Jamie Gibbon Classic Car Restoration Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC058540

Jamie Gibbon Classic Car Restoration Limited

Filleted Unaudited Financial Statements

31 December 2024

Jamie Gibbon Classic Car Restoration Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Jamie Gibbon Classic Car Restoration Limited

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jamie Gibbon Classic Car Restoration Limited for the year ended 31 December 2024, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Jamie Gibbon Classic Car Restoration Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Jamie Gibbon Classic Car Restoration Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jamie Gibbon Classic Car Restoration Limited and its director for our work or for this report.

It is your duty to ensure that Jamie Gibbon Classic Car Restoration 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 loss of Jamie Gibbon Classic Car Restoration Limited. You consider that Jamie Gibbon Classic Car Restoration 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 Jamie Gibbon Classic Car Restoration 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.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

15 September 2025

Jamie Gibbon Classic Car Restoration Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	4		592	789

Current assets

Stocks	5,856	6,468
Cash at bank and in hand	1,176	4,723
	-------	--------
	7,032	11,191

Creditors: amounts falling due within one year	5	16,682		17,646
		--------		--------
Net current liabilities			9,650	6,455
			-------	-------
Total assets less current liabilities			( 9,058)	( 5,666)
			-------	-------
Net liabilities			( 9,058)	( 5,666)
			-------	-------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 10,058)	( 6,666)
	--------	-------
Shareholders deficit	( 9,058)	( 5,666)
	--------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 September 2025 , and are signed on behalf of the board by:

J M Gibbon
Director

Company registration number: SC058540

Jamie Gibbon Classic Car Restoration Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Devon Walk, Cumbernauld, Glasgow, G68 9NT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Going concern

The company is reliant on the support of the director in order to continue in operational existence and meet its liabilities as they fall due. The director is satisfied that he will continue to support the company and as such the going concern basis is appropriate for the preparation of the accounts.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Manchinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Property Improvements	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024 and 31 December 2024	14,045	2,801	4,000	3,243	24,089
	--------	-------	-------	-------	--------
Depreciation
At 1 January 2024	13,561	2,799	3,737	3,203	23,300
Charge for the year	121	–	66	10	197
	--------	-------	-------	-------	--------
At 31 December 2024	13,682	2,799	3,803	3,213	23,497
	--------	-------	-------	-------	--------
Carrying amount
At 31 December 2024	363	2	197	30	592
	--------	-------	-------	-------	--------
At 31 December 2023	484	2	263	40	789
	--------	-------	-------	-------	--------

5. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	1,520	2,744
Other creditors	15,162	14,902
	--------	--------
	16,682	17,646
	--------	--------

6. Securities

Clydesdale Bank Public Limited Company has a standard and floating charge over all the company's assets.

7. Director's advances, credits and guarantees

As at 31st December 2024, the company owed £14,129 (2023: £14,226) to Mr J M Gibbon , Director.

8. Controlling party

The company was under the control of Mr J M Gibbon throughout the current and previous year. Mr J M Gibbon is the managing director and majority shareholder.