Company Registration No. SC051184 (Scotland)
Sports Tune Motor Company Limited
Unaudited accounts
for the year ended 31 January 2023
Sports Tune Motor Company Limited
Statement of financial position
as at 31 January 2023
Tangible assets
48,240
50,212
Investment property
900,962
900,962
Investments
77,817
114,565
Cash at bank and in hand
145,752
382,704
Creditors: amounts falling due within one year
(90,988)
(77,322)
Net current assets
446,833
422,719
Total assets less current liabilities
1,440,705
1,402,992
Provisions for liabilities
Net assets
1,440,321
1,402,571
Called up share capital
56,999
56,999
Share premium
20,001
20,001
Profit and loss account
1,363,321
1,325,571
Shareholders' funds
1,440,321
1,402,571
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2023 and were signed on its behalf by
John William Ferguson
Director
Company Registration No. SC051184
Sports Tune Motor Company Limited
Notes to the Accounts
for the year ended 31 January 2023
Sports Tune Motor Company Limited is a private company, limited by shares, registered in Scotland, registration number SC051184. The registered office is SETON MAINS, LONGNIDDRY, EAST LOTHIAN, EH32 0PG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
over 50 years
Plant & machinery
over 5 years useful life
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 February 2022
87,112
254,395
341,507
At 31 January 2023
87,112
255,644
342,756
At 1 February 2022
39,116
252,179
291,295
Charge for the year
1,778
1,443
3,221
At 31 January 2023
40,894
253,622
294,516
At 31 January 2023
46,218
2,022
48,240
At 31 January 2022
47,996
2,216
50,212
Fair value at 1 February 2022
900,962
At 31 January 2023
900,962
Sports Tune Motor Company Limited
Notes to the Accounts
for the year ended 31 January 2023
6
Investments
Other investments
Valuation at 1 February 2022
29,099
Valuation at 31 January 2023
44,670
Amounts falling due within one year
Amounts falling due after more than one year
Accrued income and prepayments
313,311
-
8
Investments held as current assets
2023
2022
Unlisted investments
77,817
114,565
9
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
17,271
14,537
Loans from directors
72,385
61,560
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).