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REGISTERED NUMBER: SC134473 (Scotland)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2021

for

Square Deal Motors Limited

Square Deal Motors Limited (Registered number: SC134473)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Strategic Report 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


Square Deal Motors Limited (Registered number: SC134473)

Strategic Report
for the Year Ended 31 December 2021

The directors present their strategic report for the year ended 31 December 2021.

REVIEW OF BUSINESS
The directors would like to report a successful trading year in which the company has continued to be profitable despite the impact of Covid-19 on trade. Turnover has increased to £36,082,429 (2020: £26,068,531) and profits before tax have increased to £1,651,770 (2020: £295,876).

At the year end the company had shareholders' funds of £7,516,624 (2020: £5,833,289) including retained profits of £6,161,873 (2020: £4,847,289). The directors believe the company's position to be satisfactory especially as the company's current assets exceed its current liabilities by £3,653,553 (2020: £2,238,053).

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the main risk facing the company as being increased competition from national dealerships. These companies are able to sell similar products to those offered by the company at competitive prices, which could lead to decreasing margins.

The directors believe that the company's prime locations, and the quality of customer service and products, will help to mitigate these risks. The directors hope to see satisfactory trading results once more in the coming year.

ON BEHALF OF THE BOARD:





B Aitken - Director


29 August 2022

Square Deal Motors Limited (Registered number: SC134473)

Report of the Directors
for the Year Ended 31 December 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the operation of a Toyota, Mazda and Hyundai motor dealership.

DIVIDENDS
No dividends were paid for the year ended 31 December 2021.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

B Aitken
D Aitken
L H Aitken

Other changes in directors holding office are as follows:

N Syme and J Mallis were appointed as directors after 31 December 2021 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The company makes little use of financial instruments other than an operational bank overdraft and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Square Deal Motors Limited (Registered number: SC134473)

Report of the Directors
for the Year Ended 31 December 2021


AUDITORS
Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





B Aitken - Director


29 August 2022

Report of the Independent Auditors to the Members of
Square Deal Motors Limited

Opinion
We have audited the financial statements of Square Deal Motors Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and 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 December 2021 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Square Deal Motors Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' 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 a Report of the Auditors 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.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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 deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Square Deal Motors Limited


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 a Report of the Auditors 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.




Greig Brown (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

29 August 2022

Square Deal Motors Limited (Registered number: SC134473)

Statement of Comprehensive Income
for the Year Ended 31 December 2021

31.12.21 31.12.20
Notes £    £   

TURNOVER 36,082,429 26,068,531

Cost of sales (33,249,681 ) (25,138,428 )
GROSS PROFIT 2,832,748 930,103

Administrative expenses (1,294,574 ) (1,162,190 )
1,538,174 (232,087 )

Other operating income 165,208 529,134
OPERATING PROFIT 5 1,703,382 297,047

Gain/loss on revaluation of investment
property

(50,000

)

-
1,653,382 297,047

Interest payable and similar expenses 6 (1,612 ) (1,171 )
PROFIT BEFORE TAXATION 1,651,770 295,876

Tax on profit 7 (337,186 ) (69,108 )
PROFIT FOR THE FINANCIAL YEAR 1,314,584 226,768

OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 368,751 -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

368,751

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,683,335

226,768

Square Deal Motors Limited (Registered number: SC134473)

Statement of Financial Position
31 December 2021

31.12.21 31.12.20
Notes £    £   
FIXED ASSETS
Tangible assets 8 3,600,899 3,154,379
Investment property 9 400,000 450,000
4,000,899 3,604,379

CURRENT ASSETS
Stocks 10 3,735,039 4,139,073
Debtors 11 758,279 369,292
Cash at bank and in hand 2,295,981 1,426,864
6,789,299 5,935,229
CREDITORS
Amounts falling due within one year 12 (3,135,746 ) (3,697,176 )
NET CURRENT ASSETS 3,653,553 2,238,053
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,654,452

5,842,432

PROVISIONS FOR LIABILITIES 14 (137,828 ) (9,143 )
NET ASSETS 7,516,624 5,833,289

CAPITAL AND RESERVES
Called up share capital 15 986,000 986,000
Revaluation reserve 16 368,751 -
Retained earnings 16 6,161,873 4,847,289
SHAREHOLDERS' FUNDS 7,516,624 5,833,289

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2022 and were signed on its behalf by:





B Aitken - Director


Square Deal Motors Limited (Registered number: SC134473)

Statement of Changes in Equity
for the Year Ended 31 December 2021

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2020 986,000 4,620,521 - 5,606,521

Changes in equity
Total comprehensive income - 226,768 - 226,768
Balance at 31 December 2020 986,000 4,847,289 - 5,833,289

Changes in equity
Total comprehensive income - 1,314,584 368,751 1,683,335
Balance at 31 December 2021 986,000 6,161,873 368,751 7,516,624

Square Deal Motors Limited (Registered number: SC134473)

Statement of Cash Flows
for the Year Ended 31 December 2021

31.12.21 31.12.20
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,009,443 972,896
Interest paid (1,612 ) (1,171 )
Tax paid (76,149 ) (64,699 )
Net cash from operating activities 931,682 907,026

Cash flows from investing activities
Purchase of tangible fixed assets (63,342 ) (8,199 )
Net cash from investing activities (63,342 ) (8,199 )

Cash flows from financing activities
Amount introduced by directors 777 -
Amount withdrawn by directors - (22,000 )
Net cash from financing activities 777 (22,000 )

Increase in cash and cash equivalents 869,117 876,827
Cash and cash equivalents at beginning of
year

2

1,426,864

550,037

Cash and cash equivalents at end of year 2 2,295,981 1,426,864

Square Deal Motors Limited (Registered number: SC134473)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2021

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.21 31.12.20
£    £   
Profit before taxation 1,651,770 295,876
Depreciation charges 108,490 111,990
Loss on disposal of fixed assets - 158
Loss on revaluation of fixed assets 50,000 -
Finance costs 1,612 1,171
1,811,872 409,195
Decrease in stocks 404,034 84,439
(Increase)/decrease in trade and other debtors (388,987 ) 340,546
(Decrease)/increase in trade and other creditors (817,476 ) 138,716
Cash generated from operations 1,009,443 972,896

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 2,295,981 1,426,864
Year ended 31 December 2020
31.12.20 1.1.20
£    £   
Cash and cash equivalents 1,426,864 550,037


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.21 Cash flow At 31.12.21
£    £    £   
Net cash
Cash at bank and in hand 1,426,864 869,117 2,295,981
1,426,864 869,117 2,295,981
Total 1,426,864 869,117 2,295,981

Square Deal Motors Limited (Registered number: SC134473)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Square Deal Motors Limited is a private company, limited by shares, domiciled in Scotland, registration number SC134473. The registered office is Ladysmill, Grangemouth Road, Falkirk, FK2 9AU.

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" 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 represents net invoiced sales of goods and services in respect of the activities of a motor dealership, excluding Value Added Tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2.5% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost and 15% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

Land is not depreciated and is estimated at 1/3 of the cost of freehold property. Therefore the actual depreciation rate charged on this class of asset is 1.67% on cost.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets except land are depreciated to nil value.

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. Cost comprises the purchase price of the vehicles and parts.

Under certain supply agreements with motor manufacturers, the company has access to consignment stock. Where the nature of the supply agreement transfers risks and rewards to the company, which in substance gives the company control over the stock during the consignment period and liabilities in respect of holding costs, the company recognises this stock as an asset in the balance sheet together with an equivalent liability.

Where supply agreements do not transfer risks and rewards to the company until such time as legal title actually passes at the end of the consignment period, consignment stock is not included in the balance sheet.


Square Deal Motors Limited (Registered number: SC134473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

3. EMPLOYEES AND DIRECTORS
31.12.21 31.12.20
£    £   
Wages and salaries 2,400,484 2,244,489
Social security costs 230,075 201,223
Other pension costs 34,241 44,169
2,664,800 2,489,881

Square Deal Motors Limited (Registered number: SC134473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.21 31.12.20

Administration 21 22
Operations 41 45
Sales 12 13
74 80

4. DIRECTORS' EMOLUMENTS
31.12.21 31.12.20
£    £   
Directors' remuneration 322,719 146,391
Directors' pension contributions to money purchase schemes 4,747 4,046

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director for the year ended 31 December 2021 is as follows:
31.12.21
£   
Emoluments etc 143,843
Pension contributions to money purchase schemes 3,000

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.21 31.12.20
£    £   
Hire of plant and machinery 11,457 17,551
Depreciation - owned assets 108,490 111,990
Loss on disposal of fixed assets - 158
Auditors' remuneration 9,000 9,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.21 31.12.20
£    £   
Bank interest 1,612 1,171

Square Deal Motors Limited (Registered number: SC134473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.21 31.12.20
£    £   
Current tax:
UK corporation tax 331,418 76,075

Deferred tax 5,768 (6,967 )
Tax on profit 337,186 69,108

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.21 31.12.20
£    £   
Profit before tax 1,651,770 295,876
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2020 - 19%)

313,836

56,216

Effects of:
Expenses not deductible for tax purposes 9,506 139
Depreciation in excess of capital allowances 8,076 19,720

Deferred tax movement 5,768 (6,967 )
Total tax charge 337,186 69,108

Tax effects relating to effects of other comprehensive income

31.12.21
Gross Tax Net
£    £    £   
Revaluation of freehold property 368,751 - 368,751

Square Deal Motors Limited (Registered number: SC134473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2021 3,500,000 534,657 695,137 47,422 4,777,216
Additions - 26,985 36,357 - 63,342
Revaluations 25,000 - - - 25,000
At 31 December 2021 3,525,000 561,642 731,494 47,422 4,865,558
DEPRECIATION
At 1 January 2021 408,335 534,359 643,506 36,637 1,622,837
Charge for year 58,333 6,485 37,004 6,668 108,490
Revaluation adjustments (466,668 ) - - - (466,668 )
At 31 December 2021 - 540,844 680,510 43,305 1,264,659
NET BOOK VALUE
At 31 December 2021 3,525,000 20,798 50,984 4,117 3,600,899
At 31 December 2020 3,091,665 298 51,631 10,785 3,154,379

Included in cost or valuation of land and buildings is freehold land of £ 1,175,000 (2020 - £ 1,166,667 ) which is not depreciated.

Cost or valuation at 31 December 2021 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2008 4,150,000 - - - 4,150,000
Valuation in 2013 (1,000,000 ) - - - (1,000,000 )
Valuation in 2021 25,000 - - - 25,000
Cost 350,000 561,642 731,494 47,422 1,690,558
3,525,000 561,642 731,494 47,422 4,865,558

If freehold property had not been revalued it would have been included at the following historical cost:

31.12.21 31.12.20
£    £   
Cost 350,000 350,000
Aggregate depreciation 173,333 168,333

Value of land in freehold land and buildings 116,667 116,667

Freehold property was valued on an open market value basis on 31 December 2021 by Falconer Property Consultants .

Square Deal Motors Limited (Registered number: SC134473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2021 450,000
Revaluations (50,000 )
At 31 December 2021 400,000
NET BOOK VALUE
At 31 December 2021 400,000
At 31 December 2020 450,000

Included in fair value of investment property is freehold land of £ 133,333 (2020 - £ 150,000 ) which is not depreciated.

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2008 590,000
Valuation in 2013 (385,000 )
Valuation in 2017 145,000
Valuation in 2021 (50,000 )
Cost 100,000
400,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.21 31.12.20
£    £   
Cost 100,000 100,000
Aggregate depreciation (61,667 ) (60,000 )

Investment property was valued on an open market value basis on 31 December 2021 by Falconer Property Consultants .

10. STOCKS
31.12.21 31.12.20
£    £   
Finished goods 3,735,039 4,139,073

Finished goods include £726,813 (2020 - £1,045,694) of vehicle stock held on consignment.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 371,481 229,786
Other debtors 172,090 102,728
VAT 180,248 -
Prepayments and accrued income 34,460 36,778
758,279 369,292

Square Deal Motors Limited (Registered number: SC134473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade creditors 1,369,271 1,997,404
Tax 331,344 76,075
Social security and other taxes 47,772 46,312
VAT - 141,036
Consignment creditor 726,813 1,045,694
Directors' current accounts 777 -
Accruals and deferred income 659,769 390,655
3,135,746 3,697,176

13. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Consignment creditor 726,813 1,045,694

The consignment creditor is secured against the stock to which it relates.

14. PROVISIONS FOR LIABILITIES
31.12.21 31.12.20
£    £   
Deferred tax 137,828 9,143

Deferred
tax
£   
Balance at 1 January 2021 9,143
Provided during year 5,768
Revaluation of property 122,917
Balance at 31 December 2021 137,828

15. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
986,000 Ordinary £1 986,000 986,000

Square Deal Motors Limited (Registered number: SC134473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

16. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2021 4,847,289 - 4,847,289
Profit for the year 1,314,584 1,314,584
Revaluation in year - 368,751 368,751
At 31 December 2021 6,161,873 368,751 6,530,624

17. ULTIMATE CONTROLLING PARTY

The controlling party is The Aitken Family Trust.