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REGISTERED NUMBER: SC216848 (Scotland)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Autoparts Stornoway Limited

Autoparts Stornoway Limited (Registered number: SC216848)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Autoparts Stornoway Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: D Mackay





REGISTERED OFFICE: 209 Newmarket
Isle Of Lewis
HS2 0DT





REGISTERED NUMBER: SC216848 (Scotland)





ACCOUNTANTS: Mackay & Co
Chartered Accountants
Unit 8
Golspie Business Park
Golspie
Sutherland
KW10 6UB

Autoparts Stornoway Limited (Registered number: SC216848)

Abridged Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 66,556 101,055

CURRENT ASSETS
Stocks 433,811 414,804
Debtors 409,711 308,473
Cash at bank 222,833 274,901
1,066,355 998,178
CREDITORS
Amounts falling due within one year 286,050 243,287
NET CURRENT ASSETS 780,305 754,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

846,861

855,946

CREDITORS
Amounts falling due after more than
one year

(26,738

)

(61,459

)

PROVISIONS FOR LIABILITIES (10,529 ) (16,906 )
NET ASSETS 809,594 777,581

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 804,594 772,581
809,594 777,581

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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.

Autoparts Stornoway Limited (Registered number: SC216848)

Abridged Balance Sheet - continued
31 August 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 March 2024 and were signed by:





D Mackay - Director


Autoparts Stornoway Limited (Registered number: SC216848)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Autoparts Stornoway Limited 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc - 25% on reducing balance, 20% on reducing balance and 4% 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 Income Statement, 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.

Autoparts Stornoway Limited (Registered number: SC216848)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2022 186,579
Additions 12,063
Disposals (35,175 )
At 31 August 2023 163,467
DEPRECIATION
At 1 September 2022 85,524
Charge for year 15,784
Eliminated on disposal (4,397 )
At 31 August 2023 96,911
NET BOOK VALUE
At 31 August 2023 66,556
At 31 August 2022 101,055