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REGISTERED NUMBER: SC231717 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Victoria Garage (Maud) Ltd.

Victoria Garage (Maud) Ltd. (Registered number: SC231717)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Victoria Garage (Maud) Ltd.

Company Information
for the Year Ended 31 May 2024







DIRECTORS: L Smith
A M Smith





REGISTERED OFFICE: Victoria Road
Maud
Peterhead
Aberdeenshire
AB42 4NP





REGISTERED NUMBER: SC231717 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Victoria Garage (Maud) Ltd. (Registered number: SC231717)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,919 11,733

CURRENT ASSETS
Stocks 200,239 172,230
Debtors 5 32,181 25,239
Cash at bank and in hand 98,536 135,664
330,956 333,133
CREDITORS
Amounts falling due within one year 6 100,686 89,408
NET CURRENT ASSETS 230,270 243,725
TOTAL ASSETS LESS CURRENT
LIABILITIES

249,189

255,458

PROVISIONS FOR LIABILITIES 3,594 2,150
NET ASSETS 245,595 253,308

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 195,595 203,308
SHAREHOLDERS' FUNDS 245,595 253,308

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Victoria Garage (Maud) Ltd. (Registered number: SC231717)

Balance Sheet - continued
31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2024 and were signed on its behalf by:





L Smith - Director


Victoria Garage (Maud) Ltd. (Registered number: SC231717)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Victoria Garage (Maud) Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers. Revenue is recognised at the point goods and services are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Motor vehicles - 25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

Victoria Garage (Maud) Ltd. (Registered number: SC231717)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 83,803 500 84,303
Additions 12,815 - 12,815
Disposals - (500 ) (500 )
At 31 May 2024 96,618 - 96,618
DEPRECIATION
At 1 June 2023 72,281 289 72,570
Charge for year 5,418 - 5,418
Eliminated on disposal - (289 ) (289 )
At 31 May 2024 77,699 - 77,699
NET BOOK VALUE
At 31 May 2024 18,919 - 18,919
At 31 May 2023 11,522 211 11,733

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 27,436 20,016
Other debtors 4,745 5,223
32,181 25,239

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 60,972 40,553
Taxation and social security 31,805 38,472
Other creditors 7,909 10,383
100,686 89,408

7. ULTIMATE CONTROLLING PARTY

The company is controlled by the Shareholders.