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REGISTERED NUMBER: SC555770 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

LMW Autos Ltd

LMW Autos Ltd (Registered number: SC555770)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LMW Autos Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Mr L M Wackett





REGISTERED OFFICE: The Garage
King Edward
Banff
Aberdeenshire
AB45 3NJ





REGISTERED NUMBER: SC555770 (Scotland)





ACCOUNTANTS: SBP
Accountants
9 Carmelite Street
Banff
Aberdeenshire
AB45 1AF

LMW Autos Ltd (Registered number: SC555770)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,526 7,263

CURRENT ASSETS
Stocks 5 1,000 1,000
Debtors 6 7,480 10,609
Cash at bank and in hand 3,085 3,186
11,565 14,795
CREDITORS
Amounts falling due within one year 7 12,694 10,881
NET CURRENT (LIABILITIES)/ASSETS (1,129 ) 3,914
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,397

11,177

PROVISIONS FOR LIABILITIES 1,240 1,380
NET ASSETS 4,157 9,797

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 4,156 9,796
SHAREHOLDERS' FUNDS 4,157 9,797

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

LMW Autos Ltd (Registered number: SC555770)

Balance Sheet - continued
31 January 2024


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 director and authorised for issue on 29 March 2024 and were signed by:





Mr L M Wackett - Director


LMW Autos Ltd (Registered number: SC555770)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

LMW Autos Ltd 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 represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Computer equipment - 15% 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 1 ).

LMW Autos Ltd (Registered number: SC555770)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 February 2023 13,890 387 14,277
Additions 414 - 414
At 31 January 2024 14,304 387 14,691
DEPRECIATION
At 1 February 2023 6,772 242 7,014
Charge for year 1,067 84 1,151
At 31 January 2024 7,839 326 8,165
NET BOOK VALUE
At 31 January 2024 6,465 61 6,526
At 31 January 2023 7,118 145 7,263

5. STOCKS
31.1.24 31.1.23
£    £   
Stock 1,000 1,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 7,330 9,816
Other debtors - 287
Prepayments 150 506
7,480 10,609

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 3,648 1,096
Tax - 922
Social security and other taxes 758 -
VAT 935 911
Directors' current accounts 5,516 6,160
Accrued expenses 1,837 1,792
12,694 10,881

8. RELATED PARTY DISCLOSURES

The Director operates a current account with the company and as at 31 January 2024 the balance owing to him was £5,516 (2023 balance owed to the director: £6,160). There are no fixed terms of repayment and no interest is accrued.

LMW Autos Ltd (Registered number: SC555770)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr L M Wackett.