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REGISTERED NUMBER: SC241096 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2023

for

Jim Reid Vehicle Sales Limited

Jim Reid Vehicle Sales Limited (Registered number: SC241096)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Jim Reid Vehicle Sales Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr J G Reid
Mrs G Reid
Mrs L J Buchan
Mr P J Buchan
Mr L J Reid





REGISTERED OFFICE: 42 Queens Road
Aberdeen
AB15 4YE





REGISTERED NUMBER: SC241096 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 216,419 163,675

CURRENT ASSETS
Stocks 1,074,932 956,355
Debtors 5 101,109 111,240
Cash in hand 331 377
1,176,372 1,067,972
CREDITORS
Amounts falling due within one year 6 667,702 616,538
NET CURRENT ASSETS 508,670 451,434
TOTAL ASSETS LESS CURRENT
LIABILITIES

725,089

615,109

CREDITORS
Amounts falling due after more than one
year

7

(98,625

)

(38,333

)

PROVISIONS FOR LIABILITIES (29,413 ) (31,217 )
NET ASSETS 597,051 545,559

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Capital redemption reserve 10,000 10,000
Retained earnings 567,051 515,559
597,051 545,559

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

Balance Sheet - continued
31 January 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:





Mr J G Reid - Director


Jim Reid Vehicle Sales Limited (Registered number: SC241096)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Jim Reid Vehicle Sales 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.

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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Tenant's improvements - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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
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.

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

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 16 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Tenant's Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2022 115,794 110,773 29,861 82,595 339,023
Additions - 12,596 12,521 136,490 161,607
Disposals - - (1,995 ) (29,159 ) (31,154 )
At 31 January 2023 115,794 123,369 40,387 189,926 469,476
DEPRECIATION
At 1 February 2022 44,411 94,813 23,250 12,874 175,348
Charge for year 23,851 9,233 6,756 45,730 85,570
Eliminated on disposal - - (1,995 ) (5,866 ) (7,861 )
At 31 January 2023 68,262 104,046 28,011 52,738 253,057
NET BOOK VALUE
At 31 January 2023 47,532 19,323 12,376 137,188 216,419
At 31 January 2022 71,383 15,960 6,611 69,721 163,675

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 119,690
At 31 January 2023 119,690
DEPRECIATION
Charge for year 29,923
At 31 January 2023 29,923
NET BOOK VALUE
At 31 January 2023 89,767

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 45,913 80,621
Other debtors 55,196 30,619
101,109 111,240

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 361,941 434,292
Hire purchase contracts (see note 8) 19,726 -
Trade creditors 152,172 76,720
Taxation and social security 33,220 66,360
Other creditors 100,643 39,166
667,702 616,538

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans 28,333 38,333
Hire purchase contracts (see note 8) 70,292 -
98,625 38,333

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.1.23 31.1.22
£    £   
Net obligations repayable:
Within one year 19,726 -
Between one and five years 70,292 -
90,018 -

Non-cancellable operating leases
31.1.23 31.1.22
£    £   
Within one year 70,000 70,000
Between one and five years 290,000 285,000
In more than five years 225,000 300,000
585,000 655,000

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

9. SECURED DEBTS

The bank overdraft is secured by a floating charge over all the assets of the company.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23 31.1.22
£    £   
Mr J G Reid
Balance outstanding at start of year 1,133 1,163
Amounts repaid (1,133 ) (30 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,133