Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true82022-04-01falseNo description of principal activity8trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC235937 2022-04-01 2023-03-31 SC235937 2021-04-01 2022-03-31 SC235937 2023-03-31 SC235937 2022-03-31 SC235937 c:CompanySecretary1 2022-04-01 2023-03-31 SC235937 c:Director1 2022-04-01 2023-03-31 SC235937 c:Director2 2022-04-01 2023-03-31 SC235937 c:Director3 2022-04-01 2023-03-31 SC235937 c:Director3 2023-03-31 SC235937 c:RegisteredOffice 2022-04-01 2023-03-31 SC235937 d:Buildings 2022-04-01 2023-03-31 SC235937 d:Buildings 2023-03-31 SC235937 d:Buildings 2022-03-31 SC235937 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC235937 d:PlantMachinery 2022-04-01 2023-03-31 SC235937 d:PlantMachinery 2023-03-31 SC235937 d:PlantMachinery 2022-03-31 SC235937 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC235937 d:MotorVehicles 2022-04-01 2023-03-31 SC235937 d:MotorVehicles 2023-03-31 SC235937 d:MotorVehicles 2022-03-31 SC235937 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC235937 d:FurnitureFittings 2022-04-01 2023-03-31 SC235937 d:FurnitureFittings 2023-03-31 SC235937 d:FurnitureFittings 2022-03-31 SC235937 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC235937 d:OfficeEquipment 2022-04-01 2023-03-31 SC235937 d:OfficeEquipment 2023-03-31 SC235937 d:OfficeEquipment 2022-03-31 SC235937 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC235937 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC235937 d:CurrentFinancialInstruments 2023-03-31 SC235937 d:CurrentFinancialInstruments 2022-03-31 SC235937 d:Non-currentFinancialInstruments 2023-03-31 SC235937 d:Non-currentFinancialInstruments 2022-03-31 SC235937 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC235937 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 SC235937 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC235937 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 SC235937 d:ShareCapital 2023-03-31 SC235937 d:ShareCapital 2022-03-31 SC235937 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC235937 d:RetainedEarningsAccumulatedLosses 2022-03-31 SC235937 c:FRS102 2022-04-01 2023-03-31 SC235937 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 SC235937 c:FullAccounts 2022-04-01 2023-03-31 SC235937 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: SC235937










BILL STEPHEN MOTORS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
BILL STEPHEN MOTORS LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mr W Stephen 
Mrs K Stephen 
Mr G Stephen (appointed 1 September 2022)




COMPANY SECRETARY
Mr G Stephen



REGISTERED NUMBER
SC235937



REGISTERED OFFICE
Golfview
Cookston Road

Brechin

Angus

DD9 7QU




ACCOUNTANTS
EQ Accountants LLP
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
BILL STEPHEN MOTORS LIMITED
REGISTERED NUMBER: SC235937

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
818,715
698,641

  
818,715
698,641

Current assets
  

Stocks
  
6,225
4,540

Debtors: amounts falling due within one year
 5 
49,126
35,292

Cash at bank and in hand
  
81,097
1,669

  
136,448
41,501

Creditors: amounts falling due within one year
 6 
(509,852)
(386,177)

Net current liabilities
  
 
 
(373,404)
 
 
(344,676)

Total assets less current liabilities
  
445,311
353,965

Creditors: amounts falling due after more than one year
 7 
(84,040)
(98,714)

Provisions for liabilities
  

Deferred tax
  
(79,262)
(55,619)

  
 
 
(79,262)
 
 
(55,619)

Net assets
  
282,009
199,632


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
281,909
199,532

  
282,009
199,632


Page 1

 
BILL STEPHEN MOTORS LIMITED
REGISTERED NUMBER: SC235937

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 November 2023.




Mr W Stephen
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BILL STEPHEN MOTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

Bill Stephen Motors Limited is a private company, limited by shares, incorporated in Scotland with the registration number SC235937.  The registered office address is Golf View, Cookston Road, Brechin, DD9 7QU.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BILL STEPHEN MOTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
BILL STEPHEN MOTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.5
TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Land and property
-
Plant & Machinery
-
20%
Motor Vehicles
-
25%
Fixtures & Fittings
-
25%
Office Equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).

Page 5

 


 
BILL STEPHEN MOTORS LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


4.


TANGIBLE FIXED ASSETS






Land and property
Plant & Machinery
Motor Vehicles
Fixtures & Fittings
Office Equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
401,550
42,812
589,904
6,750
2,768
1,043,784


Additions
-
-
239,795
18,150
-
257,945


Disposals
-
-
(2,390)
-
-
(2,390)



At 31 March 2023

401,550
42,812
827,309
24,900
2,768
1,299,339



Depreciation


At 1 April 2022
-
14,835
327,928
1,688
692
345,143


Charge for the year on owned assets
-
5,593
125,276
5,804
519
137,192


Disposals
-
-
(1,711)
-
-
(1,711)



At 31 March 2023

-
20,428
451,493
7,492
1,211
480,624



Net book value



At 31 March 2023
401,550
22,384
375,816
17,408
1,557
818,715



At 31 March 2022
401,550
27,977
261,976
5,062
2,076
698,641


5.


DEBTORS

2023
2022
£
£

Page 6

 
BILL STEPHEN MOTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.DEBTORS (CONTINUED)


Trade debtors
41,160
29,411

Other debtors
7,966
5,881

49,126
35,292



6.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
23,170

Trade creditors
125,943
118,446

Other taxation and social security
20,424
12,043

Obligations under finance lease and hire purchase contracts
62,449
73,930

Other creditors
297,536
152,088

Accruals and deferred income
3,500
6,500

509,852
386,177



7.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
84,040
98,714

84,040
98,714



Page 7