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REGISTERED NUMBER: SC268380 (Scotland)















Financial Statements for the Year Ended 31 May 2024

for

Ormlie Garage Ltd

Ormlie Garage Ltd (Registered number: SC268380)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ormlie Garage Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTOR: J Smith





SECRETARY: Mrs M Smith





REGISTERED OFFICE: 7D Ormlie Industrial Estate
Thurso
Caithness
KW14 7QU





REGISTERED NUMBER: SC268380 (Scotland)





ACCOUNTANTS: Reid & Fraser
Chartered Accountants
15 Princes Street
Thurso
Caithness
KW14 7BQ

Ormlie Garage Ltd (Registered number: SC268380)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 162,110 171,104

CURRENT ASSETS
Stocks 7,079 18,179
Debtors 5 135,787 118,623
Cash at bank 21,512 -
164,378 136,802
CREDITORS
Amounts falling due within one year 6 (188,406 ) (179,931 )
NET CURRENT LIABILITIES (24,028 ) (43,129 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

138,082

127,975

CREDITORS
Amounts falling due after more than one
year

7

(42,500

)

(52,500

)

PROVISIONS FOR LIABILITIES 8 (4,921 ) (2,985 )
NET ASSETS 90,661 72,490

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 90,561 72,390
SHAREHOLDERS' FUNDS 90,661 72,490

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

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

Ormlie Garage Ltd (Registered number: SC268380)

Balance Sheet - continued
31 May 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 27 February 2025 and were signed by:





J Smith - Director


Ormlie Garage Ltd (Registered number: SC268380)

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

1. STATUTORY INFORMATION

Ormlie Garage 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.

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

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially recorded at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Improvements to property4% straight line
Plant and machinery15% reducing balance
Motor vehicles25% reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Ormlie Garage Ltd (Registered number: SC268380)

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

2. ACCOUNTING POLICIES - continued

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 year was 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and Motor
leasehold property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 104,234 15,342 152,913 70,492 342,981
Additions - - 530 12,790 13,320
Disposals - - - (28,109 ) (28,109 )
At 31 May 2024 104,234 15,342 153,443 55,173 328,192
DEPRECIATION
At 1 June 2023 - 7,032 114,138 50,707 171,877
Charge for year - 613 5,896 5,592 12,101
Eliminated on disposal - - - (17,896 ) (17,896 )
At 31 May 2024 - 7,645 120,034 38,403 166,082
NET BOOK VALUE
At 31 May 2024 104,234 7,697 33,409 16,770 162,110
At 31 May 2023 104,234 8,310 38,775 19,785 171,104

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 135,021 115,422
Prepayments and accrued income 766 3,201
135,787 118,623

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 13,035
Trade creditors 62,491 36,203
Social security and other taxes 18,926 18,746
Other creditors 44,437 58,593
Directors' current accounts 52,552 53,354
188,406 179,931

Ormlie Garage Ltd (Registered number: SC268380)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 12,500 20,000
Bank loans - 2-5 years - 2,500
Director's loan 30,000 30,000
42,500 52,500

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,921 2,985

Deferred
tax
£   
Balance at 1 June 2023 2,985
Movement during year 1,936
Balance at 31 May 2024 4,921