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REGISTERED NUMBER: SC257278 (Scotland)















LAVA'S GARAGE LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024






LAVA'S GARAGE LTD (REGISTERED NUMBER: SC257278)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LAVA'S GARAGE LTD

COMPANY INFORMATION
for the Year Ended 31 October 2024







DIRECTOR: I Macleod





SECRETARY:





REGISTERED OFFICE: 26 Lewis Street
Stornoway
Scotland
Isle of Lewis
HS1 2JF





REGISTERED NUMBER: SC257278 (Scotland)





ACCOUNTANTS: Mann Judd Gordon Ltd
Chartered Accountants
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF

LAVA'S GARAGE LTD (REGISTERED NUMBER: SC257278)

BALANCE SHEET
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 220,070 224,361

CURRENT ASSETS
Stocks 30,270 50,933
Debtors 6 112,464 106,844
Cash at bank 316,998 277,484
459,732 435,261
CREDITORS
Amounts falling due within one year 7 150,391 137,664
NET CURRENT ASSETS 309,341 297,597
TOTAL ASSETS LESS CURRENT
LIABILITIES

529,411

521,958

CREDITORS
Amounts falling due after more than one year 8 (14,167 ) (24,167 )

PROVISIONS FOR LIABILITIES (8,457 ) (8,573 )
NET ASSETS 506,787 489,218

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 506,687 489,118
SHAREHOLDERS' FUNDS 506,787 489,218

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

LAVA'S GARAGE LTD (REGISTERED NUMBER: SC257278)

BALANCE SHEET - continued
31 October 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 May 2025 and were signed by:





I Macleod - Director


LAVA'S GARAGE LTD (REGISTERED NUMBER: SC257278)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Lava's Garage 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are rounded to the nearest £1.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Significant judgements and estimates
The area of the accounts where significant judgements or estimates are used is in relation to the fixed assets and the estimated useful economic life and residual value which affects the net book value of the assets carried in the balance sheet and the depreciation charges reflected in the profit and loss account.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% depreciation on cost
Motor vehicles - 25% depreciation on cost
Computer equipment - 25% depreciation on cost

Tangible assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.


LAVA'S GARAGE LTD (REGISTERED NUMBER: SC257278)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

LAVA'S GARAGE LTD (REGISTERED NUMBER: SC257278)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2023 185,861 126,251 9,446
Additions - 4,295 -
At 31 October 2024 185,861 130,546 9,446
DEPRECIATION
At 1 November 2023 2,954 96,378 9,446
Charge for year - 6,834 -
At 31 October 2024 2,954 103,212 9,446
NET BOOK VALUE
At 31 October 2024 182,907 27,334 -
At 31 October 2023 182,907 29,873 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 64,258 4,296 390,112
Additions - 1,524 5,819
At 31 October 2024 64,258 5,820 395,931
DEPRECIATION
At 1 November 2023 52,677 4,296 165,751
Charge for year 2,895 381 10,110
At 31 October 2024 55,572 4,677 175,861
NET BOOK VALUE
At 31 October 2024 8,686 1,143 220,070
At 31 October 2023 11,581 - 224,361

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 109,318 103,949
Other debtors 3,146 2,895
112,464 106,844

LAVA'S GARAGE LTD (REGISTERED NUMBER: SC257278)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 66,278 50,426
Taxation and social security 64,113 67,238
Other creditors 10,000 10,000
150,391 137,664

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Bank loans 14,167 24,167

9. RELATED PARTY DISCLOSURES

The controlling party is I Macleod.