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REGISTERED NUMBER: SC349872















GARNOCK VALLEY CAR COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2023 TO 31 JULY 2024






GARNOCK VALLEY CAR COMPANY LIMITED (REGISTERED NUMBER: SC349872)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 31 JULY 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


GARNOCK VALLEY CAR COMPANY LIMITED (REGISTERED NUMBER: SC349872)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 64,916 305,812

CURRENT ASSETS
Stocks 36,244 205,707
Debtors 5 5,504 23,755
Cash at bank 116,818 4,995
158,566 234,457
CREDITORS
Amounts falling due within one year 6 265,904 471,006
NET CURRENT LIABILITIES (107,338 ) (236,549 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(42,422

)

69,263

CREDITORS
Amounts falling due after more than one
year

7

10,948

24,032
NET (LIABILITIES)/ASSETS (53,370 ) 45,231

CAPITAL AND RESERVES
Called up share capital 160,000 160,000
Retained earnings (213,370 ) (114,769 )
(53,370 ) 45,231

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 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.

GARNOCK VALLEY CAR COMPANY LIMITED (REGISTERED NUMBER: SC349872)

BALANCE SHEET - continued
31 JULY 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2024 and were signed on its behalf by:




C MacGill - Director



Mrs C MacGill - Director


GARNOCK VALLEY CAR COMPANY LIMITED (REGISTERED NUMBER: SC349872)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 31 JULY 2024

1. STATUTORY INFORMATION

Garnock Valley Car Company Limited is a private company, limited by shares, registered in Scotland. The registered office is Caledonia House, 89 Seaward Street, Glasgow, Scotland, G41 1HJ.

The financial statements are presented in Sterling (£).

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.

Going concern
The financial statements have been prepared on a going concern basis. The validity of this is dependent on continued support from the directors. The directors consider that it is appropriate to prepare the financial statements on a going concern basis.
During the period the major part of the property was disposed of resulting in a gain on disposal of £59,105.

Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors consider that there are no such significant judgements.

Turnover
Turnover represents the invoice value of goods and services sold, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order too write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold Property - 2% straight line
Plant and machinery etc - 20% reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment
losses.

Impairment of fixed assets
At each reporting date non-financial assets not carried at fair value, like property and plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

GARNOCK VALLEY CAR COMPANY LIMITED (REGISTERED NUMBER: SC349872)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and related third parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider it to be more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates which would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

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 period was 8 (2023 - 8 ) .

GARNOCK VALLEY CAR COMPANY LIMITED (REGISTERED NUMBER: SC349872)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 31 JULY 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 399,303 76,715 476,018
Disposals (309,318 ) (76,715 ) (386,033 )
At 31 July 2024 89,985 - 89,985
DEPRECIATION
At 1 April 2023 111,245 58,961 170,206
Eliminated on disposal (86,176 ) (58,961 ) (145,137 )
At 31 July 2024 25,069 - 25,069
NET BOOK VALUE
At 31 July 2024 64,916 - 64,916
At 31 March 2023 288,058 17,754 305,812

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,504 27
Other debtors - 23,728
5,504 23,755

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,409 41,223
Taxation and social security 3,101 16,699
Other creditors 259,394 413,084
265,904 471,006

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 10,948 24,032

GARNOCK VALLEY CAR COMPANY LIMITED (REGISTERED NUMBER: SC349872)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 31 JULY 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Third party funding - 163,311

In the prior year other creditors included funding for vehicles which were secured over the vehicles concerned.These have been fully satisfied in the current year.