1 December 2021 false No description of principal activity Taxfiler 2023.10 SC678376business:PrivateLimitedCompanyLtd2021-12-012022-11-30 SC6783762021-11-30 SC6783762021-12-012022-11-30 SC678376business:AuditExempt-NoAccountantsReport2021-12-012022-11-30 SC678376business:FilletedAccounts2021-12-012022-11-30 SC6783762022-11-30 SC678376business:Director12021-12-012022-11-30 SC678376business:Director22021-12-012022-11-30 SC678376business:RegisteredOffice2021-12-012022-11-30 SC6783762021-11-30 SC678376core:WithinOneYear2022-11-30 SC678376core:WithinOneYear2021-11-30 SC678376core:AfterOneYear2022-11-30 SC678376core:AfterOneYear2021-11-30 SC678376core:ShareCapitalcore:PreviouslyStatedAmount2022-11-30 SC678376core:ShareCapitalcore:PreviouslyStatedAmount2021-11-30 SC678376core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-11-30 SC678376core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2021-11-30 SC678376core:PreviouslyStatedAmount2022-11-30 SC678376core:PreviouslyStatedAmount2021-11-30 SC678376business:SmallEntities2021-12-012022-11-30 SC678376countries:Scotland2021-12-012022-11-30 SC678376core:PlantMachinery2021-12-012022-11-30 SC678376core:Goodwill2021-11-30 SC678376core:Goodwill2022-11-30 SC678376core:Goodwill2021-12-012022-11-30 SC678376core:PlantMachinery2021-11-30 SC678376core:PlantMachinery2022-11-30 SC6783762020-10-212021-11-30 iso4217:GBP xbrli:pure
Company Registration No. SC678376 (Scotland)
The Car Source (Vehicle Supplies) Ltd Unaudited accounts for the year ended 30 November 2022
The Car Source (Vehicle Supplies) Ltd Unaudited accounts Contents
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The Car Source (Vehicle Supplies) Ltd Company Information for the year ended 30 November 2022
Directors
Andrew Fulton Joanna Fulton
Company Number
SC678376 (Scotland)
Registered Office
215 Burnfield Road Giffnock Glasgow Lanarkshire G46 7TW
Accountants
Hawthorn Tax 4 Newton Place Glasgow G3 7PR
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The Car Source (Vehicle Supplies) Ltd Statement of financial position as at 30 November 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Intangible assets
21,600 
22,800 
Tangible assets
12,714 
15,439 
34,314 
38,239 
Current assets
Inventories
119,838 
103,865 
Debtors
13,495 
13,576 
Cash at bank and in hand
(5,826)
(25,129)
127,507 
92,312 
Creditors: amounts falling due within one year
(34,293)
(18,951)
Net current assets
93,214 
73,361 
Total assets less current liabilities
127,528 
111,600 
Creditors: amounts falling due after more than one year
(94,667)
(90,746)
Provisions for liabilities
Deferred tax
(2,416)
(2,933)
Net assets
30,445 
17,921 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
30,345 
17,821 
Shareholders' funds
30,445 
17,921 
For the year ending 30 November 2022 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 9 November 2023 and were signed on its behalf by
Andrew Fulton Director Company Registration No. SC678376
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The Car Source (Vehicle Supplies) Ltd Notes to the Accounts for the year ended 30 November 2022
1
Statutory information
The Car Source (Vehicle Supplies) Ltd is a private company, limited by shares, registered in Scotland, registration number SC678376. The registered office is 215 Burnfield Road, Giffnock, Glasgow, Lanarkshire, G46 7TW.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The are presented in pounds 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:
Plant & machinery
15% straight line
Intangible fixed assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of income and retained earnings over its useful economic life.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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The Car Source (Vehicle Supplies) Ltd Notes to the Accounts for the year ended 30 November 2022
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 December 2021
24,000 
At 30 November 2022
24,000 
Amortisation
At 1 December 2021
1,200 
Charge for the year
1,200 
At 30 November 2022
2,400 
Net book value
At 30 November 2022
21,600 
At 30 November 2021
22,800 
5
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 December 2021
18,164 
At 30 November 2022
18,164 
Depreciation
At 1 December 2021
2,725 
Charge for the year
2,725 
At 30 November 2022
5,450 
Net book value
At 30 November 2022
12,714 
At 30 November 2021
15,439 
6
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
- 
2,631 
Other debtors
600 
- 
600 
2,631 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
12,895 
10,945 
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The Car Source (Vehicle Supplies) Ltd Notes to the Accounts for the year ended 30 November 2022
7
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
24,361 
6,000 
VAT
3,684 
1,935 
Trade creditors
4,338 
3,036 
Other creditors
- 
1,778 
Accruals
1,910 
6,202 
34,293 
18,951 
8
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
35,577 
39,099 
Loans from directors
59,090 
51,647 
94,667 
90,746 
9
Transactions with related parties
At the balance sheet date, the company owed its Directors a total of £59,090 (2021: £51,647) In the period, salaries of £21,091 (2021: £8,080) accrued to Directors.
10
Controlling party
This company is a 100% subsidiary of Streams (Holdings) Ltd (SC678179), a company incorporated in Scotland and registered at 215 Burnfield Road, Giffnock, Glasgow, G46 7TW. Streams (Holdings) Ltd is controlled by Andrew Fulton and Joanna Fulton, directors of the company.
11
Average number of employees
During the year the average number of employees was 3 (2021: 2).
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