REGISTERED NUMBER: |
HYNDLAND MOTOR COMPANY LTD |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2023 |
REGISTERED NUMBER: |
HYNDLAND MOTOR COMPANY LTD |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2023 |
HYNDLAND MOTOR COMPANY LTD (REGISTERED NUMBER: SC271902) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HYNDLAND MOTOR COMPANY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
11 Portland Road |
Kilmarnock |
Ayrshire |
KA1 2BT |
HYNDLAND MOTOR COMPANY LTD (REGISTERED NUMBER: SC271902) |
BALANCE SHEET |
31ST JANUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
HYNDLAND MOTOR COMPANY LTD (REGISTERED NUMBER: SC271902) |
BALANCE SHEET - continued |
31ST JANUARY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
HYNDLAND MOTOR COMPANY LTD (REGISTERED NUMBER: SC271902) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
1. | STATUTORY INFORMATION |
Hyndland Motor Company Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis, notwithstanding the deficiency in both net and current assets, as this is entirely funded by the director who will continue to support the company for the foreseeable future. |
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 |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
HYNDLAND MOTOR COMPANY LTD (REGISTERED NUMBER: SC271902) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st February 2022 |
and 31st January 2023 |
DEPRECIATION |
At 1st February 2022 |
Charge for year |
At 31st January 2023 |
NET BOOK VALUE |
At 31st January 2023 |
At 31st January 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1st February 2022 |
and 31st January 2023 |
DEPRECIATION |
At 1st February 2022 |
Charge for year |
At 31st January 2023 |
NET BOOK VALUE |
At 31st January 2023 |
At 31st January 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
HYNDLAND MOTOR COMPANY LTD (REGISTERED NUMBER: SC271902) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 99,012 | 118,869 |
8. | RELATED PARTY DISCLOSURES |
Other debtors includes a balance of £21,958 due to Hyndland Motor Services (East Kilbride) Ltd, a company controlled by the director. |
Other creditors includes a balance of £56,456 due to M P Lyden, director. There are no formal repayment terms and no interest has been charged on this loan. |
During the year rent of £4,300 was charged to Hyndland Motor Services (East Kilbride) Ltd, a company controlled by the director. |