| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Garman Ltd |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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 were approved by the Board of Directors and authorised for issue on |
| Garman Ltd (Registered number: SC490225) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Garman Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Fishing boat | - |
| Marine equipment | - |
| Motor vehicles | - |
| Computer & phone equipmt | - |
| 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 |
| AMORTISATION |
| At 1 September 2023 |
| Amortisation for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| 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 |
| Additions |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 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 |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Hire purchase contracts |
| 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. |