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REGISTERED NUMBER: SC525970 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

GLENFIELD AUTOCENTRE LTD

GLENFIELD AUTOCENTRE LTD (REGISTERED NUMBER: SC525970)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLENFIELD AUTOCENTRE LTD

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTOR: A G Dow





REGISTERED OFFICE: 5 Perth Road
Glenfield Industrial Estate
Cowdenbeath
Fife
G2 4BG





REGISTERED NUMBER: SC525970 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

GLENFIELD AUTOCENTRE LTD (REGISTERED NUMBER: SC525970)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,058 -
Tangible assets 5 125,668 128,848
126,726 128,848

CURRENT ASSETS
Stocks 18,285 -
Debtors 6 6,693 1,350
Cash at bank and in hand 4,078 2,897
29,056 4,247
CREDITORS
Amounts falling due within one year 7 92,850 95,441
NET CURRENT LIABILITIES (63,794 ) (91,194 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

62,932

37,654

CREDITORS
Amounts falling due after more than one
year

8

117,606

81,354
NET LIABILITIES (54,674 ) (43,700 )

CAPITAL AND RESERVES
Called up share capital 100 1
Retained earnings (54,774 ) (43,701 )
(54,674 ) (43,700 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

GLENFIELD AUTOCENTRE LTD (REGISTERED NUMBER: SC525970)

BALANCE SHEET - continued
29 February 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 8 November 2024 and were signed by:





A G Dow - Director


GLENFIELD AUTOCENTRE LTD (REGISTERED NUMBER: SC525970)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Glenfield Autocentre 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.

The company has net current liabilities of £63,794 (2023 - £91,194) despite this the director continues to provide his support.The financial statements have been prepared on a going concern basis. The director has reviewed and considered relevant information, including future cash flows in making his assessment. Based on this assessment, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the director has concluded that he can continue to adopt the going concern basis in preparing the annual report and accounts.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of four years.

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 - 20% per annum reducing balance
Fixtures and fittings - 33% per annum reducing balance
Motor vehicles - 25% per annum reducing balance
Computer equipment - 25% per annum reducing balance

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

GLENFIELD AUTOCENTRE LTD (REGISTERED NUMBER: SC525970)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 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.

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.

GLENFIELD AUTOCENTRE LTD (REGISTERED NUMBER: SC525970)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
Additions 1,411
At 29 February 2024 1,411
AMORTISATION
Amortisation for year 353
At 29 February 2024 353
NET BOOK VALUE
At 29 February 2024 1,058

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 213,561 406 58,164 2,334 274,465
Additions 5,130 1,310 1,500 433 8,373
Disposals - - (6,700 ) - (6,700 )
At 29 February 2024 218,691 1,716 52,964 2,767 276,138
DEPRECIATION
At 1 March 2023 108,312 286 36,435 584 145,617
Charge for year 2,700 381 5,100 545 8,726
Eliminated on disposal - - (3,873 ) - (3,873 )
At 29 February 2024 111,012 667 37,662 1,129 150,470
NET BOOK VALUE
At 29 February 2024 107,679 1,049 15,302 1,638 125,668
At 28 February 2023 105,249 120 21,729 1,750 128,848

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,532 1,350
Other debtors 5,161 -
6,693 1,350

GLENFIELD AUTOCENTRE LTD (REGISTERED NUMBER: SC525970)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,334 30,348
Trade creditors 54,360 33,578
Taxation and social security 18,052 30,415
Other creditors 14,104 1,100
92,850 95,441

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 31,252 -
Taxation and social security 5,000 -
Other creditors 81,354 81,354
117,606 81,354

9. RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £92,194 (2023 - £81,354) due to the director from the company. This loan is interest free and has no fixed terms of repayment.