The Old Filling Station Ltd SC565944 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of a takeaway food outlet. Digita Accounts Production Advanced 6.30.9574.0 true SC565944 2023-06-01 2024-05-31 SC565944 2024-05-31 SC565944 core:CurrentFinancialInstruments 2024-05-31 SC565944 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 SC565944 core:Non-currentFinancialInstruments 2024-05-31 SC565944 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 SC565944 bus:SmallEntities 2023-06-01 2024-05-31 SC565944 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC565944 bus:FilletedAccounts 2023-06-01 2024-05-31 SC565944 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC565944 bus:RegisteredOffice 2023-06-01 2024-05-31 SC565944 bus:Director1 2023-06-01 2024-05-31 SC565944 bus:Director2 2023-06-01 2024-05-31 SC565944 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC565944 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-05-31 SC565944 countries:Scotland 2023-06-01 2024-05-31 SC565944 2022-06-01 2023-05-31 SC565944 2023-05-31 SC565944 core:CurrentFinancialInstruments 2023-05-31 SC565944 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 SC565944 core:Non-currentFinancialInstruments 2023-05-31 SC565944 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 iso4217:GBP xbrli:pure

Registration number: SC565944

The Old Filling Station Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

The Old Filling Station Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

The Old Filling Station Ltd

Company Information

Directors

Mr J Kerr

Mrs E Kerr

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

The Old Filling Station Ltd

(Registration number: SC565944)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

452

428

Cash at bank and in hand

 

745

1,408

 

1,197

1,836

Creditors: Amounts falling due within one year

6

(35,062)

(23,316)

Total assets less current liabilities

 

(33,865)

(21,480)

Creditors: Amounts falling due after more than one year

6

(1,050)

(2,075)

Net liabilities

 

(34,915)

(23,555)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(35,015)

(23,655)

Shareholders' deficit

 

(34,915)

(23,555)

 

The Old Filling Station Ltd

(Registration number: SC565944)
Balance Sheet as at 31 May 2024

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Mr J Kerr
Director

 

The Old Filling Station Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the Board on 21 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared on a going concern basis as the director has undertaken to support the company until profitability can be achieved.

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

Revenue recognition

Turnover comprises the fair value of the consideration derived from takeaway food sales. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

The Old Filling Station Ltd

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

Tax

The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Old Filling Station Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2023 - 3).

4

Stocks

2024
£

2023
£

Stock

452

428

5

Debtors

2024
£

2023
£

-

-

 

The Old Filling Station Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

1,025

999

Taxation and social security

 

-

103

Accruals and deferred income

 

3,054

2,800

Other creditors

 

30,983

19,414

 

35,062

23,316

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

1,050

2,075

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,050

2,075

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,025

999

The bank loan is supported by a 100% guarantee from the UK Government.

 

The Old Filling Station Ltd

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Related party transactions

The company operates a loan account with the director, Mr J Kerr and Mrs E Kerr.
During the year, the directors advanced loans totalling £11,570 to the company. At the year end, the balance due to the directors was £30,983 (2023 - £19,413). This loan is unsecured, interest free and has no fixed repayment terms.