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
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
The Car Source (Vehicle Supplies) Ltd
Statement of financial position
as at 30 November 2022
Intangible assets
21,600
22,800
Tangible assets
12,714
15,439
Inventories
119,838
103,865
Cash at bank and in hand
(5,826)
(25,129)
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)
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
The Car Source (Vehicle Supplies) Ltd
Notes to the Accounts
for the year ended 30 November 2022
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.
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 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
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 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 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 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.
The Car Source (Vehicle Supplies) Ltd
Notes to the Accounts
for the year ended 30 November 2022
4
Intangible fixed assets
Goodwill
At 30 November 2022
24,000
At 30 November 2022
21,600
At 30 November 2021
22,800
5
Tangible fixed assets
Plant & machinery
At 30 November 2022
18,164
At 30 November 2022
12,714
At 30 November 2021
15,439
Amounts falling due within one year
Accrued income and prepayments
-
2,631
Amounts falling due after more than one year
Amounts due from group undertakings etc.
12,895
10,945
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
Trade creditors
4,338
3,036
8
Creditors: amounts falling due after more than one year
2022
2021
Loans from directors
59,090
51,647
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.
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).