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REGISTERED NUMBER: SC260689 (Scotland)












Financial Statements

for the Year Ended 30 June 2024

for

Glenmuir Motors Limited

Glenmuir Motors Limited (Registered number: SC260689)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glenmuir Motors Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: G Muir





SECRETARY: J Muir





REGISTERED OFFICE: 16 Glen Street
Barrhead
Glasgow
G78 1QA





REGISTERED NUMBER: SC260689 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Glenmuir Motors Limited (Registered number: SC260689)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 48,063 53,990
Investment property 4 244,399 244,399
292,462 298,389

CURRENT ASSETS
Stocks 4,000 3,000
Debtors 5 1,643 1,570
Cash at bank and in hand 60,650 66,613
66,293 71,183
CREDITORS
Amounts falling due within one year 6 93,525 84,041
NET CURRENT LIABILITIES (27,232 ) (12,858 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

265,230

285,531

CREDITORS
Amounts falling due after more than one year 7 104,669 129,968
NET ASSETS 160,561 155,563

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 160,461 155,463
SHAREHOLDERS' FUNDS 160,561 155,563

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.

Glenmuir Motors Limited (Registered number: SC260689)

Balance Sheet - 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 21 February 2025 and were signed by:





G Muir - Director


Glenmuir Motors Limited (Registered number: SC260689)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. 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.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

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.
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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.

Glenmuir Motors Limited (Registered number: SC260689)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

1. ACCOUNTING POLICIES - continued

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

3. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 21,000 64,871 10,871
Additions - - -
At 30 June 2024 21,000 64,871 10,871
DEPRECIATION
At 1 July 2023 - 35,784 9,373
Charge for year 420 4,363 225
At 30 June 2024 420 40,147 9,598
NET BOOK VALUE
At 30 June 2024 20,580 24,724 1,273
At 30 June 2023 21,000 29,087 1,498

Glenmuir Motors Limited (Registered number: SC260689)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 1,680 4,521 102,943
Additions - 114 114
At 30 June 2024 1,680 4,635 103,057
DEPRECIATION
At 1 July 2023 1,281 2,515 48,953
Charge for year 100 933 6,041
At 30 June 2024 1,381 3,448 54,994
NET BOOK VALUE
At 30 June 2024 299 1,187 48,063
At 30 June 2023 399 2,006 53,990

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 244,399
NET BOOK VALUE
At 30 June 2024 244,399
At 30 June 2023 244,399

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,643 1,570

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 23,020 11,060
Trade creditors 28,914 20,683
Taxation and social security 24,761 31,143
Other creditors 16,830 21,155
93,525 84,041

Glenmuir Motors Limited (Registered number: SC260689)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 104,669 129,968

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 73,722 77,841