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REGISTERED NUMBER: SC211383 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

FACTS GARAGE LIMITED

FACTS GARAGE LIMITED (REGISTERED NUMBER: SC211383)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FACTS GARAGE LIMITED

COMPANY INFORMATION
for the year ended 31 JANUARY 2024







DIRECTOR: J Mcluckie





REGISTERED OFFICE: Atlantic House
1a Cadogan Street
Glasgow
G2 6QE





REGISTERED NUMBER: SC211383 (Scotland)





ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

FACTS GARAGE LIMITED (REGISTERED NUMBER: SC211383)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 154,567 136,701

CURRENT ASSETS
Stocks 3,930 4,660
Debtors 5 4,054 2,890
Cash at bank 6,724 15,699
14,708 23,249
CREDITORS
Amounts falling due within one year 6 (39,028 ) (36,572 )
NET CURRENT LIABILITIES (24,320 ) (13,323 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

130,247

123,378

CREDITORS
Amounts falling due after more than one year 7 (76,254 ) (73,519 )

PROVISIONS FOR LIABILITIES (8,309 ) (3,845 )
NET ASSETS 45,684 46,014

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 45,584 45,914
SHAREHOLDERS' FUNDS 45,684 46,014

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

FACTS GARAGE LIMITED (REGISTERED NUMBER: SC211383)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 September 2024 and were signed by:





J Mcluckie - Director


FACTS GARAGE LIMITED (REGISTERED NUMBER: SC211383)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 JANUARY 2024

1. STATUTORY INFORMATION

Facts Garage Limited is a private company, limited by shares, registered in Scotland, registration number SC211383. The registered office is Atlantic House, 1a Cadogan Street, Glasgow, United Kingdom, G2 6QE.

The principal activity of the company is motor mechanic.

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.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the director is required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

There are no significant judgements or estimates used in the preparation of these accounts.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Sale of goods
Revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably.

Services
Income from services is recognised when performed, such that risks and rewards have been transferred.

Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. Subsidies are recognised in the profit and loss in the period to which they relate.

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.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

FACTS GARAGE LIMITED (REGISTERED NUMBER: SC211383)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and form an integral part of the company's cash management.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FACTS GARAGE LIMITED (REGISTERED NUMBER: SC211383)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JANUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 121,330 28,526 149,856
Additions - 22,965 22,965
At 31 January 2024 121,330 51,491 172,821
DEPRECIATION
At 1 February 2023 - 13,155 13,155
Charge for year - 5,099 5,099
At 31 January 2024 - 18,254 18,254
NET BOOK VALUE
At 31 January 2024 121,330 33,237 154,567
At 31 January 2023 121,330 15,371 136,701

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 680 344
Other debtors 3,374 2,546
4,054 2,890

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,242 4,242
Trade creditors 2,203 1,861
Taxation and social security 408 4,801
Other creditors 32,175 25,668
39,028 36,572

FACTS GARAGE LIMITED (REGISTERED NUMBER: SC211383)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JANUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 69,315 73,519
Other creditors 6,939 -
76,254 73,519