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REGISTERED NUMBER: SC233384 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

GARAGE EQUIPMENT SERVICES (2002) LIMITED

GARAGE EQUIPMENT SERVICES (2002) LIMITED (REGISTERED NUMBER: SC233384)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GARAGE EQUIPMENT SERVICES (2002) LIMITED

COMPANY INFORMATION
for the year ended 30 JUNE 2024







DIRECTOR: G Wilson





REGISTERED OFFICE: 114 Stewarton Drive
Cambuslang
Glasgow
Lanarkshire
G72 8DJ





REGISTERED NUMBER: SC233384 (Scotland)





ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

GARAGE EQUIPMENT SERVICES (2002) LIMITED (REGISTERED NUMBER: SC233384)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,338 2,703
2,338 2,703

CURRENT ASSETS
Stocks 200 200
Debtors 6 553 32,165
Cash at bank 47,709 67,910
48,462 100,275
CREDITORS
Amounts falling due within one year 7 (3,299 ) (7,458 )
NET CURRENT ASSETS 45,163 92,817
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,501

95,520

PROVISIONS FOR LIABILITIES (444 ) (514 )
NET ASSETS 47,057 95,006

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 46,957 94,906
SHAREHOLDERS' FUNDS 47,057 95,006

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

GARAGE EQUIPMENT SERVICES (2002) LIMITED (REGISTERED NUMBER: SC233384)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 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 24 March 2025 and were signed by:





G Wilson - Director


GARAGE EQUIPMENT SERVICES (2002) LIMITED (REGISTERED NUMBER: SC233384)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 JUNE 2024

1. STATUTORY INFORMATION

Garage Equipment Services (2002) Limited is a private company, limited by shares, registered in Scotland, registration number SC233384. The registered office is 114 Stewarton Drive, Glasgow, G72 8DJ.

The principal activity of the company is the provision of garage equipment services.

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 presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the director is required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied are outlined below

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Services
Income from services is recognised when performed, such that risks and rewards have been transferred.

Goodwill
Goodwill is amortised evenly over its estimated useful life of 10 years.

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.

GARAGE EQUIPMENT SERVICES (2002) LIMITED (REGISTERED NUMBER: SC233384)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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 etc - 33% on cost and 25% on reducing balance

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying values may not be reasonable.

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

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprises cash balances.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

GARAGE EQUIPMENT SERVICES (2002) LIMITED (REGISTERED NUMBER: SC233384)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 JUNE 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.

Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably if material.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 30,000
AMORTISATION
At 1 July 2023
and 30 June 2024 30,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

GARAGE EQUIPMENT SERVICES (2002) LIMITED (REGISTERED NUMBER: SC233384)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 JUNE 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 29,694
Additions 832
At 30 June 2024 30,526
DEPRECIATION
At 1 July 2023 26,991
Charge for year 1,197
At 30 June 2024 28,188
NET BOOK VALUE
At 30 June 2024 2,338
At 30 June 2023 2,703

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 32,165
Other debtors 553 -
553 32,165

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 12 5,708
Other creditors 3,287 1,750
3,299 7,458

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £46,200 were paid to the director .