Registration number:
Fergusons of Stirling Limited
for the Year Ended 30 September 2023
Fergusons of Stirling Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fergusons of Stirling Limited
Company Information
Directors |
A M Laing T Laing |
Company secretary |
A M Laing |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Fergusons of Stirling Limited
for the Year Ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fergusons of Stirling Limited for the year ended 30 September 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Fergusons of Stirling Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accontants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that Fergusons of Stirling Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fergusons of Stirling Limited. You consider that Fergusons of Stirling Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Fergusons of Stirling Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Edinburgh
Lothian
EH9 3DP
Fergusons of Stirling Limited
(Registration number: SC104045)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
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Current assets |
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Stock |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
241,623 |
241,623 |
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Retained earnings |
(292,023) |
(308,283) |
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Shareholders' deficit |
(50,400) |
(66,660) |
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Fergusons of Stirling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office and place of business is:
Scotland
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Going concern
The accounts have been prepared on the going concern basis. At 30 September 2023 the company had net liabilities of £50,400 (2022 £66,660).The company meets its day to day working capital commitments as they fall due and expects to be able to continue to do so with the continuing financial support of the directors who have advanced £25,421 (2022 £19,370).
Revenue recognition
Turnover represents the value of motor vehicle parts and accessories sold during the period, stated after deduction of trade discounts and value added tax, and is recognised on completion of delivery of goods to customers.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. A deferred tax asset of £52,464 (2022 £55,553) arising from historic trading losses has not been recognised in these financial statements as there is unsufficient evidence the asset is recoverable.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, less residual value, over their estimated useful lives, as follows:
Fergusons of Stirling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
Straight line over 4 years |
Motor vehicles |
Straight line over 4 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stock
Stocks are valued at the lower of cost and net realisable value and comprise motor vehicle parts and accessories for resale. Cost is calculated on a first in first out basis.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Defined contribution pension obligation
The company operates a defined contribution plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fergusons of Stirling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 October 2022 |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
- |
- |
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Stock |
2023 |
2022 |
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Motor vehicle parts |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors falling due within one year include a bank loan and an overdraft totalling £13,517 (2022 £21,991) which are secured by a bond and floating charge over the company's assets.
Share capital |
Allotted, called up and fully paid shares
Fergusons of Stirling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
2023 |
2022 |
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No. |
£ |
No. |
£ |
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241,623 |
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241,623 |
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
- |
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Bank overdrafts (secured) |
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Obligations under leases and hire purchase contracts |
The company has an annual rolling commitment of £900 for rent.
Related party transactions |
Included within other creditors due within one year are loans totalling £25,421 (2022 £19,370) due to the directors. These loans are interest free and have no fixed repayment dates.