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REGISTERED NUMBER: SC234415 (Scotland)















Sandy Reid's Garage Limited

Financial Statements For The Year Ended 31 December 2024






Sandy Reid's Garage Limited (Registered number: SC234415)






Contents of the Financial Statements
For The Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Sandy Reid's Garage Limited

Company Information
For The Year Ended 31 December 2024







DIRECTORS: D R Reid
Mrs K Johnstone-Reid





SECRETARY: Mrs K Johnstone-Reid





REGISTERED OFFICE: The Park House Centre
South Street
Elgin
Moray
IV30 1JB





REGISTERED NUMBER: SC234415 (Scotland)





ACCOUNTANTS: The Long Partnership
Park House Centre
South Street
Elgin
IV30 1JB

Sandy Reid's Garage Limited (Registered number: SC234415)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 36,674 67,740
36,674 67,740

CURRENT ASSETS
Stocks 431 429
Debtors 6 22,094 25,600
Cash at bank 110,120 100,029
132,645 126,058
CREDITORS
Amounts falling due within one year 7 56,262 53,781
NET CURRENT ASSETS 76,383 72,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

113,057

140,017

CREDITORS
Amounts falling due after more than one
year

8

(15,438

)

(42,118

)

PROVISIONS FOR LIABILITIES 9 (7,863 ) (13,488 )
NET ASSETS 89,756 84,411

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 11 88,756 83,411
SHAREHOLDERS' FUNDS 89,756 84,411

Sandy Reid's Garage Limited (Registered number: SC234415)

Balance Sheet - continued
31 December 2024


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

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

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 Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





D R Reid - Director


Sandy Reid's Garage Limited (Registered number: SC234415)

Notes to the Financial Statements
For The Year Ended 31 December 2024

1. STATUTORY INFORMATION

Sandy Reid's 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 2002. After initially being amortised evenly over its estimated useful life of twenty years, from the 1st January 2017, the remainder 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Equipment - 25% 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.

Sandy Reid's Garage Limited (Registered number: SC234415)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 8 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 50,000
AMORTISATION
At 1 January 2024
and 31 December 2024 50,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

Sandy Reid's Garage Limited (Registered number: SC234415)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 January 2024 176,320
Additions 7,614
Disposals (56,954 )
At 31 December 2024 126,980
DEPRECIATION
At 1 January 2024 108,580
Charge for year 11,176
Eliminated on disposal (29,450 )
At 31 December 2024 90,306
NET BOOK VALUE
At 31 December 2024 36,674
At 31 December 2023 67,740

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

Equipment
£   
COST
At 1 January 2024 56,954
Disposals (56,954 )
At 31 December 2024 -
DEPRECIATION
At 1 January 2024 28,275
Charge for year 1,175
Eliminated on disposal (29,450 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 28,679

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 20,977 23,069
Other debtors 1,117 2,531
22,094 25,600

Sandy Reid's Garage Limited (Registered number: SC234415)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 3,148 10,000
Hire purchase contracts - 3,383
Trade creditors 15,110 12,723
Taxation and social security 35,227 24,934
Other creditors 2,777 2,741
56,262 53,781

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans 15,438 15,760
Hire purchase contracts - 26,358
15,438 42,118

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,846 -

9. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 7,863 13,488

Deferred
tax
£   
Balance at 1 January 2024 13,488
Provided during year (5,625 )
Balance at 31 December 2024 7,863

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

Sandy Reid's Garage Limited (Registered number: SC234415)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

11. RESERVES
Retained
earnings
£   

At 1 January 2024 83,411
Profit for the year 35,445
Dividends (30,100 )
At 31 December 2024 88,756

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £30,100 (2023 - £43,500) were paid to the directors .

D R Reid and Mrs K Reid

are directors of the company


An interest free loan has been given by the directors to the company. There are no repayment terms.

31.12.24 31.12.23
£    £   
Amount due to related party at the balance sheet date 92 90

13. ULTIMATE CONTROLLING PARTY

The controlling party is D R Reid and Mrs K Reid.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Sandy Reid's Garage Limited

The following reproduces the text of the report prepared for the directors 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 Directors 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 Sandy Reid's Garage Limited for the year ended 31 December 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 Board of Directors of Sandy Reid's Garage Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sandy Reid's Garage Limited and state those matters that we have agreed to state to the Board of Directors of Sandy Reid's Garage Limited, as a body, 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 Sandy Reid's Garage Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sandy Reid's 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 Sandy Reid's Garage Limited. You consider that Sandy Reid's 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 Sandy Reid's 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


25 June 2025