Ollies Auto Repairs Ltd - Filleted accounts

Registered number

SC629520

Ollies Auto Repairs Ltd

Filleted Accounts

31 May 2025

Ollies Auto Repairs Ltd
Registered number:		SC629520
Balance Sheet
as at 31 May 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		56,554			35,782

Current assets
Debtors	4	18,139			25,139
Cash at bank and in hand		65,911			20,563
		84,050			45,702

Creditors: amounts falling due within one year	5	54,904			(46,505)

Net current assets/(liabilities)			138,954			(803)

Total assets less current liabilities			195,508			34,979

Creditors: amounts falling due after more than one year	6		(117,396)			(32,292)



Net assets			78,112			2,687

Capital and reserves
Called up share capital			100			100
Profit and loss account			78,012			2,587

Shareholders' funds			78,112			2,687

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




G Kinnear
Director
Approved by the board on 8 December 2025

Ollies Auto Repairs Ltd
Notes to the Accounts
for the year ended 31 May 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	25% by Reducing Balance method
	Motor vehicles	25% by Reducing Balance method


	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.


2	Employees			2025		2024
Number					Number

	Average number of persons employed by the company			8		8


3	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 June 2024	41,079		38,251		79,330
	Additions	31,364		-		31,364
	At 31 May 2025	72,443		38,251		110,694

	Depreciation
	At 1 June 2024	25,435		18,113		43,548
	Charge for the year	5,558		5,034		10,592
	At 31 May 2025	30,993		23,147		54,140

	Net book value
	At 31 May 2025	41,450		15,104		56,554
	At 31 May 2024	15,644		20,138		35,782


4	Debtors			2025		2024
£					£

	Glenrothes Custom Coatings			12,420		10,420
	PAYE Overpayment			5,719		5,719
	Other debtors			-		9,000


5	Creditors: amounts falling due within one year			2025		2024
£					£

	Trade creditors			1,237		1,275
	Shareholders account - RM			33		-
	Director's account - GK			(69,860)		426
	Taxation and social security costs			13,686		44,804
				(54,904)		46,505


6	Creditors: amounts falling due after one year			2025		2024
£					£

	Bank loans			19,522		33,272
	Funding Circle			97,874		-
	Obligations under finance lease and hire purchase contracts			-		(980)
				117,396		32,292


7	Other information

	Ollies Auto Repairs Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
	No. 1 Victoria Road
	Kirkcaldy
	Fife
	KY1 1DT