Lamb & Gardiner Limited - Accounts

Registered number

SC231564

Lamb & Gardiner Limited

Report and Financial Statements

31 May 2021

Lamb & Gardiner Limited
Report and accounts
Contents
Page
Company information	1
Directors' report	2
Strategic report	4
Independent auditor's report	5
Income statement	9
Statement of financial position	10
Statement of changes in equity	11
Statement of cash flows	12
Notes to the financial statements	13

Lamb & Gardiner Limited

Company Information

Directors

J A Ferguson

C L Nicholson

Secretary

C R Ferguson

Auditors

Finlaysons

4 Albert Place

Perth

PH2 8JE

Bankers

Royal Bank of Scotland

14 Allan Street

Blairgowrie

Perthshire

PH10 6AD

Solicitors

Wyllie & Henderson

Market Chambers

Caledonian Road

Perth

PH1 5NJ

Registered office

Union Street

Coupar Angus

Perthshire

PH13 9AF

Registered number

SC231564

Lamb & Gardiner Limited
Registered number:				SC231564
Directors' Report
The directors present their report and financial statements for the year ended 31 May 2021.
Principal activities
The company's principal activity during the year continued to be the operation of 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 following persons served as directors during the year:
	J A Ferguson
	C L Nicholson
Directors' responsibilities

The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors 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 these financial statements, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards 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 directors are 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. They are 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.

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board on 23 February 2022 and signed on its behalf.

J A Ferguson

Director

Lamb & Gardiner Limited

Strategic Report

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 6% while gross profit remained at 7%, resulting in an increase in operating profit from £478,042 (2.46%) to £624,634 (3.05%). After taxation, £495,191 has been added to the reserves. Return on capital employed was 7.2% (2020: 5.9%). 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.

This report was approved by the board on 23 February 2022 and signed on its behalf.

J A Ferguson

Director

Lamb & Gardiner Limited

Independent auditor's report

to the members of Lamb & Gardiner Limited

Opinion

We have audited the financial statements of Lamb & Gardiner Limited (the 'company') for the year ended 31 May 2021 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
●	give a true and fair view of the state of the company's affairs as at 31 May 2021 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 directors are 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. 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 course of 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
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
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:
●	adequate accounting records have not been kept, or 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 and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are 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 directors 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 directors are 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates; • We identified the laws and regulations applicable to the company through discussions with management and through our own knowledge of the industry. • We enquired with management about their own identification and assessment of the risk of irregularities; We considered the opportunities that may exist within the organisation for fraud and identified the greatest risk in relation to revenue recognition and management override of internal controls. Our audit procedures to respond to these risks included, but were not limited to; • Reviewing the financial statement disclosure and testing to supporting documentation; • We assessed the extent of compliance with the laws and regulations identified above through making enquiries and inspecting legal correspondence; • We communicated relevant identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to any indications of fraud or non-compliance throughout the audit. • We performed analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatements due to fraud; • Testing journal entries to identify unusual transactions; • Evaluating evidence of any bias by the directors that may represent a material misstatement, Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to a material misstatement in the financial statements or non-compliance with regulation. As a result of these, we considered the opportunities that may exist within the organisation for fraud and audit procedures were designed in response to the risks identified, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve, for example, forgery, deliberate concealment, or collusion. As part of an audit in accordance with ISAs (UK), professional judgement was exercised, and professional scepticisms was maintained throughout the audit.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 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.
Klarrisa M Robertson FCCA
(Senior Statutory Auditor)		4 Albert Place
for and on behalf of		Perth
Finlaysons		PH2 8JE
Statutory Auditor
23 February 2022

Lamb & Gardiner Limited
Income Statement
for the year ended 31 May 2021
Notes						2021		2020
£							£
Turnover				2		20,509,084		19,385,932
Cost of sales						(19,107,295)		(18,137,048)
Gross profit						1,401,789		1,248,884
Distribution costs						(191,250)		(171,923)
Administrative expenses						(712,862)		(750,649)
Other operating income						126,957		151,730
Operating profit				3		624,634		478,042
Interest payable				7		(6,519)		(10,771)
Profit on ordinary activities before taxation						618,115		467,271
Tax on profit on ordinary activities				8		(122,924)		(94,269)
Profit for the financial year						495,191		373,002

Lamb & Gardiner Limited
Statement of Financial Position
as at 31 May 2021
Notes				2021			2020
£					£
Fixed assets
Tangible assets	10			2,060,341			2,096,279
Investments	11			4			4
				2,060,345			2,096,283
Current assets
Stocks	12		838,221			732,476
Debtors	13		665,617			500,914
Cash at bank and in hand			4,790,311			3,964,708
			6,294,149			5,198,098
Creditors: amounts falling due within one year	14		(1,443,005)			(786,760)
Net current assets				4,851,144			4,411,338
Total assets less current liabilities				6,911,489			6,507,621
Creditors: amounts falling due after more than one year	15			(37,897)			(128,071)
Provisions for liabilities
Deferred taxation	17			(12,842)			(13,991)
Net assets				6,860,750			6,365,559
Capital and reserves
Called up share capital	18			10			10
Profit and loss account	19			6,860,740			6,365,549
Total equity				6,860,750			6,365,559
J A Ferguson
Director
Approved by the board on 23 February 2022

Lamb & Gardiner Limited
Statement of Changes in Equity
for the year ended 31 May 2021
Share			Share		Other		Profit		Total
capital			premium		reserves		and loss
account
£			£		£		£		£
At 1 June 2019		10		-		-		5,992,547		5,992,557
Profit for the financial year								373,002		373,002
At 31 May 2020		10		-		-		6,365,549		6,365,559
At 1 June 2020		10		-		-		6,365,549		6,365,559
Profit for the financial year								495,191		495,191
At 31 May 2021		10		-		-		6,860,740		6,860,750

Lamb & Gardiner Limited
Statement of Cash Flows
for the year ended 31 May 2021
Notes			2021		2020
£				£
Operating activities
Profit for the financial year			495,191		373,002
Adjustments for:
Interest payable			6,519		10,771
Tax on profit on ordinary activities			122,924		94,269
Depreciation			48,687		50,233
(Increase)/decrease in stocks			(105,745)		45,990
(Increase)/decrease in debtors			(164,703)		156,848
Increase/(decrease) in creditors			624,461		(796,894)
			1,027,334		(65,781)
Interest paid			(6,519)		(10,771)
Corporation tax paid			(95,007)		(70,673)
Cash generated by/(used in) operating activities			925,808		(147,225)
Investing activities
Payments to acquire tangible fixed assets			(12,749)		(15,158)
Payments to acquire investments			-		(4)
Cash used in investing activities			(12,749)		(15,162)
Financing activities
Repayment of loans			(87,456)		(83,668)
Cash used in financing activities			(87,456)		(83,668)
Net cash generated/(used)
Cash generated by/(used in) operating activities			925,808		(147,225)
Cash used in investing activities			(12,749)		(15,162)
Cash used in financing activities			(87,456)		(83,668)
Net cash generated/(used)			825,603		(246,055)
Cash and cash equivalents at 1 June			3,964,708		4,210,763
Cash and cash equivalents at 31 May			4,790,311		3,964,708
Cash and cash equivalents comprise:
Cash at bank			4,790,311		3,964,708

Lamb & Gardiner Limited
Notes to the Accounts
for the year ended 31 May 2021
1	Summary of significant accounting policies
	Basis of preparation
	The financial statements 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.
	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.
	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
	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:
	Freehold buildings			over 50 years

Land (included within Land & buildings)

No depreciation

Plant and machinery

20% reducing balance

	Motor vehicles			25% reducing balance
	Investment property
	Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
	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.
	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
	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.
	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
	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 or 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.
	Government grants
	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 received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.
2	Analysis of turnover					2021		2020
£							£
	Garage services					20,431,742		19,131,134
	Operation of a public house					77,342		254,798
						20,509,084		19,385,932
	By geographical market:
	UK					20,509,084		19,385,932
3	Operating profit					2021		2020
£							£
	This is stated after charging:
	Depreciation of owned fixed assets					48,687		50,233
	Auditors' remuneration for audit services					5,450		5,100
4	Government grants					2021		2020
£							£
	Business Rates Relief Grant					30,140		81,250
	Coronavirus Job Retention Scheme Grant					78,967		48,080
						109,107		129,330
5	Directors' emoluments					2021		2020
£							£
	Emoluments					59,499		39,478
	Company contributions to defined contribution pension plans					42,048		33,685
						101,547		73,163
	Number of directors to whom retirement benefits accrued:					2021		2020
Number							Number
	Defined contribution plans					1		1
6	Staff costs					2021		2020
£							£
	Wages and salaries					787,422		775,422
	Social security costs					61,118		54,847
	Other pension costs					63,909		54,137
						912,449		884,406
	Average number of employees during the year					Number	Number
	Administration					47		51
						47		51
7	Interest payable					2021		2020
£							£
	Bank loans and overdrafts					6,519		10,771
8	Taxation					2021		2020
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					124,073		95,007
	Deferred tax:
	Origination and reversal of timing differences					(1,149)		(738)
	Tax on profit on ordinary activities					122,924		94,269
	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2021		2020
£							£
	Profit on ordinary activities before tax					618,115		467,271
	Standard rate of corporation tax in the UK					19%		19%
£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					117,442		88,781
	Effects of:
	Depreciation for period in excess of capital allowances					6,631		6,226
	Current tax charge for period					124,073		95,007
	Factors that may affect future tax charges
	There are no particular factors expected to affect future tax charges.
9	Intangible fixed assets							£
	Goodwill:
	Cost
	At 1 June 2020							125,000
	At 31 May 2021							125,000
	Amortisation
	At 1 June 2020							125,000
	At 31 May 2021							125,000
	Carrying amount
	At 31 May 2021							-
	Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
10	Tangible fixed assets
		Land and buildings		Plant and machinery		Motor vehicles		Total
		At cost		At cost		At cost
£			£		£		£
	Cost or valuation
	At 1 June 2020	2,413,180		697,621		5,350		3,116,151
	Additions	-		8,699		4,050		12,749
	At 31 May 2021	2,413,180		706,320		9,400		3,128,900
	Depreciation
	At 1 June 2020	401,760		614,454		3,658		1,019,872
	Charge for the year	28,877		18,373		1,437		48,687
	At 31 May 2021	430,637		632,827		5,095		1,068,559
	Carrying amount
	At 31 May 2021	1,982,543		73,493		4,305		2,060,341
	At 31 May 2020	2,011,420		83,167		1,692		2,096,279
	The company's investment properties have been included within land and buildings as the directors believe 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 classification. The cost of the property at 31 May 2021 amounted to £677,508. This property is not being depreciated. The directors consider that cost is representative of fair value under current market conditions.
11	Investments
Investments in
subsidiary
undertakings
£
	Cost
	At 1 June 2020							4
	At 31 May 2021							4
	The company holds 20% or more of the share capital of the following companies:
Capital and							Profit (loss)
	Company	Shares held				reserves	for the year
		Class		%	£		£
	Lamb & Gardiner (Coupar Angus) Limited	Ordinary		100		4		-
12	Stocks					2021		2020
£							£
	Finished goods and goods for resale					838,221		732,476
13	Debtors					2021		2020
£							£
	Trade debtors					279,098		115,383
	Other debtors					386,519		385,531
						665,617		500,914
14	Creditors: amounts falling due within one year					2021		2020
£							£
	Bank loans					90,590		87,872
	Trade creditors					1,077,631		431,057
	Corporation tax					124,073		95,007
	Other taxes and social security costs					52,808		80,593
	Other creditors					4,831		2,668
	Accruals and deferred income					93,072		89,563
						1,443,005		786,760
15	Creditors: amounts falling due after one year					2021		2020
£							£
	Bank loans					37,897		128,071
16	Loans					2021		2020
£							£
	Analysis of maturity of debt:
	Within one year or on demand					90,590		87,872
	Between one and two years					37,897		90,590
	Between two and five years					-		37,481
						128,487		215,943
	The bank loans are secured by a standard security over the assets of the company.
17	Deferred taxation					2021		2020
£							£
	Accelerated capital allowances					12,842		13,991
						2021		2020
£							£
	At 1 June					13,991		14,729
	Credited to the profit and loss account					(1,149)		(738)
	At 31 May					12,842		13,991
18	Share capital	Nominal		2021		2021		2020
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		10		10		10
19	Profit and loss account					2021		2020
£							£
	At 1 June					6,365,549		5,992,547
	Profit for the financial year					495,191		373,002
	At 31 May					6,860,740		6,365,549
20	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	J A Ferguson
	Interest free and repayable on demand	287,210		-		-		287,210
	C L Nicholson
	Interest free and repayable on demand	7,210		-		-		7,210
		294,420		-		-		294,420
21	Transactions with directors
	J A Ferguson has personally guaranteed the bank borrowings of the company. J A Ferguson also holds a controlling interest in Messrs. I & J Ferguson. During the year, Lamb & Gardiner Limited accrued management charges totalling £40,000 (2020: £40,000) payable to I & J Ferguson. The balance due to I & J Ferguson at 31 May 2021 was £48,000 (2020: £48,000). J A Ferguson has borrowed £280,000 from the company to help finance the cashflow requirements of a business venture in France.
22	Controlling party
	The company was under the control of the director, Mr J A Ferguson, throughout the year. There were no transactions during the year between the company and Mr Ferguson, or with entities controlled by him, other than those disclosed in notes 20 and 21 to the accounts.
23	Presentation currency
	The financial statements are presented in Sterling. Monetary amounts in these financial statements are rounded to the nearest pound.
24	Legal form of entity and country of incorporation
	Lamb & Gardiner Limited is a private company limited by shares and incorporated in Scotland.
25	Principal place of business
	The address of the company's principal place of business and registered office is:
	Union Street
	Coupar Angus
	Perthshire
	PH13 9AF