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Registered number: SC231564
Lamb & Gardiner Limited
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 31 May 2024
Gillespie's Fife
Contents
Page
Company Information 1
Strategic Report 2
Director's Report 3
Independent Auditor's Report 4—6
Income Statement 7
Statement of Financial Position 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—19
Page 1
Company Information
Director Mr John Ferguson
Secretary Mrs Christine Ferguson
Company Number SC231564
Registered Office Union Street
Coupar Angus
Perthshire
PH13 9AF
Auditors Gillespie Inverarity & Co Limited
33 Leslie Street
Blairgowrie
Perthshire
PH10 6AW
Bankers Royal Bank of Scotland
14 Allan Street
Blairgowrie
Perthshire
PH10 6AD
Solicitors Wyllie & Henderson
Market Chambers
Caledonian Road
Perth
PH1 5NJ
Page 1
Page 2
Strategic Report
The director presents his strategic report for the year ended 31 May 2024.
Review of the Business
"The results for the year and the financial position at the year end were considered satisfactory by the directors who expect to maintain the company's position in the forseeable future.
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The company's core business is the operation of filling stations and the sale and repair of motor vehicles."
There was an increase in turnover over the previous year of approximately 0.7% while gross profit decreased from 8% to 5%, resulting in a decrease in operating profit from £1,178,821 (4.30%) to £277,694 (1.01%). After taxation, £197,421 has been added to the reserves. Return on capital employed was 3.4% (2023: 17.7%). This is calculated as profit after tax divided by net assets. Turnover increases and decreases with market fuel prices, and operating profit level is achieved through prudent management of overheads. 
The risks facing the company are those for the motor industry generally.
We consider that the financial position of the company at the year end is healthy, the balance sheet has strengthened and short term prospects remain positive."
On behalf of the board
Mr John Ferguson
Director
13th August 2025
Page 2
Page 3
Director's Report
The director presents his report and the financial statements for the year ended 31 May 2024.
Principal Activity
The company's principal activity continues to be that of the operation of petrol filling stations and the sale and repair of motor vehicles.
Future Developments
The directors intend to keep implementing the same policies that have kept consistent profitability in the business.
Directors
The director who held office during the year were as follows:
Mr John Ferguson
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Mr John Ferguson
Director
13th August 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
Disclaimer of opinion
We were engaged to audit the financial statements of Lamb & Gardiner Limited for the year ended 31 May 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
We do not express an opinion on the accompanying financial statements of the company.  Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Basis for Opinion
Basis for disclaimer of opinion
The company is subject to an ongoing HM Revenue & Customs enquiry.  This currently pertains to a number of years prior to the year on which we are expressing an audit opinion.
At the date of the audit report it is not possible to fully quantify the level of liability that will arise from the enquiry.
An estimated provision for known liabilities and estimated penalties and interest has been made by the company and is reported in Note 21 to the financial statements.  However, the enquiry remains ongoing and it is unclear whether any further material liabilities will arise.
In the period covered by the enquiry, some company data was destroyed.  We have been unable to satisfy ourselves as to the impact this would have had on the financial data that was relied on to prepare the financial statements in previous years.  In addition it is possible that there have been breaches of the provisions of the Data Protection Act in respect of access to client data.
We were not appointed as auditors until after 31 May 2024 and did not observe the stock count at the beginning or end of the year.  We were unable to satisfy ourselves concerning the inventory quantities held at 31 May 2023 and 2024.
The above areas of concern are sufficiently material and pervasive to prevent us from providing an audit opinion.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.
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Page 5
Matters on Which We Are Required to Report by Exception
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the Strategic Report or the Director's Report.
Arising from the limitation of our work referred to above:
  • we have not obtained all the information and explanations that we considered necessary for the purpose of our audit: and
  • we were unable to determine whether adequate accounting records have been kept.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of director's remuneration specified by law are not made
Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Page 5
Page 6
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Irregularities, including fraud, are instances of non-compliance with laws and regulations.  We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members.  We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.  The laws and regulations we considered in this context were the Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition we considered provisions of other laws and regulations that do not have  a direct effect on the financial statements but compliance with which might be fundamental to the ability to operate or to avoid a material penalty. The laws and regulations we considered in this context were General Data Protection Regulation (GDPR) and taxation legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquire of the directors and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud to be within judgements and estimates, and the override of controls by management. Our audit procedures to respond to these risks include enquiries of management about their own identification and assessment of the risks of irregularities, full testing of journals and reviewing accounting estimates for biases.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.  The further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.  In addition, as with any audit there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.  We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Our responsibility is to conduct an audit of the company's financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor's report.
However, because of the matters described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the financial statements.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alexander Gillespie (Senior Statutory Auditor)
for and on behalf of Gillespie Inverarity & Co Limited , Statutory Auditor
13th August 2025
Gillespie Inverarity & Co Limited
33 Leslie Street
Blairgowrie
Perthshire
PH10 6AW
Page 6
Page 7
Income Statement
2024 2023
Notes £ £
TURNOVER 3 27,595,448 27,415,636
Cost of sales (26,108,628 ) (25,330,771 )
GROSS PROFIT 1,486,820 2,084,865
Distribution costs (150,667 ) (63,057 )
Administrative expenses (1,085,179 ) (876,182 )
Other operating income 26,720 33,195
OPERATING PROFIT 5 277,694 1,178,821
Other interest receivable and similar income - 2,635
Interest payable and similar charges 10 (515 ) (1,039 )
PROFIT BEFORE TAXATION 277,179 1,180,417
Tax on Profit 11 (79,758 ) (240,788 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 197,421 939,629
The notes on pages 11 to 19 form part of these financial statements.
Page 7
Page 8
Statement of Financial Position
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 3,036,855 2,145,554
Investments 14 4 4
3,036,859 2,145,558
CURRENT ASSETS
Stocks 15 1,556,724 1,266,002
Debtors 16 1,932,283 1,109,580
Cash at bank and in hand 2,006,740 2,292,725
5,495,747 4,668,307
Creditors: Amounts Falling Due Within One Year 17 (3,550,696 ) (1,449,969 )
NET CURRENT ASSETS (LIABILITIES) 1,945,051 3,218,338
TOTAL ASSETS LESS CURRENT LIABILITIES 4,981,910 5,363,896
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (55,196 ) (53,622 )
NET ASSETS 4,926,714 5,310,274
CAPITAL AND RESERVES
Called up share capital 20 6 6
Capital redemption reserve 4 4
Income Statement 4,926,704 5,310,264
SHAREHOLDERS' FUNDS 4,926,714 5,310,274
On behalf of the board
Mr John Ferguson
Director
13th August 2025
The notes on pages 11 to 19 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Capital Redemption Income Statement Total
£ £ £ £
As at 1 June 2022 10 - 7,378,425 7,378,435
Profit for the year and total comprehensive income - - 939,629 939,629
Share capital reduction (4 ) 4 (3,007,790) (3,007,790)
As at 31 May 2023 and 1 June 2023 6 4 5,310,264 5,310,274
Profit for the year and total comprehensive income - - 197,421 197,421
As at 31 May 2024 6 4 4,926,704 4,926,714
Page 9
Page 10
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 790,102 119,232
Interest paid (515 ) (1,039 )
Tax refunded/(paid) 496,370 (91,242 )
Prior year adjustments (580,981) -
Net cash generated from operating activities 704,976 26,951
Cash flows from investing activities
Purchase of tangible assets (990,961 ) (208,847 )
Interest received - 2,635
Net cash used in investing activities (990,961 ) (206,212 )
Cash flows from financing activities
Purchase/redemption of own shares - (3,007,790 )
Repayment of bank borrowings - (38,319 )
Net cash used in financing activities - (3,046,109 )
Decrease in cash and cash equivalents (285,985 ) (3,225,370 )
Cash and cash equivalents at beginning of year 2 2,292,725 5,518,095
Cash and cash equivalents at end of year 2 2,006,740 2,292,725
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 197,421 939,629
Adjustments for:
Tax on profit 79,758 240,788
Interest expense 515 1,039
Interest income - (2,635 )
Depreciation of tangible assets 99,660 84,211
Movements in working capital:
Increase in stocks (290,722 ) (177,484 )
Increase in trade and other debtors (822,703 ) (421,121 )
Increase/(decrease) in trade and other creditors 1,526,173 (545,195 )
Net cash generated from operations 790,102 119,232
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 2,006,740 2,292,725
3. Analysis of changes in net funds
As at 1 June 2023 Cash flows As at 31 May 2024
£ £ £
Cash at bank and in hand 2,292,725 (285,985) 2,006,740
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Notes to the Financial Statements
1. General Information
Lamb & Gardiner Limited is a private company, limited by shares, incorporated in Scotland, registered number SC231564 . The registered office is Union Street, Coupar Angus, Perthshire, PH13 9AF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the income statement over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold over 50 years
Leasehold No depreciation
Plant & Machinery 20% reducing balance
Motor Vehicles 255 reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.6. Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.  Listed investments are measured at fair value.  Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses.  changes in fair value are included in the profit and loss account.
2.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Income statement as incurred.
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2.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
2.12. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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2.13. Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met.  Where a grant does not specify performance conditions it is recognised in income when the proceeds are receivable or received.  A grant received before the recognition criteria are satisfied is recognised as a liability.
2.14. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price) less any impairment losses for bad and doubtful debt.  loans and other financial assets are initially recognised at transaction price including any transcation costs and subsequently measured at amortised cost determined using the effective interest method, less any impairement losses for bad and doubtful debts.
2.15. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are in itially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Garage services 27,411,222 27,345,800
Operation of a public house 184,226 69,836
27,595,448 27,415,636
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 27,595,448 27,415,636
27,595,448 27,415,636
4. Other Operating Income
2024 2023
£ £
Rental income 26,720 33,195
26,720 33,195
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 2,042 193
Depreciation of tangible fixed assets 99,660 84,211
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6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 8,350 11,000
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,133,311 895,742
Social security costs 104,952 73,966
Other pension costs 30,925 23,755
1,269,188 993,463
8. Average Number of Employees
Average number of employees, including directors, during the year was: 58 (2023: 48)
58 48
9. Director's remuneration
2024 2023
£ £
Emoluments - 18,789
10. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 515 1,039
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 78,184 202,132
Deferred Tax
Deferred taxation 1,574 38,656
Total tax charge for the period 79,758 240,788
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
...CONTINUED
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2024 2023
£ £
Profit before tax 277,179 1,180,417
Tax on profit at 25% (UK standard rate) 69,295 236,083
Expenses not deductible for tax purposes - 3
Capital allowances 8,889 (33,954 )
Short term timing differences 1,574 -
Total tax charge for the period 79,758 202,132
12. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 125,000
As at 31 May 2024 125,000
Amortisation
As at 1 June 2023 125,000
As at 31 May 2024 125,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
13. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 June 2023 2,413,180 922,892 4,050 3,340,122
Additions 927,780 44,581 18,600 990,961
As at 31 May 2024 3,340,960 967,473 22,650 4,331,083
Depreciation
As at 1 June 2023 488,391 703,834 2,343 1,194,568
Provided during the period 41,856 52,727 5,077 99,660
As at 31 May 2024 530,247 756,561 7,420 1,294,228
Net Book Value
As at 31 May 2024 2,810,713 210,912 15,230 3,036,855
As at 1 June 2023 1,924,789 219,058 1,707 2,145,554
The company's Investment Properties have been included within Land & Buildings as the director's believe that this is the most appropriate treatment.  There is no effect on the Balance Sheet in the current or preceding year as a result of this reclassification.  The cost of the property at 31 May 2024 amounted to £956,358.  This property is not being depreciated. The directors consider that cost is representative of fair value under current market conditions.
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14. Investments
Listed
£
Cost
As at 1 June 2023 4
As at 31 May 2024 4
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 4
As at 1 June 2023 4
Subsidiaries
Details of the company's subsidiaries as at 31 May 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Lamb & Gardiner (Coupar Angus) Limited Union Street, Coupar Angus Ordinary 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and reserves £4
Profit (loss) for the period £0
15. Stocks
2024 2023
£ £
Finished goods 1,556,724 1,266,002
16. Debtors
2024 2023
£ £
Due within one year
Trade debtors 447,173 501,171
Other debtors 1,140,888 484,294
1,588,061 985,465
Due after more than one year
Other debtors 344,222 124,115
1,932,283 1,109,580
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17. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,801,527 998,370
Other creditors 2,548 11,272
Corporation tax 827,196 252,642
Taxation and social security 788,761 55,620
Accruals and deferred income 130,664 132,065
3,550,696 1,449,969
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 55,196 53,622
19. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 53,622 53,622
Deferred taxation 1,574 1,574
Balance at 31 May 2024 55,196 55,196
20. Share Capital
2024 2023
Allotted, called up and fully paid £ £
6 Ordinary Shares of £ 1.00 each 6 6
21. Contingent Liabilities
An estimated provision for known liabilities and estimated penalties and interest has been made by the Company totalling £580,981 in regards to an HM Revenue & Customs enquiry. However, the enquiry remains ongoing and it is unclear whether any further material liabilities will arise.
22. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the income statement in respect of defined contribution schemes was £30,925 (2023: £23,755).
At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.
23. Directors Advances, Credits and Guarantees
Included within Other Debtors are loans to directors and former directors totalling £1,094,380. 
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24. Related Party Disclosures
JA Ferguson has personally guaranteed the bank borrowings of the company.
JA Ferguson also holds a controlling interest in Messrs I & J Ferguson.  During the year, Lamb & Gardiner Limited accrued management charges totalling £40,000 (2023: £40,000) payable to I & J Ferguson.  The balance due to I & J Ferguson at 31 May 2024 was £48,000 (2023: £48,000).
JA Ferguson has borrowed £607,170 from the company to help finance the cashflow requirements of a business venture in France, and the business of I & J Ferguson.
25. Controlling Parties
The company's ultimate controlling party is Mr J Ferguson by virtue of his interest in the share capital of the company.
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