Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Euan James Simpson 05/01/2018 11 October 2024 The principal activity of the company continued to be that of providing MOT services. SC584931 2024-01-31 SC584931 bus:Director1 2024-01-31 SC584931 2023-01-31 SC584931 core:CurrentFinancialInstruments 2024-01-31 SC584931 core:CurrentFinancialInstruments 2023-01-31 SC584931 core:ShareCapital 2024-01-31 SC584931 core:ShareCapital 2023-01-31 SC584931 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC584931 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC584931 core:OtherPropertyPlantEquipment 2023-01-31 SC584931 core:OtherPropertyPlantEquipment 2024-01-31 SC584931 bus:OrdinaryShareClass1 2024-01-31 SC584931 2023-02-01 2024-01-31 SC584931 bus:FilletedAccounts 2023-02-01 2024-01-31 SC584931 bus:SmallEntities 2023-02-01 2024-01-31 SC584931 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC584931 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC584931 bus:Director1 2023-02-01 2024-01-31 SC584931 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 SC584931 2022-02-01 2023-01-31 SC584931 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC584931 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC584931 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC584931 (Scotland)

GREENBANK 4X4 GARAGE LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

GREENBANK 4X4 GARAGE LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

GREENBANK 4X4 GARAGE LTD

BALANCE SHEET

As at 31 January 2024
GREENBANK 4X4 GARAGE LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 96 192
96 192
Current assets
Debtors 4 9,076 9,928
Cash at bank and in hand 65,964 74,857
75,040 84,785
Creditors: amounts falling due within one year 5 ( 9,195) ( 7,530)
Net current assets 65,845 77,255
Total assets less current liabilities 65,941 77,447
Net assets 65,941 77,447
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 65,939 77,445
Total shareholders' funds 65,941 77,447

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Greenbank 4x4 Garage Ltd (registered number: SC584931) were approved and authorised for issue by the Director on 11 October 2024. They were signed on its behalf by:

Euan James Simpson
Director
GREENBANK 4X4 GARAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
GREENBANK 4X4 GARAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
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

Greenbank 4x4 Garage 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 7 Queens Terrace, Aberdeen, AB10 1XL, United Kingdom. The principal place of business is South Deeside Road, Blairs, Aberdeen, AB12 5YQ.

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

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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. 3 years straight line

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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 Profit and Loss Account as described below.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 288 288
At 31 January 2024 288 288
Accumulated depreciation
At 01 February 2023 96 96
Charge for the financial year 96 96
At 31 January 2024 192 192
Net book value
At 31 January 2024 96 96
At 31 January 2023 192 192

4. Debtors

2024 2023
£ £
Trade debtors 5,741 6,235
Other debtors 3,335 3,693
9,076 9,928

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,117 0
Corporation tax 4,403 4,575
Other taxation and social security 0 280
Other creditors 2,675 2,675
9,195 7,530

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 166,685 206,685

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Sales 23,256 23,476
Rent Received 32,800 32,800
Amounts Due To 200 200
Amounts Due From 4,040 6,235

Transactions with the entity's director

As at 31 January 2024 the director was due the company £nil (2023 - £360). The loan is interest free with no set repayment terms.