IRIS Accounts Production v24.3.0.553 SC031202 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0312022023-03-31SC0312022024-03-31SC0312022023-04-012024-03-31SC0312022022-03-31SC0312022022-04-012023-03-31SC0312022023-03-31SC031202ns15:Scotland2023-04-012024-03-31SC031202ns14:PoundSterling2023-04-012024-03-31SC031202ns10:Director12023-04-012024-03-31SC031202ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31SC031202ns10:SmallEntities2023-04-012024-03-31SC031202ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-31SC031202ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC031202ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC031202ns10:FullAccounts2023-04-012024-03-31SC031202ns10:Director22023-04-012024-03-31SC031202ns10:CompanySecretary12023-04-012024-03-31SC031202ns10:RegisteredOffice2023-04-012024-03-31SC031202ns5:CurrentFinancialInstruments2024-03-31SC031202ns5:CurrentFinancialInstruments2023-03-31SC031202ns5:ShareCapital2024-03-31SC031202ns5:ShareCapital2023-03-31SC031202ns5:RevaluationReserve2024-03-31SC031202ns5:RevaluationReserve2023-03-31SC031202ns5:RetainedEarningsAccumulatedLosses2024-03-31SC031202ns5:RetainedEarningsAccumulatedLosses2023-03-31SC031202ns5:PlantMachinery2023-04-012024-03-31SC031202ns5:FurnitureFittings2023-04-012024-03-31SC031202ns5:LandBuildings2023-03-31SC031202ns5:PlantMachinery2023-03-31SC031202ns5:LandBuildings2023-04-012024-03-31SC031202ns5:LandBuildings2024-03-31SC031202ns5:PlantMachinery2024-03-31SC031202ns5:LandBuildings2023-03-31SC031202ns5:PlantMachinery2023-03-31SC031202ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31SC031202ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31SC031202ns5:RetainedEarningsAccumulatedLosses2023-03-31SC031202ns5:RevaluationReserve2023-03-31SC031202ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31SC0312021ns10:Director12023-03-31SC0312021ns10:Director12022-03-31SC0312021ns10:Director12023-04-012024-03-31SC0312021ns10:Director12022-04-012023-03-31SC0312021ns10:Director12024-03-31SC0312021ns10:Director12023-03-31
REGISTERED NUMBER: SC031202 (Scotland)















G.W. Douglas Property & Garage Company
Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






G.W. Douglas Property & Garage Company
Limited (Registered number: SC031202)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


G.W. Douglas Property & Garage Company
Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R A D Millar
M E D Millar





SECRETARY: R A D Millar





REGISTERED OFFICE: 2 The Temple
Lower Largo
Leven Fife
KY8 6JH





REGISTERED NUMBER: SC031202 (Scotland)





ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

G.W. Douglas Property & Garage Company
Limited (Registered number: SC031202)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,015,000 855,000

CURRENT ASSETS
Debtors 6 3,613 3,756
Cash at bank 256,078 260,004
259,691 263,760
CREDITORS
Amounts falling due within one year 7 6,340 4,555
NET CURRENT ASSETS 253,351 259,205
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,268,351

1,114,205

PROVISIONS FOR LIABILITIES 141,575 111,175
NET ASSETS 1,126,776 1,003,030

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 751,721 622,121
Retained earnings 8 374,955 380,809
1,126,776 1,003,030

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

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

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 Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





R A D Millar - Director


G.W. Douglas Property & Garage Company
Limited (Registered number: SC031202)

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

1. STATUTORY INFORMATION

G.W. Douglas Property & Garage Company Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
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.

Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

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.
Plant and machinery - 15% on cost
Fixtures and fittings - 20% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


G.W. Douglas Property & Garage Company
Limited (Registered number: SC031202)

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

3. ACCOUNTING POLICIES - continued
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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 as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 665,000 216,015 881,015
Revaluations 160,000 - 160,000
At 31 March 2024 825,000 216,015 1,041,015
DEPRECIATION
At 1 April 2023
and 31 March 2024 - 26,015 26,015
NET BOOK VALUE
At 31 March 2024 825,000 190,000 1,015,000
At 31 March 2023 665,000 190,000 855,000

G.W. Douglas Property & Garage Company
Limited (Registered number: SC031202)

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

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2008 469,393 - 469,393
Valuation in 2013 (163,171 ) 35,496 (127,675 )
Valuation in 2015 (21,000 ) - (21,000 )
Valuation in 2018 195,000 115,000 310,000
Valuation in 2023 78,074 - 78,074
Valuation in 2024 160,000 - 160,000
Cost 106,704 65,519 172,223
825,000 216,015 1,041,015

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 106,704 106,704

Investment properties were valued on an open market basis basis on 31 March 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Directors' current accounts 338 258
VAT - 513
Prepayments 3,275 2,985
3,613 3,756

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Taxation and social security 1,738 77
Other creditors 4,602 4,478
6,340 4,555

8. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 380,809 622,121 1,002,930
Profit for the year 134,654 134,654
Revaluation (129,600 ) 129,600 -
Dividends (10,908 ) - (10,908 )
At 31 March 2024 374,955 751,721 1,126,676

G.W. Douglas Property & Garage Company
Limited (Registered number: SC031202)

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

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
R A D Millar
Balance outstanding at start of year 258 (70 )
Amounts advanced (70 ) 328
Amounts repaid 150 -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 338 258

10. RELATED PARTY TRANSACTIONS

The company was under the control of the Millar family throughout the current and previous year.

During the year Robert Angus D Millar received £4,361 for services rendered to the company (2023 £5,093).