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REGISTERED NUMBER: SC490225 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Garman Ltd

Garman Ltd (Registered number: SC490225)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Garman Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mr G E Noble
Mrs M L Noble





REGISTERED OFFICE: 27 Finlayson street
Fraserburgh
Aberdeenshire
AB43 9JQ





REGISTERED NUMBER: SC490225 (Scotland)





ACCOUNTANTS: SBP
Accountants
27 Finlayson Street
Fraserburgh
Aberdeenshire
AB43 9JQ

Garman Ltd (Registered number: SC490225)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Fishing licence 4 38,024 40,624
Tangible assets 5 193,575 207,899
Investment property 6 203,594 101,954
435,193 350,477

CURRENT ASSETS
Debtors 7 3,495 108,329
Cash at bank 17,382 11,551
20,877 119,880
CREDITORS
Amounts falling due within one year 8 374,516 421,219
NET CURRENT LIABILITIES (353,639 ) (301,339 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

81,554

49,138

CREDITORS
Amounts falling due after more than one
year

9

(6,250

)

-

PROVISIONS FOR LIABILITIES (6,186 ) (1,625 )
NET ASSETS 69,118 47,513

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 69,117 47,512
69,118 47,513

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Garman Ltd (Registered number: SC490225)

Balance Sheet - continued
31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2025 and were signed on its behalf by:





Mr G E Noble - Director


Garman Ltd (Registered number: SC490225)

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

1. STATUTORY INFORMATION

Garman 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.

Going concern
The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements. The directors will not seek to draw their loan balances unless they are satisfied that adequate resources will be available to meet all other creditors as they fall due.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates. Rental income is recognised when it is due and payable.

Fishing licence
The licence is to be amortised over its expected useful life of 20 years on a straight line basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fishing boat - 10% on reducing balance
Marine equipment - 20% on cost
Motor vehicles - 25% on reducing balance
Computer & phone equipmt - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Investment property
The investment properties are stated at fair value. Gains are recognised in the statement of income and retained earnings. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. No deferred taxation is required to be provided in the current year.
With regard to the properties currently held, it is the view of the directors that there has been no material change in the respective value of them since date of acquisition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Garman Ltd (Registered number: SC490225)

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

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

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

4. FISHING LICENCE
Fishing
licence
£   
COST
At 1 September 2023
and 31 August 2024 52,000
AMORTISATION
At 1 September 2023 11,376
Amortisation for year 2,600
At 31 August 2024 13,976
NET BOOK VALUE
At 31 August 2024 38,024
At 31 August 2023 40,624

Garman Ltd (Registered number: SC490225)

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

5. TANGIBLE FIXED ASSETS
Computer
Fishing Marine Motor & phone
boat equipment vehicles equipmt Totals
£    £    £    £    £   
COST
At 1 September 2023 314,115 28,220 5,000 912 348,247
Additions - - 15,799 - 15,799
Disposals - - (5,000 ) - (5,000 )
At 31 August 2024 314,115 28,220 15,799 912 359,046
DEPRECIATION
At 1 September 2023 115,760 20,207 3,469 912 140,348
Charge for year 19,835 4,807 3,950 - 28,592
Eliminated on disposal - - (3,469 ) - (3,469 )
At 31 August 2024 135,595 25,014 3,950 912 165,471
NET BOOK VALUE
At 31 August 2024 178,520 3,206 11,849 - 193,575
At 31 August 2023 198,355 8,013 1,531 - 207,899

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 15,799
At 31 August 2024 15,799
DEPRECIATION
Charge for year 3,950
At 31 August 2024 3,950
NET BOOK VALUE
At 31 August 2024 11,849

Garman Ltd (Registered number: SC490225)

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

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 101,954
Additions 101,640
At 31 August 2024 203,594
NET BOOK VALUE
At 31 August 2024 203,594
At 31 August 2023 101,954

The directors are of the view that there has been no material change in the value of the respective properties since the date of acquisition. The investments are therefore currently stated at original cost.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 589 4,038
Other debtors 2,906 104,291
3,495 108,329

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts 2,500 -
Trade creditors 2,444 5,369
Taxation and social security 1,261 900
Other creditors 368,311 414,950
374,516 421,219

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts 6,250 -

10. RELATED PARTY DISCLOSURES

The director, Mr G.Noble, operates a current account with the company and as at 31 August 2024 the balance owing to him was £365,603 (2023 - £412,124). The director, Mrs M.Noble, also operates a current account with the company and as at 31 August 2024 the balance owing to her was £340 (2023 - £220).
Whilst the loans are considered short-term, there are no fixed terms of repayment and no interest is accrued.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr G E Noble.