2023-02-012024-01-312024-01-31falseSC618809GRANITE CITY TRAILER HIRE 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GRANITE CITY TRAILER HIRE LIMITED

Registered Number
SC618809
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2024

GRANITE CITY TRAILER HIRE LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

K A Massie

Company Secretary

LC SECRETARIES LIMITED

Registered Address

Johnstone House
52 - 54 Rose Street
Aberdeen
AB10 1HA

Registered Number

SC618809 (Scotland)
GRANITE CITY TRAILER HIRE LIMITED
Statement of Financial Position
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets343,84740,998
43,84740,998
Current assets
Debtors4578-
Cash at bank and on hand3,9533,845
4,5313,845
Creditors amounts falling due within one year5(11,383)(28,228)
Net current assets (liabilities)(6,852)(24,383)
Total assets less current liabilities36,99516,615
Provisions for liabilities6(8,332)(7,790)
Net assets28,6638,825
Capital and reserves
Called up share capital11
Profit and loss account28,6628,824
Shareholders' funds28,6638,825
The financial statements were approved and authorised for issue by the Director on 13 August 2024, and are signed on its behalf by:
K A Massie
Director
Registered Company No. SC618809
GRANITE CITY TRAILER HIRE LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts 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 (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Revenue from rendering of services
Revenue 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings20
Office Equipment25
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 February 2359,6231,40098562,008
Additions18,106-1,14719,253
Disposals(9,360)--(9,360)
At 31 January 2468,3691,4002,13271,901
Depreciation and impairment
At 01 February 2319,95668337121,010
Charge for year10,08014330210,525
On disposals(3,481)--(3,481)
At 31 January 2426,55582667328,054
Net book value
At 31 January 2441,8145741,45943,847
At 31 January 2339,66771761440,998
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables470-
Prepayments and accrued income108-
Total578-
5.Creditors: amounts due within one year

2024

2023

££
Amounts owed to related parties10,44827,428
Accrued liabilities and deferred income935800
Total11,38328,228
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)8,3327,790
Total8,3327,790
7.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
K A Massie27,4281,02018,00010,448
27,4281,02018,00010,448
There are no set repayment terms, nor is interest charged on the loans.