Kirkstyle Garage Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC407043 (Scotland)

Kirkstyle Garage Limited

Financial Statements For The Year Ended 30 September 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

A G Stephen

SECRETARY:

Mrs C M Stephen

REGISTERED OFFICE:

Park House Centre

South Street

Elgin

Moray

IV30 1JB

REGISTERED NUMBER:

SC407043 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

187,064

187,087

187,064

187,087

CURRENT ASSETS

Stocks

2,066

2,271

Debtors

6

2,474

6,079

Cash at bank

367,044

320,417

371,584

328,767

CREDITORS

Amounts falling due within one year

7

27,761

29,928

NET CURRENT ASSETS

343,823

298,839

TOTAL ASSETS LESS CURRENT
LIABILITIES

530,887

485,926

PROVISIONS FOR LIABILITIES

8

2,186

2,124

NET ASSETS

528,701

483,802

CAPITAL AND RESERVES

Called up share capital

9

100

Retained earnings

10

528,601

483,702

SHAREHOLDERS' FUNDS

528,701

483,802

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

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

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:

A G Stephen - Director

1.	STATUTORY INFORMATION

Kirkstyle Garage Limited 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.

Goodwill

Goodwill is the amount paid in connection with the acquisition of a business in 2011. After initially being amortised evenly over its initial estimated useful life of twenty years, the remainder(since 1 October 2015) is now being amortised evenly over its remaining estimated useful life of five 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

33% on reducing balance, 25% on reducing balance and 20% on reducing balance

Stocks

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.

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 3 (2023 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2023

and 30 September 2024

25,000

AMORTISATION

At 1 October 2023

and 30 September 2024

25,000

NET BOOK VALUE

At 30 September 2024

-

At 30 September 2023

-

5.	TANGIBLE FIXED ASSETS

Land and

buildings

Equipment

Totals

£

COST

At 1 October 2023

176,712

40,173

216,885

Additions

-

2,520

At 30 September 2024

176,712

42,693

219,405

DEPRECIATION

At 1 October 2023

-

29,798

Charge for year

-

2,543

At 30 September 2024

-

32,341

NET BOOK VALUE

At 30 September 2024

176,712

10,352

187,064

At 30 September 2023

176,712

10,375

187,087

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

Trade debtors

1,714

5,699

Other debtors

760

380

2,474

6,079

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

Trade creditors

2,040

1,633

Taxation and social security

21,375

24,045

Other creditors

4,346

4,250

27,761

29,928

8.	PROVISIONS FOR LIABILITIES

30.9.24

30.9.23

£

Deferred tax

2,186

2,124

Deferred

tax

£

Balance at 1 October 2023

2,124

Provided during year

62

Balance at 30 September 2024

2,186

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.24

30.9.23

value:

£

100

Ordinary

£1

100

10.

RESERVES

Retained

earnings

£

At 1 October 2023

483,702

Profit for the year

54,899

Dividends

(10,000

)

At 30 September 2024

528,601

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £5,500 (2023 - £5,500) were paid to the director .

A G Stephen

is a director in the company

Included in other creditors is an interest free directors loan. There are no repayment terms.

30.9.24

30.9.23

£

Amount due to related party at the balance sheet date

1,389

1,478

12.	ULTIMATE CONTROLLING PARTY

The controlling party is A G Stephen.

The ultimate controlling party is A G Stephen.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kirkstyle Garage Limited for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Kirkstyle Garage Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kirkstyle Garage Limited and state those matters that we have agreed to state to the director of Kirkstyle Garage Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kirkstyle Garage Limited and its director for our work or for this report.

It is your duty to ensure that Kirkstyle Garage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kirkstyle Garage Limited. You consider that Kirkstyle Garage Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kirkstyle Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

24 March 2025