 November 2022 41,579 41,579
Charge for the financial year 1,278 1,278
Disposals ( 672) ( 672)
At 31 October 2023 42,185 42,185
Net book value
At 31 October 2023 7,033 7,033
At 31 October 2022 8,414 8,414

4. Stocks

2023 2022
£ £
Stocks 1,660 3,250
Work in progress 3,320 11,750
4,980 15,000

5. Debtors

2023 2022
£ £
Trade debtors 4,154 7,029
Other debtors 96,249 47,734
100,403 54,763

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,211 9,073
Corporation tax 14,346 7,243
Other taxation and social security 15,427 1,969
Other creditors 9,620 3,251
48,604 21,536

Bank loans are secured over the assets of the company.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 26,567 32,132

Bank loans are secured over the assets of the company.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 89,400 110,400

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due from related parties - Key management personnel 92,099 43,584

During the year, the directors were advanced £91,848 and repaid £44,506. Interest has been charged on the above balance at a daily rate of 2.25% for a total of £1,173. The balance has no fixed repayment terms.