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COMPANY REGISTRATION NUMBER: SC061547
Golden Lion Garage Limited
Filleted Unaudited Financial Statements
30 June 2024
Golden Lion Garage Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
100,000
100,000
Current assets
Debtors
5
5,000
Cash at bank and in hand
73,525
50,502
--------
--------
73,525
55,502
Creditors: amounts falling due within one year
6
6,345
5,740
--------
--------
Net current assets
67,180
49,762
---------
---------
Total assets less current liabilities
167,180
149,762
Provisions
Taxation including deferred tax
6,422
6,422
---------
---------
Net assets
160,758
143,340
---------
---------
Capital and reserves
Called up share capital
50,000
50,000
Fair Value Reserve
49,239
49,239
Profit and loss account
61,519
44,101
---------
---------
Shareholders funds
160,758
143,340
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Golden Lion Garage Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 12 March 2025 , and are signed on behalf of the board by:
Ms. S Matthewson
Director
Company registration number: SC061547
Golden Lion Garage Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Walled Garden, Rosely, Arbroath, DD11 3RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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.
Corporation tax
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 .
Tangible assets
The property has been reclassified as an investment property and the depreciation charge has been reversed in this year.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property
-
2% straight line
Plant & Equipment
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. This is in accordance with FRS102 which unlike the Companies Act 2006, does not require depreciation of investment property. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies Act 2006 is required in order to give a true and fair view.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Tangible assets
Investment Property
Plant and machinery
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
100,000
17,233
117,233
---------
--------
---------
Depreciation
At 1 July 2023 and 30 June 2024
17,233
17,233
---------
--------
---------
Carrying amount
At 30 June 2024
100,000
100,000
---------
--------
---------
At 30 June 2023
100,000
100,000
---------
--------
---------
The property has been revalued in the accounts at market value. The valuation is based on a report by Graham and Sibbald Chartered Surveyors .
5. Debtors
2024
2023
£
£
Other debtors
5,000
----
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,086
3,912
Other creditors
2,259
1,828
-------
-------
6,345
5,740
-------
-------