Howie's Garage Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC142098 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

FOR

HOWIE'S GARAGE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T Y Anderson

Mrs H Anderson

REGISTERED OFFICE:

4 Stevenston Road

Kilwinning

KA13 6NJ

REGISTERED NUMBER:

SC142098 (Scotland)

ACCOUNTANTS:

Galbraith Pritchards

Chartered Accountants

20 Barns Street

Ayr

Ayrshire

KA7 1XA

BANKERS:

Royal Bank Of Scotland

98 - 102 Main Street

Kilwinning

KA13 6EF

FIXED ASSETS

Tangible assets

4

20,282

25,304

Investment property

5

100,000

120,282

125,304

CURRENT ASSETS

Stocks

60,963

56,255

Debtors

6

13,413

13,916

Cash at bank and in hand

1,360,076

1,265,377

1,434,452

1,335,548

CREDITORS

Amounts falling due within one year

7

147,625

148,793

NET CURRENT ASSETS

1,286,827

1,186,755

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,407,109

1,312,059

PROVISIONS FOR LIABILITIES

9,856

11,112

NET ASSETS

1,397,253

1,300,947

CAPITAL AND RESERVES

Called up share capital

33,100

Revaluation reserve

8

57,290

Retained earnings

1,306,863

1,210,557

SHAREHOLDERS' FUNDS

1,397,253

1,300,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2026 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 7 September 2026 and were signed on its behalf by:

T Y Anderson - Director

1.	STATUTORY INFORMATION

Howie'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 as modified by the revaluation of certain assets.

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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

A review of impairment is carried out at each reporting date. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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. Deferred tax on investment properties held at fair value is measured using the rates and allowances that would apply to the sale of the assets.

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.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2025 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

COST

At 1 March 2025

133,282

5,401

4,590

143,273

Disposals

(53,508

)

-

(53,508

)

At 28 February 2026

79,774

5,401

4,590

89,765

DEPRECIATION

At 1 March 2025

109,231

4,489

4,249

117,969

Charge for year

3,412

242

51

3,705

Eliminated on disposal

(52,191

)

-

(52,191

)

At 28 February 2026

60,452

4,731

4,300

69,483

NET BOOK VALUE

At 28 February 2026

19,322

670

290

20,282

At 28 February 2025

24,051

912

341

25,304

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2025

and 28 February 2026

100,000

NET BOOK VALUE

At 28 February 2026

100,000

At 28 February 2025

100,000

Fair value at 28 February 2026 is represented by:

£

Valuation in 2006

37,290

Valuation in 2015

20,000

Cost

42,710

100,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/26

28/2/25

£

Trade debtors

1,854

2,377

Prepayments and accrued income

1,400

Prepayments

10,159

10,139

13,413

13,916

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/26

28/2/25

£

Trade creditors

81,606

86,620

Tax

30,982

29,985

Social security and other taxes

2,023

2,265

VAT

24,661

23,261

Other creditors

1,871

798

Directors' current accounts

59

Accrued expenses

6,423

5,805

147,625

148,793

Included in other creditors are outstanding pension contributions of £456

8.

RESERVES

Revaluation

reserve

£

At 1 March 2025

and 28 February 2026

57,290