Registered number
SC231564
Lamb & Gardiner Limited
Report and Financial Statements
31 May 2023
Lamb & Gardiner Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 4
Independent auditor's report 5
Income statement 9
Statement of financial position 10
Statement of changes in equity 11
Statement of cash flows 12
Notes to the financial statements 13
Lamb & Gardiner Limited
Company Information
Directors
J A Ferguson
C L Nicholson (resigned 8th July 2022)
Secretary
C R Ferguson
Auditors
MMG Archbold Limited
4 Albert Place
Perth
PH2 8JE
Bankers
Royal Bank of Scotland
14 Allan Street
Blairgowrie
Perthshire
PH10 6AD
Solicitors
Wyllie & Henderson
Market Chambers
Caledonian Road
Perth
PH1 5NJ
Registered office
Union Street
Coupar Angus
Perthshire
PH13 9AF
Registered number
SC231564
Lamb & Gardiner Limited
Registered number: SC231564
Directors' Report
The directors present their report and financial statements for the year ended 31 May 2023.
Principal activities
The company's principal activity during the year continued to be the operation of filling stations and the sale and repair of motor vehicles.
Future developments
The directors intend to keep implementing the same policies that have kept consistent profitability in the business.
Directors
The following persons served as directors during the year:
J A Ferguson
C L Nicholson (resigned 8th July 2022)
Directors' responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 8 August 2024 and signed on its behalf.
J A Ferguson
Director
Lamb & Gardiner Limited
Strategic Report
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect to maintain the company's position in the forseeable future.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The company's core business is the operation of filling stations and the sale and repair of motor vehicles.
There was an increase in turnover over the previous year of approximately 14% while gross profit increased from 7% to 8%, resulting in an increase in operating profit from £715,291 (2.98%) to £1,178,821 (4.30%). After taxation, £939,629 has been added to the reserves. Return on capital employed was 17.7% (2021: 7.7%). This is calculated as profit after tax divided by net assets. Turnover increases and decreases with market fuel prices, and operating profit level is achieved through prudent management of overheads.

The risks facing the company are those for the motor industry generally.

We consider that the financial position of the company at the year end is healthy, the balance sheet has strengthened and short term prospects remain positive.
This report was approved by the board on 8 August 2024 and signed on its behalf.
J A Ferguson
Director
Lamb & Gardiner Limited
Independent auditor's report
to the members of Lamb & Gardiner Limited
Opinion
We have audited the financial statements of Lamb & Gardiner Limited (the 'company') for the year ended 31 May 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 May 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates;
We identifies the laws and regulations applicable to the company through discussions with management and through our own knowledge of the industry;
We enquired with management about their own identification and assessment of the risk of irregularities;
We considered the opportunities that may exist within the organisation for fraud and identified the greatest risk in relation to revenue recognition and management override of internal controls. Our audit procedures to respond to these risks included, but were not limited to;
Reviewing the financial statement disclosure and testing to supporting documentation;
We assessed the extent of compliancewith the laws and regulations identified above through making enquiries and inspecting legal correspondence;
We communicated relevant identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to any indications of fraud or non-compliance throughout the audit.
We performed analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatements due to fraud;
Testing journal entries to identify unusual transactions;
Evaluating evidence of any bias by the directors that may represent a material misstatement,
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to a material misstatement in the financial statements or non-compliance with regulation. As a result of these, we considered the opportunities that may exist within the organisation for fraud and audit procedures were designed in response to the risks identified, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve, for example, forgery, deliberate concealment, or collusion.
As part of an audit in accordance with ISAs (UK), professional judgement was exercised, and professional scepticism was maintained thoughout the audit.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Derek Grant CA
(Senior Statutory Auditor) 4 Albert Place
for and on behalf of Perth
MMG Archbold Limited PH2 8JE
Statutory Auditor
8 August 2024
Lamb & Gardiner Limited
Income Statement
for the year ended 31 May 2023
Notes 2023 2022
£ £
Turnover 2 27,415,636 23,993,683
Cost of sales (25,330,771) (22,404,917)
Gross profit 2,084,865 1,588,766
Distribution costs (63,057) (161,753)
Administrative expenses (876,182) (768,495)
Other operating income 33,195 56,773
Operating profit 3 1,178,821 715,291
Profit on sale of fixed assets - 217
Interest receivable 2,635 -
Interest payable 7 (1,039) (3,947)
Profit on ordinary activities before taxation 1,180,417 711,561
Tax on profit on ordinary activities 8 (240,788) (143,876)
Profit for the financial year 939,629 567,685
Lamb & Gardiner Limited
Statement of Financial Position
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 10 2,145,554 2,020,918
Investments 11 4 4
2,145,558 2,020,922
Current assets
Stocks 12 1,266,002 1,088,518
Debtors 13 1,109,580 688,459
Cash at bank and in hand 2,292,725 5,518,095
4,668,307 7,295,072
Creditors: amounts falling due within one year 14 (1,449,969) (1,922,593)
Net current assets 3,218,338 5,372,479
Total assets less current liabilities 5,363,896 7,393,401
Provisions for liabilities
Deferred taxation 16 (53,622) (14,966)
Net assets 5,310,274 7,378,435
Capital and reserves
Called up share capital 17 6 10
Other reserves 18 4 -
Profit and loss account 19 5,310,264 7,378,425
Total equity 5,310,274 7,378,435
J A Ferguson
Director
Approved by the board on 8 August 2024
Lamb & Gardiner Limited
Statement of Changes in Equity
for the year ended 31 May 2023
Share Share Capital Profit Total
capital premium redemption and loss
reserve account
£ £ £ £ £
At 1 June 2021 10 - - 6,860,740 6,860,750
Profit for the financial year 567,685 567,685
Dividends (50,000) (50,000)
At 31 May 2022 10 - - 7,378,425 7,378,435
At 1 June 2022 10 - - 7,378,425 7,378,435
Profit for the financial year 939,629 939,629
Shares redeemed (4) 4 (3,007,790) (3,007,790)
At 31 May 2023 6 - 4 5,310,264 5,310,274
Lamb & Gardiner Limited
Statement of Cash Flows
for the year ended 31 May 2023
Notes 2023 2022
£ £
Operating activities
Profit for the financial year 939,629 567,685
Adjustments for:
Profit on sale of fixed assets - (217)
Interest receivable (2,635) -
Interest payable 1,039 3,947
Tax on profit on ordinary activities 240,788 143,876
Depreciation 84,211 45,880
Increase in stocks (177,484) (250,297)
Increase in debtors (421,121) (22,842)
(Decrease)/increase in creditors (545,195) 514,180
119,232 1,002,212
Interest received 2,635 -
Interest paid (1,039) (3,947)
Corporation tax paid (91,242) (124,073)
Cash generated by operating activities 29,586 874,192
Investing activities
Payments to acquire tangible fixed assets (208,847) (7,725)
Proceeds from sale of tangible fixed assets - 1,485
Cash used in investing activities (208,847) (6,240)
Financing activities
Equity dividends paid - (50,000)
Payments to redeem shares (3,007,790) -
Repayment of loans (38,319) (90,168)
Cash used in financing activities (3,046,109) (140,168)
Net cash (used)/generated
Cash generated by operating activities 29,586 874,192
Cash used in investing activities (208,847) (6,240)
Cash used in financing activities (3,046,109) (140,168)
Net cash (used)/generated (3,225,370) 727,784
Cash and cash equivalents at 1 June 5,518,095 4,790,311
Cash and cash equivalents at 31 May 2,292,725 5,518,095
Cash and cash equivalents comprise:
Cash at bank 2,292,725 5,518,095
Lamb & Gardiner Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Land (included within Land & buildings) No depreciation
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2023 2022
£ £
Garage services 27,345,800 23,892,937
Operation of a public house 69,836 100,746
27,415,636 23,993,683
By geographical market:
UK 27,415,636 23,993,683
3 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 84,211 45,880
Auditors' remuneration for audit services 11,000 5,800
4 Government grants 2023 2022
£ £
Business Rates Relief Grant 4,950 30,140
Coronavirus Job Retention Scheme Grant 1,713 78,967
6,663 109,107
5 Directors' emoluments 2023 2022
£ £
Emoluments 18,789 62,269
Company contributions to defined contribution pension plans 1,503 35,367
20,292 97,636
Number of directors to whom retirement benefits accrued: 2023 2022
Number Number
Defined contribution plans 1 1
6 Staff costs 2023 2022
£ £
Wages and salaries 895,742 819,171
Social security costs 73,966 67,513
Other pension costs 23,755 53,967
993,463 940,651
Average number of employees during the year Number Number
Administration 48 41
48 41
7 Interest payable 2023 2022
£ £
Bank loans and overdrafts 1,039 3,947
8 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 202,132 141,752
Deferred tax:
Origination and reversal of timing differences 38,656 2,124
Tax on profit on ordinary activities 240,788 143,876
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit on ordinary activities before tax 1,180,417 711,561
Standard rate of corporation tax in the UK 20% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 236,083 135,197
Effects of:
Expenses not deductible for tax purposes 3 -
Depreciation for period in excess of capital allowances (33,954) 6,555
Current tax charge for period 202,132 141,752
Factors that may affect future tax charges
There are no particular factors expected to affect future tax charges.
9 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 125,000
At 31 May 2023 125,000
Amortisation
At 1 June 2022 125,000
At 31 May 2023 125,000
Carrying amount
At 31 May 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
10 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
At cost At cost At cost
£ £ £ £
Cost or valuation
At 1 June 2022 2,413,180 714,045 4,050 3,131,275
Additions - 208,847 - 208,847
At 31 May 2023 2,413,180 922,892 4,050 3,340,122
Depreciation
At 1 June 2022 459,514 649,070 1,773 1,110,357
Charge for the year 28,877 54,764 570 84,211
At 31 May 2023 488,391 703,834 2,343 1,194,568
Carrying amount
At 31 May 2023 1,924,789 219,058 1,707 2,145,554
At 31 May 2022 1,953,666 64,975 2,277 2,020,918
The company's investment properties have been included within land and buildings as the directors believe this is the most appropriate treatment. There is no effect on the balance sheet in the current or preceding year as a result of this classification. The cost of the property at 31 May 2023 amounted to £677,508. This property is not being depreciated. The directors consider that cost is representative of fair value under current market conditions.
11 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 June 2022 4
At 31 May 2023 4
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
Lamb & Gardiner (Coupar Angus) Limited Ordinary 100 4 -
12 Stocks 2023 2022
£ £
Finished goods and goods for resale 1,266,002 1,088,518
13 Debtors 2023 2022
£ £
Trade debtors 501,171 286,153
Other debtors 608,409 402,306
1,109,580 688,459
Amounts due after more than one year included in:
Other debtors 124,115 73,605
14 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans - 38,319
Trade creditors 998,370 1,571,603
Corporation tax 252,642 141,752
Other taxes and social security costs 55,620 54,287
Other creditors 11,272 15,170
Accruals and deferred income 132,065 101,462
1,449,969 1,922,593
15 Loans 2023 2022
£ £
Analysis of maturity of debt:
Within one year or on demand - 38,319
The bank loans are secured by a standard security over the assets of the company.
16 Deferred taxation 2023 2022
£ £
Accelerated capital allowances 53,622 14,966
2023 2022
£ £
At 1 June 14,966 12,842
Charged to the profit and loss account 38,656 2,124
At 31 May 53,622 14,966
Deferred tax assets and liabilities are offset where the company has legallly enforceable right to do so. The preceding is the analysis of deferred tax balances (after offset) for financial reporting purposes.
17 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 10 6 10
18 Other reserves 2023 2022
Capital redemption reserve £ £
Shares redeemed 4 -
At 31 May 4 -
19 Profit and loss account 2023 2022
£ £
At 1 June 7,378,425 6,860,740
Profit for the financial year 939,629 567,685
Shares redeemed (3,007,790) -
Dividends - (50,000)
At 31 May 5,310,264 7,378,425
20 Events after the reporting date
The company received a VAT compliance check on 15th and 16th May 2024 that found a number of errors in the use of the VAT margin scheme for second-hand vehicles. Since the check, HMRC have issued additional VAT demands and interest totalling £14,095.86. It is possible that this figure may increase to an amount in excess of £40,000, but the process of checking paperwork is ongoing, and will result in accounting adjustments in the year ending 31 May 2024.
21 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J A Ferguson
Interest free and repayable on demand 287,210 155,000 - 442,210
C L Nicholson (resigned 8th July 2022)
Interest free and repayable on demand 7,210 - (7,210) -
294,420 155,000 (7,210) 442,210
22 Transactions with directors
J A Ferguson has personally guaranteed the bank borrowings of the company.

J A Ferguson also holds a controlling interest in Messrs. I & J Ferguson. During the year, Lamb & Gardiner Limited accrued management charges totalling £40,000 (2022: £40,000) payable to I & J Ferguson. The balance due to I & J Ferguson at 31 May 2023 was £48,000 (2022: £48,000).

J A Ferguson has borrowed £435,000 from the company to help finance the cashflow requirements of a business venture in France.
23 Controlling party
The company was under the control of the director, Mr J A Ferguson, throughout the year. There were no transactions during the year between the company and Mr Ferguson, or with entities controlled by him, other than those disclosed in notes 21 and 22 to the accounts.
24 Presentation currency
The financial statements are presented in Sterling. Monetary amounts in these financial statements are rounded to the nearest pound.
25 Legal form of entity and country of incorporation
Lamb & Gardiner Limited is a private company limited by shares and incorporated in Scotland.
26 Principal place of business
The address of the company's principal place of business and registered office is:
Union Street
Coupar Angus
Perthshire
PH13 9AF
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